IntroductionProject risk management is all about the processes or procedures that are used by stakeholders in managing the risks in a venture. These risks are mostly in relation to the objectives of the project. In project risk management there is identification of the risks that are likely to occur, hindering or negatively impacting the achievement of project’s objectives. In project risk management one has to evaluate the magnitude of risks involved in the entire project. The responses of strategies used are clearly determined. Risk management is all about managing the threats that may occur in any project.
This is whereby strategies are carried out in order to minimize the risks or avoid them all together. Managers always have to carry out risk management in the organization in order to avoid loss. This paper is all about carry out risk management in relation to a surprise birthday party for my wife. (Andersen, 1998)Terminology/ definitionsA risk can be described as something that has the possibility of happening. In most cases the occurrence of such issues normally hampers the project adversely. This clearly implies that there is always the possibility of the risk happening.
Another definition of a risk is the overall combination of uncertainty and constraints. Why do risk managementRisk management is very important when carrying out any project. One importance is line with the fact that one can identify the possible constraints that can hamper the project from succeeding. This is like an eye opener and makes it easier to handle the situation. Risk management has to be carried out because it enables one to deal with the possible risks accordingly. (Crockford, 1986)They can either be avoided or controlled depending on their nature.
It is very essential to carry out risk management in any project as one can easily mitigate them. Plans can also be made for any emergencies that may occur. Furthermore they can easily be measured to establish their overall degree of occurrence. (Roehrig, 2006)About projectThis project is about making a surprise birthday party for my wife. This is a very interesting project as I intend it to be the most exciting experience for her. Having analyzed her lifestyle, I realized that she has a passion for water bodies.
The party is intended to take place in the sea. This will specifically be in a ship. The birthday party will take place at night in the beauty of the stars and the moon. This is intended to be a very good quality birthday party. The cost of the party is extremely high. There will be a very big cake that has fifteen stairs and the top piece coated with small pieces of gold. The entire room will have very beautiful natural flowers from Africa.
The room will have scented candles that of purple and crimson colours. Her birthday present will be a very beautiful evening dress made of silk that costs ₤500,000. Other accompaniments will be gold accessories like chains, earrings and silver shoes. This party is intended to be attended by only close family members who will be flown to the venue at five p. m on the material day. (Alexander, 2004)