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Approaches to manage risk under project management

Code: ISYS5001

Question: 

  1. Project leadership has to adapt to meet changing needs of this 21st century if it is to remain relevant. The 21st century world has changed from that of the previous century with the global financial crisis (GFC) marking a point of inflection in this change.
  2. Evaluate the validity of this statement based upon your research and knowledge. Discuss the dissimilarity and similarity between project leadership and management. Further discuss the qualities and responsibilities of project leadership and management.

Answer

Executive summary

This assignment is aimed to develop the understanding of the project risk management approaches, especially in information system projects. To prevent risks in project covers the broad aspects. This includes different aspects of the project management and helps the business to overcome the problems of the risks. Such risks can become barrier in the project management.  By adopting the risks management techniques, the project manager can easily overcome with any the problems and risks which are involved in the project. So the managers of the project make sure that each risk should be eliminated from the project. For such the company needs to ensure to identify such risks at initial stage so they can easily prevent the future risks. 

Introduction

The project management refers to special assignment which is conducted by the company in order to making their products and services more successful. If the company, successfully apply the project then it helps the company to ensure long-term success. However, there are different factors which can create barriers in the project such as lack of risks management. For the company, it is important to adopt such practices through which they can prevent risks in the project.  In order to make project successful, the business needs to eliminate risks or minimize risks from the project (Aloini et al. 2007). In the project management, major responsibilities are related to the project manager. So it is responsibility of the manager to eliminate and maintain effective approach in the project so risks can be prevented. The present report is based on making review of different journals and books which are associated with project risk management. If the project managers adopt risks management then it can easily overcome with future problems. The present assignment provides findings, interpretation and analysis of sources by using the overview approach. 

Scope of Literature Review

Key   term 
Risks  management, project management, IT risks   Risk assessment
Finance, Prioritization,   Literature analysis, Construction   project briefing, Variables, Attributes

Data   base 
Google scholar, Science direct,   Google books, World Academy of Science, Engineering and Technology, Wiley   Online Library
Name   of journal 
International Journal  of   project management 
Journal of information and management
International projects
Journal of system and software 


Background

Findings

 The findings of the research include that to prevent risk in the IT project or any other project is very important.  Current project management practices focus on the global and other important factors. In the present world, the companies need to develop effective project management techniques so they can prevent risk form the business (Chen, Tao, Jinlong Zhang, and Kin-Keung Lai. 2009). In the present journals, the findings are based on ad hoc approach and they are looking forward. Further, the findings also make the focus on preventing risk in the different projects such as construction, IT and Health sectors. In the IT sector, it is essential for the company to prevent risks in the project. There are different types of risks such hacking which is major risks for the business.  For the project management, the business needs to identify such risks at initial stage so they can easily prevent from the future risks and make their project management more successful. The findings also emphasize that to prevent risk; the best approach is risk management techniques (Aloini, et al.2007). Through adopting the risks management techniques, the project manager can easily prevent from any of the risks in future.

 The findings also include that in construction project, there are several risks. In the project, there are different types of the stakeholders involved who interact and demand needs to be considered for making the effective decision-making process. The each stakeholder consists its risks with the project (Bannerman, and Paul, 2008). Also, risks are changed according to the phase and there are multiple interactions involved. Findings also suggest that formal project management is neither necessary nor sufficient for project success. It is concluded that risk management research lags the needs of the practice and risk management as practiced lags the prescriptions of research.

Analysis

To prevent risk in the project management, there are different types of analysis tools adopted. In the present journals, there are different types of the analysis tools which are adopted by the scholar to prevent the risks. From the analysis, it is identified that there are several types of risks. Not all risks are controlled by the project manager. However, there are certain limits up to which the manager can prevent risks in the project. The basic analysis is based on identifying those practices and framework through which project manager can prevent the risks (Martens et al. 2011). The project manager of the IT project adopts standards framework through which they can minimize risks and also identify risks in projects. In the project management, the cost of the theory and the analytic hierarchy process are also adopted. The aim of the construction of the framework is to present robust method for the prioritization of safety risks in project management by creating a rational budget and planning.  

Interpretation

The interpretation of the following journals and reading is that in the project management, there are different types of risks are involved. Some of them can be presented, and some of them are not. The risks are mainly depending on the nature of the project as according to nature, risks are identified. By making the analysis through collecting using different tools and techniques, the project manager can evaluate the major risks which are involved in the project. It ca also be interpreted that in IT projects such as ERP software of network security, it is difficult to identify risks and so in such complex project, the risks cannot be identified, However, by using the several techniques such as risk management or adopting the standard framework, project manager can easily minimize risks.

