Essay Example | Topics and Well Written Essays - 1000 words - 6

Essay Example 2) Assessing Risk The second step is based on the assessment of the likelihood and outcomes of the risk. This means that the frequency and probability of the risk is measured in conjunction with the severity of its outcomes. 3) Create Controls and Make Right Decisions The third step in the risk management process is the formulation of control measures for minimizing risks. R. S. Khatta (2008) elaborates that controls are most effective when the causes that lead to risk are effectively dealt with. 4) Making Right Decisions The decision committee then reviews the control options and implements those which reduce the possibility of risks to minimum. Such decisions are highly dependent on the cost. 5) Monitoring and Evaluating Controls The controls being implemented need to be evaluated precisely. Constant monitoring of controls aimed at minimizing risks is also essential. Feedbacks are generated so as to analyze the effectiveness of controls (Steven S. Wilder, 1997). Role of the Project Manager in Risk Management Process John Bartlett (2004) writes that without any second thought, a project manager can be called as the champion of risk management process. A project manager is the one who has the responsibility of ensuring that the project is being run as planned and the entire team is enthusiastically engaged. He actively communicates with the suppliers and contractors and has access to the updated financial data. Few of the roles of project manager in the risk management process include ensuring the implementation of risk management process in the project. A project manager assesses the possible occurrence and severity level of the risk. He holds the responsibility of regularly updating the risk status to the seniors. A project manager also conducts meetings to review the risk; this is essential so that he could get update information on how well the entire process of risk management is going. He agrees to possible feedback and risk control response. One of the m ost significant responsibilities of a project manager includes closely monitoring of how effective is the role that is being played by the risk management team in the whole process. From these roles discussed in the previous sentences, we can get a clear idea that a project manager is the backbone for the successful implementation of risk management in any project. Benefits of Risk Management Risk management has obvious benefits in the step of project planning. Risk Management offers a structured framework which is an integral part of the planning process. It presents ways to maximize opportunities and minimize risks. It promotes the optimal utilization of resources in the project. With the help of risk management, there is an increased flow of communication between project members. The senior management gets a precise picture of the identified risks that may affect the project as well as the measures aimed at reducing those risks. The accountability pattern becomes more organized a nd improved. Decision making becomes effective due to the risk management process. The objectives of the project become more clear and achievable due to the involvement of risk managemen

Reflective Journal Essay Example | Topics and Well Written Essays - 500 words - 2

Reflective Journal - Essay Example There were people shouting and one particular voice caught my attention. This was a man’s voice and what caught my attention was the way he was shouting incoherently. I could not understand a word he said and immediately I knew that he had some form of mental illness. Getting closer, I saw that there seemed to have been some form of tag of war between the shopkeeper and the man shouting. The man was pulling a bag of oranges that the shopkeeper was holding, shouting that it was his. Those gathered were busy trying to help the shopkeeper get back his merchandise when the man pulled out a dirty broken bottle with what appeared to be mud inside. It took the intervention of the police and the ill man was bundled into the police car without â€Å"his† bag of oranges and taken away presumably to be locked up. I felt like helping the helpless man, as it seemed no one wanted to listen to his side of the story. Later when he brought out the dirty bottle, I felt that he was not to blame, but I was at the same time angry with him for disturbing the peace. His aggressive action and reaction to this situation angered me as I felt that had he sought professional help, this whole incident would have been avoided. This was an avoidable situation. Mental illness had predisposed this man to acting in an irrational manner. The shopkeeper and the public failed in their part when they resolved to take sides against this sick man. The situation should have been handled better. The shopkeeper and the man should have been allowed to resolve the issue. However, given the physical state of the ill man, it was understandable that the onlookers, me included, would have reacted as they did. This experience did not go as it should have and the manner in which the ill man was dealt with was somewhat unfair. The reaction of the onlookers was not appropriate and they should have tried to resolve the issue in a calm manner and not presume the ill