Managing Project Risk

The purpose of this paper is to analyse the concept of project management and explain the processes involved in project risk management. Previous literature on the subject of project risk management in conjunction with the PMBok is used as a base for the analysis of project risk management. The PMBok and literature revealed that despite the fact that project risk management differs from project to project and is influenced by project size, type and complexity (Omidvar, 2011), risk management generally follows a continuous cycle of risk identification, analysis, responds and control (Besner & Hobbs, 2012). This paper explains that these processes require the utilisation of certain tools and techniques to ensure effective project risk management. Furthermore, this paper highlights the need for collaborative team effort in risk mitigation and the importance of effective communication of risk responds measures to relevant project team members. From these analyses, the paper concludes that project risk management is critical in ensuring that project objectives are successfully accomplished to clients’ satisfaction.