Risk management for Supplier Global Expansion Plan

Before developing a risk management plan an analysis of risk needs to be performed. This analysis should include all aspects of the project that may be part of

According to A Guide to the Project Management Body of Knowledge (PMBOK® Guide), - Third Edition,

Larson, E., & Gray, C. (2010). Project management, the managerial process. (5th ed., p. 158).

When the manager of project carried out its work plan should take into consideration the possible risks that may occur within the project. The risk is the possibility that occurs a problem within a project and that may cause some change within the same (Heldman, 2011). It should be noted that not all risks are bad since they can be potential opportunities to make some changes that will improve the overall status of the project. In the same way a risk not taken into account in time can create one problem in the project and can completely change the final performance of the project. The project manager can take several elements to identify the risks. Some elements and documents that can be used to identify risks are: search internal risks of the project, such as resources

Risks management is an important step during the process of a project. Failing to manage a risk may result in unforeseen event happening and a project’s failure. For example, with limited budget, an unforeseen event or an accident occurs in the middle of a project and this matter has not been considered and needs a big sum of expense, then the project may be stopped because of this unexpected event. We should know it is necessary to understand how to identify risks and assumptions based on the information. After identifying risks, it is important for project managers to set contingency plans to prevent and deal with these risks when they occur. Of course, several problems may happen during considering

The identification of risk normally starts before the project is initiated, and the number of risks increase as the project matures through the lifecycle. When a risk is identified, it is first assessed to ascertain the probability of occurring, the degree of impact to the schedule, scope, cost, and quality, and then prioritized. A risk’s probability of occurrence, number of categories impacted and the degree (high, medium, low) to

This paper was prepared for Fundamentals of Project Management, Module 2 Check Your Understanding taught by Dr. Levern Eady.

In this paper, I, a student of University of Phoenix will explain and discuss project management. I will address three main points. I will first answer what is a project. Secondly, I will discuss what are the basic phases of the project lifecycle and their purpose. Finally, I will explain why it 's important for organizations to use project management to accomplish tasks.

Project Management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements (Project Management Institute, 2008; Gordwin, 2012). When applying this knowledge effective management of appropriate processes is required. Risk Management is considered most critical and includes the processes of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project. The purpose of the risk management plan is to establish framework in which the project team will identify risks and develop mitigation strategies to avoid, eliminate or convert to

Larson, E.W. and Gray, C.F. (2012, p. 214). Project Management: The Managerial Process, 5th Ed. McGraw-Hill Learning Solutions. Boston, MA.

A Guide to the Project Management Body of Knowledge. Upper Darby, PA: Project Management Institute, 1996. Print.

Project Risk Management – identifies potential risks (good and bad) that can affect the objectives of the project.

Risk Analysis – Analyze the probability of the identified risks and their overall impact on the project and objectives.

This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below.

1. A Guide to the Project Management Body of Knowledge; PMBOK Guide. 2008 Fourth edition. United States of America. Project Management Institute, Inc.