Risk Analysis

Identifying the possible risks plays a crucial role towards the success of the project. Risk analysis and assessment foster making informed decisions on risk response measures. Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. Project Risk identification is the most important process in the Risk Management Planning. Risk Identification determines which risks might affect the project and documents their characteristics. In general, the risk identification stage enhances the overall success of the project as it forecasts probable shortcomings and counters them beforehand. The manner in which an individual or group of people plan and organize various resources to implement a particular project determines the success of the project. The central question lies in the business strategies put in place by the project’s key planners to ensure the overall success of an organization. There was also the lack of prior assessment of the complexity of the automated systems. The project finalization took long, and it never projected the anticipated system performance. Corporate strategy and clear project objectives are sure drivers of project success. Setting up a mechanism on how to achieve organizational goals and stipulating key objectives is bound to lead to success in project implementation. In any project, the key stakeholders determine the success or failure of the project. Proper coordination and assessment of the project via SWOT and TOWS analysis ought to be effected beforehand. Moreover, running a risk assessment for a given project is necessary for making an informed analysis of what risks are most probable to be faced. Henceforth, strategic risk response is affected, giving more emphasis to risks with the highest potential to negatively affect the project. In general, any organization planning to set up a given project must place key emphasis on strategy project management.

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