Project Risk And Procurement Management - 2530 Words

Module Project Risk and Procurement Management Assignment Title PRaPM Mid Term Assessment Hand-in Date 19th October 2014 Student Number @00403680 Table of Contents Table of Contents Abstract 3 Introduction 3 Body 4 Conclusion 8 Figure 1.1 9 Figure 1.2 9 Figure 1.3 9 Bibliography 10 Abstract Risk management is an essential factor of planning, organizing and managing projects and events. A professional project manager knows no matter how well planned risk cannot be entirely eliminated. The concept of risk is defined and strategies of managing it successfully are explained. Risk can be measured and ranked to identify where it lies on the scale, the project manager or risk manager is responsible for preparing for the future, should it or should it not be required. Risks can either be a negatively unanticipated occurrence as commonly viewed, or a positive occurrence. The concept is to know of the wave in the distant and be prepared enough to avoid, accept, transfer or mitigate it, essentially a hypothetical stage setting of, what if. Introduction Society in recent times have inevitably become more demanding and more blameful as accountability data has become widely recorded and accessible, meaning insurance claims and liabilities are the tip of the iceberg when things do not happen as they were planned. Risk management, therefore is highly important to be procured prior to the commencement of the project or event. Beginning with theShow MoreRelatedCPMGT 302 Week 4 Procurement Planning Paper1333 Words   |  6 Pagesï » ¿ Procurement Planning CPMGT 302 Procurement Planning The needs of a project must be carefully identified, sourced and acquired to have a successful procurement process. Procurement planning is essential to the overall success of a project. 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