On the other hand, in some other types of the projects such as construction project, to prevent risks is not possible. In such complex project, majority of the risks are also dependent on the human nature and the mistakes which are committed by them (Ahmed, Ammar, Kayis, and Amornsawadwatana. 2007).  In the analysis, the section is based that inherent risks can be overcome, but threats which are unknown for the project manager may create any the problems and increased risks. It can be interpreted that to avoid different types of the risks, in project manager can play a crucial role. The project manager helps the business to avoid risks from the project. 

Discussion

The literature review is based on the risk prevention in project management especially in the IT projects. The findings of the project are based on making an effective evaluation of preventing risks to the project manager can successfully imply. Through the literature review, the question of assessment can be answered. The literature also includes different other project management such as construction project. The LR emphasizes the definitions of risks and its prevention (Taylor and Michael, 2009). It also identifies the types of risks which are the involved in project. In the project management, there are different types of the risks such as inherent risks or some appear because of application methods. By review the literature, it is also identified that some of the risks are associated with the application of the methods. Through the LR of different journals and books, the review is also made to emphasize the safety risks and investment risks of the project. 

The current literature review is about the prevention of risks in project management. In the present LR of different types of the books and journals, individuals can easily identify risks and the ways which are available for the specific project. The project management of the company is based on the developing and structuring the project in the more accurate manner (Taherdoost, Hamed, and. Keshavarzsaleh. 2015).  Through the current literature review gives more knowledge about the different types of risks and ways in which they can be adapted by the company’s manager.

In the information technology project, risks can appear because of the complex structure and methods which are applied by the manager.  In the review, article includes risk prevent project management.  However not all the journals and books are based on Information technology project but some of them are also related to the construction project. 

By reviewing books and journals, it can be discussed that all IT-based projects are not required to maintain the traditional approach. By making the analysis and review of the respective journals and books, it can be considered that risk prevention is the important method.  For making the project more successful, business needs to adopt methodology and approach to which they can prevent risks. The best method of preventing risk is to adopt the risk management. The project manager needs to adopt the standard risks management techniques and framework so they can easily prevent from the every type of risks in the business project (Teller, Juliane, and Alexander Kock. 2013)The risks management technique helps the business to avoid the risks and identify risks at the initial level. It helps the project manager to avoid the inherent risks. However, the risk management is based on identifying only the traditional risks which are involved in the particular project. For example in the Information technology, the inherent risks are involved related to the understanding the complex structure. The risks management can easily identify the traditional risks, but on the other hand, the risk which is related to the human errors cannot be prevented through the adopting the risks management techniques (Ahmed, Ammar, Kayis, and Amornsawadwatana. 2007). On the other hand, some other nature of the project such as construction project in which the risks cannot be identified because each type of project has a different structure and each project has separate priorities. So to prevent risks, the manager needs to provide training to employees

Discuss report limitations 

In the represent report is based on review literature of the different books and journals which are related to preventing the risks project management (Liu and Shan. 2016). The review is involved different types of risks and ways in which the project manager can reduce or minimize it. However, there are certain limitations also identified in the present report while making the literature review.

Add more books and journals 

For making the review of the literature on the prevent risks in the management, the first limitation is related to the limited sources of academic journals. In the making review report, only a few of the books and journals are selected which are based on preventing risks (Lopez, Cristina, and Salmeron.2014)). So the present report is not able to provide in-depth knowledge about the academic review and another perspective of the risks. Due to this, report can provide only limited number of references and academic journals 

Lack of data

In the present report, the review is based only on the theoretical perspective only. The report is not concluding any the statistical data or formulas for the making the analysis or interpretation. So for the individuals, it provides a general overview of different journals and books but does not give valid judgment on literature review (Liu and Shan. 2016).  Therefore, reliability and validity of the present report are limited. 

Future research 

The future research should be concluded on risk prevention techniques in information technology. The empirical study is based on the identifying ways in which the project management risks and another factor can create problems in the project. In the present study is based on the prevent risks. So for the future research study, individuals can demonstrate the role of different stakeholders in project management (Verbano, Chiara, and Venturini.2013). The present study is based on only identifying risks and prevention methods based on traditional risks approach. There are many types of the project conducted by managers in the business, and each project has its risks. Apart from the identification of risks, the individuals can also make emphasis on future research on the risk management techniques. The traditional approach is providing a limited idea about the risks prevention. So the future study can also include the review the modern techniques through which the project manager can prevent risks. At last, the roles of the IT managers can also include in further study to prevent risks in project management. 

