The paper "Risk Management as a Key Component of Project Management" is an inspiring example of coursework on management. Project Management involves a well-knit execution of a preordained plan to achieve the preset goals and objectives of an errand. However, no single task is free from risk and menace of environment whether internal or external, for which apposite risk assessment procedure must be followed. This paper deals with the proper understanding of the concept of project management and its relation with its key component feature of risk management and analysis. Further evaluation of different kinds of risks faced in a real-life situations is also conducted. INTRODUCTION Project Management is the organization of resources and teams linked with a specific project or task so as to gain optimum utilization of resources and manpower, to achieve project goals at a predetermined time within the stipulated financial restraints of the project.
Almost all of us at some time or the other have designed or planned projects including various information and data to schedule work but an important factor involving risk assessment need to be thoroughly analyzed in order to mitigate the risk and manage uncertainty related to a future threat in any form.
Project management is used as a tactical tool by the firm for the execution of the project. They serve as an indispensable aid to respond to the dynamic business environment for the development of new products and services (Wessels, 2007). To co-ordinate the project and risk management together, various tools, techniques, and models could be applied depending upon the situation and expertise imparted by the project board, manager, and varied stakeholders. However, in a real-life situation, the main objective of applying risk management to any project is to reduce different risks such as environmental, technological, human, political, legal risks, etc, in relation to a pre-selected area of work. The success of a project to a very large extent depends on the accuracy of the estimation of risk factors and means of mitigation of uncertain events.
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