Describe project risk management as a component of the project management process? Project Risk Management as a Component of the Project Management Process Project risk management assignment help is an integral component of an effective performance management process. Project management process is a process of planning and controlling the performance of a project. Project management process is divided in five different phases that make-up a project that is initiation, planning, execution, control and closure. During initiation process, project management team assesses the risks involved in all phases through considering risk management. A certain degree of risk and uncertainty is involved in every project that should be considered by project management team during project initiation phase (Atkins & Simpson, 2008). Management team should consider the identified risks, while project planning. During planning process, project management should ensure that it has the right resources, methodologies and supporting tools to face any risk during the project. It is essential aspect to complete the project in time & budget. Project team considers risks, while determining the actual budget and resources required in project to identify the level of project success. Project management’s success depends on the project risk management. Project management team considers the risk management aspect to control the overall project. Control is an important phase of project management and without risk management; project management team cannot effectively control the project. During control phase, project management team should require to manage time, risks and benefits effectively to achieve the objective of project (Chapman & Ward, 2003). Project management team needs to identify risks, prepare risk mitigation plans and take necessary action as necessary to successfully complete all the phases of project.

 

References Atkins, J.B. & Simpson, G.A. (2008). Managing Project Risk: Best Practices for Architects and Related Professionals. USA: John Wiley & Sons. Chapman, C. & Ward, S. (2003). Project Risk Management: Processes, Techniques and Insights (2nd ed.). USA: John Wiley & Sons.

 

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