The paper 'American Pain Society Recommendations for Improving' is a wonderful example of a Management Assignment. Risk can be described as anything that can potentially cost any project’ s budget, performance, or even its timeline. It is very crucial to identify all the potential risks in any project and manage them accordingly. For any project to be successful, it must involve risks. Uncertainties are likely to occur in any project. The main cause of such uncertainties is a risk. It is, therefore, important for the project manager to identify the risks early enough and take corrective measures.
Effective risk management will enable the enterprise to confidently make new decisions about the future progress of the business. It can either be from internal or external sources. The internal risks are associated to direct control of the project while those which are not directly controlled by the management are termed as external risks. Examples of external risks include exchange rates, political issues, and interest rates among other factors that affect the business or any project indirectly. On the other hand, internal risks include; information breaches, non-compliances, and other factors that will influence the business directly. The ability to manage the risk will enable the project or the enterprise to define its future objectives.
Failure to take the firm’ s risk into consideration while setting its objectives and strategies, there is a high chance of the business losing its directions and ends up failing to meet its objectives and goals particularly when they are hit by any of the potential risks. Since risks may arise in any dimension of the firm, the project management should, therefore, be in a position to identify all the possible risks that may occur.
This will ensure that there is no jeopardizing the completion of the project. Q. If you were at the start of your project, how would you go about identifying possible risks? Risk identification can be described as a process in which all the potential risks of a project that would deter the firm from meeting its objectives are determined. In the process of business management, the most crucial and basic process is identifying all the potential risks. Risk identification will help the management to understand the risks that may hit the project and also document all their characteristics.
The project management should carry out the following in order to identify the potential risk; first, the management is expected to have review documentation. Secondly, by applying the techniques of information gathering which include; Delphi technique, brainstorming techniques, conducting interviews, and root cause analysis technique. Thirdly, conducting an analysis of the checklist and assumptions, then the management is to come up with the cause and effect diagram, flow charts that describe the entire system and the process, the other step is to conduct the SWOT analysis. Finally, the management will involve experts in the process of making a judgment.
It should be noted that the earlier the project is able to identify the risks, the earlier measure should be taken in order to reduce and moderate the impacts that may arise from the potential risks. Many tools and techniques have been developed to identify risks the projects are likely to experience.
ReferencesGordon, D.B., Dahl, J.L., Miaskowski, C., McCarberg, B., Todd, K.H., Paice, J.A., Lipman, A.G., Bookbinder, M., Sanders, S.H., Turk, D.C. and Carr, D.B., 2005. American pain society recommendations for improving the quality of acute and cancer pain management: American Pain Society Quality of Care Task Force. Archives of internal medicine, 165(14), pp.1574-1580.