Recommendations

The present literature review demonstrates various aspects of preventing risks in the project management. By making analyze and conducting the findings, it can be considered that there are some recommendations which can be followed by the future research and methods. Following are the recommendations of the interpretation and analyze sections.

  • In the making the finding sections it identifies the prevent risks in the project management is essential the project manager to make the project successful. In findings the journals it is identified that the business needs to make sure that all the risks can be prevented by risks management. The risk management practices are recommended in the business to prevent risks. On the other hand, Aloini, et al. (2007) make the focus on the use of the different approach, because not all the risks can be prevented from the traditional methods. The manager can also provide users the modern risks to prevent risks in the projects. 
  • In the IT project, the risks are associated with the nature of complexity and structural complexity.  In the IT project, the most of the risks related to its complex structure and different type of risk factors. To make the IT project successful and prevent from the risks, the business can classify risks factors and make its relevance during the each project life cycle. The IT manager can play a crucial role to prevent risks.  On the other hand, Aminbakhsh, et al. (2013) also highlighted that the role of the other different stakeholders can make an impact on the risks as the risks can also be prevented by identifying and fulfill needs of stakeholders in the project. The research or individual can use the multi-agent model is proposed.  The multi-agent model simulations coupled with a stochastic approach, risk impacts can be evaluated for each stakeholder and the whole project.
  • The last recommendation is based on increased use of different types of the other analytical tools. By making the overview of the journals and books, there are only a few analytical tools used. To making in-depth analysis, the scholar can also use the many other tools such as quantitative methods (Verbano, Chiara, and Venturini.2013).Through which the knowledge of individuals also increases. The researcher also should use other analysis so the research can provide more in-depth knowledge.

Conclusion

Summing up the present report, it can be concluded that to prevent risks is an essential process in the project management.  Through preventing or detect the risks, the project manager can easily implement its project in the business. By making the reviews of the different types of books and journals which are related to preventing risks in the project management it is identified that risks can become a huge barrier to the project management.  To avoid such problems, the project manager needs to identify different factors which can become risks in the business. The risk management techniques can become an important method for preventing risks in the business, in the background section it can be concluded that project in the IT required adopting advanced technology and standards framework through which manager can avert risks in projects. There are different types of methods through which risks can prevent such as adopt of technology, making aware to employees and provide risks management training to workers. Through this, the business can easily avoid the risks. However, there are certain limitations also present in the report. The major limitation is selection of limited books and journals. Due to this, report presents only general overview of the risk prevents project management. 

Reflection

From the reviews of literature about the risks prevent project management by using the diverse range of the books and journals, I gained in-depth knowledge about the project management and risk management techniques in assessment one. To make the review of the assignment is not easy.  There are different types of the challenges which are associated with the report. It was quite challenging because to make a review on the literature of the on prevent risks project management need to make an analysis of different type of academic journals and also I had to do more in-depth research on the present tasks (Ahmed, et al. 2007). Apart from this, another challenge was to make a selection of specific journals and books is the time-consuming process. To overcome challenges, I used the advanced technology and make use of excellent research techniques through which I could identify relevant sources. Through the using the various management books and journals, I came to know about what are the risks in project management. In the project management, there are different types of risks which are associated with project management. In the project management, there are two types of the risks such as inherent risks and material risks (Liu and Shan. 2016)). The inherited risks belong to the nature, structure, and complexity of the project. On the other hand, the material risk is associated with the human errors. Through the review of the journals and books, I also developed my knowledge about the different types of the analytical tools which are used by the scholar in doing research. In the background section, which involved findings, analysis and interpretation provide an overall- view of the literature of project management. While making the review of the article, I also came to know about the effective decision-making process. To prevent risks from the IT manager take different types of the decisions (Aminbakhsh, et al. 2013).  With the help of the present report, I also learned about the writing and research skills. The present report enhanced my present skills and knowledge regarding the prevent risks. 

 Through which, I can also learn how to prevent risks in the project management and what are the common problems which are faced by the project manager. I also learned about the using the endnote software which I used in references sections. 

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