Risk Management

Management is the process of planning, organising, leading and controlling organizations resources to achieve orginisations goals and objectives. There are many different types of management styles that exist in the world today. Management by project is one particular style that is used and its commonly called project management. A project is an attempt to accomplish a certain objective within a specified time. Therefore project management is the process of planning, organising, leading and controlling organisations resources for a relatively short period of time. There are five phases in project management which are conceptualising phase, planning phase, execution phase, implementation phase and handover or project closure phase. The planning phase is the most important phase in project planning. The planning phase is where an organisation selects objectives and establishes policies, procedures and programmes to achieve the required objectives. The most important part of project planning process includes: • Scope Management • Time Management • Cost Management • Quality Management • Integration Management • Human Recourses Management • Communication Management • Risk Management • Procurement Management Scope management is the beginning of project planning. Here the project manager divides the project into smaller sections. These sections are easily manageable, can be seen as independent of each, can be integrated easily to achieve the objectives of the whole project and their progress can be measured easily. The first major task in project planning is to develop a work breakdown structure (WBS). The purpose of the WBS is to divide the scope work into more easily manageable work packages that can be estimated, planned and assigned to a responsible person for completion. The WBS can be presented in two methods which are which are graphical boxes and indented texts. There are many levels that a WBS can have depending on the complexity of the...