Essay: Future Risks Identification and Mitigation Plan

24 Oct

Essay: Future Risks Identification and Mitigation Plan

Sample Essay

Project management and project planning face a number of challenges within an organizational setup. It is vital to perform regular risk analysis to ensure that the organizational expenses are adequately managed and the problems associated with the organization adequately addressed.

Period update of risks should also be done to ensure future minimization of the dangers posed by the risks in the organization. It is therefore important to assess the likelihood and impact of identified risks to determine their magnitude and priority. Risk quantification tools such as probability or the impact matrixes, the expert judgment method and the top ten risk tracking item should be utilized. 

There are many other risks which, although not identified in the simulation, would definitely affect the viability of the project. One such risk in the project planning process is the inadequacy of financial resources (Alexander and Sheedy 2005). Lack of resources would most likely paralyze the entire process of managing the project. An organization always need to money to cater for other financial needs in the organization. This would include payment of debts, salaries, purchase of materials needed to achieve the project objectives. Uncertainty in the future, which always exist in any normal organizational set up, due to the inability by the managers to fully predict what the future has for the performance of the project. Technological changes also pose high risks in a project since technology could change forcing the project perspective to be altered to suit the available technological platforms in the market.   Changes in technology could lead to the project managers incurring extra-unplanned expenses in order to cater for the needs of the project shareholders.

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