Project Mangement

Project Management: Risk Analysis

Bruce McClaflin

Grantham University

Introduction

The success of the project depends on its capacity to overcome the various risks that exist. For this unique project, there are different aspects to consider. For instance, it is important to consider the duration for the completion of the project. Such considerations will play a crucial role in determining the overall success of the project.

Risk Identification

Distinct risks will be faced in the completion of this project. However, they can be categorized into three: Stakeholder conflict, cost management, and technical risks.

Conflict

The project will require the input of different stakeholders including school administrators, parents, local farmers, school nutritionist, and state representatives. There is a real risk that conflict is likely to arise among these stakeholders.

Cost Management

Managing costs has been a common concern during the implementation of projects. A project like this one will take up various resources, and be implemented over an extended time period. It is important to ensure that costs are managed for the attainment of the anticipated outcomes.

Technical Risks

Unique skills are required to successfully complete this project. As a first-time project, such technical skills may be missing.

Risk Quantification

The first step to mitigating risk in the project will be through recognition. Identifying potential risks allows project managers to plan ahead, and develop approaches to mitigate their consequences (Heinz, 2010).

Conflict among stakeholders is the risk likely to bring about the most extensive adverse outcomes. This is especially so as the relationship between stakeholders will be crucial to the success of the project, and that these relationships will last the entire length of the project. Cost management will follow as the second most significant risk. Managing costs based on available resources will guarantee project success. Project managers will ensure that stakeholders are adequately skilled to cope with the requirements of the scheme.

Risk Response

It is important to respond adequately to risk. The response has to identify the risks that exist, and develop ways to counter their influence in the completion of the project (Krysiak, 2009). There will be three main responses based on the three main risks identified.

The initial response will be aimed at overcoming conflict among project stakeholders. project managers will be required to be adept at conflict resolution. Further, these managers will exhibit appropriate leadership skills to facilitate the accomplishment of tasks assigned to all stakeholders.

Project managers also have to exhibit exceptional cost management skills. Resources will be essential in planning, implementation, and assessment of the project. Cost management ensures that all steps of the projects are adequately funded, and are completed as initially anticipated.

Lastly, the planning phase of the project will assess the preparedness of stakeholders in performing their respective tasks. Besides accounting for all the resources that will be required for the project, skills will be assessed. The project managers will offer training where they deem necessary.

Summary

In order for the project promoting organic foods to be successful, there has to be a risk analysis that takes account of all the possible challenges project managers will face. In this unique project, managers are likely to face issues of conflict, cost management, and lack of technical skills. This section of the project proposes ways to respond to these risks with the aim of mitigating the overall negative impact on the success of the project.

References

Heinz, P.-B. (2010). Risk Management: Procedures, Methods and Experiences. RT&A, 2(17),

75-95.

Krysiak, F. C. (2009). Risk Management as a Tool for Sustainability. Journal of Business Ethics,

85(3), 475-483.