Risk Management Is The Organized Method - 1236 Words

Risk management is the organized method to dealing with the improbability of the future. Risk management pertains to all phases of a project .The process of risk management is to identify and investigate exposures, observe and select risk management methods and last but not least it is there to implement the techniques and monitor the results of the projects â€Å"Risk management provides a structured way of assessing and dealing with future uncertainty† (Cooper, Grey, Raymond, 2005, p. 4). The main participants for the elaboration of the risk management team can include the following (PMBOK, 2008): A Project Manager, Project Team Members, Stakeholders, any employee within the business who is asked to manage the risk, and others as determined†¦show more content†¦Furthermore, the company aspires to gain more experience and knowledge in diversifying its resource base to China and perhaps even in other geographic locations. The global market is full of complications and variables that can potentially lead to failure. When an organization chooses to grow its global footprint the power to alleviate risk will benefit in increasing the potential for success. In order to be successful the organization has to clearly define the projects goals, identify key roles and establish responsibilities. They need to learn how to properly employ tools and methods used in risk analysis. The project team will gain access to various resources that will permit them to identify risks associated with their particular project. The risks previously stated will need to be recorded and organized, doing this will allow the team and management to be able refer to these risks easily and to help plan for all risks that were acknowledged. Each plan must be personalized, based on the demands of the specific project and the risk of the region associated with that project. Growth into a new region presents challenges in a domestic territory. In order to concentrate the efforts of analysis the team would need to define their objectives and goals clearly. While identifying and mitigating the risks the project team will utilize different tools and techniques. The team will start