Project management

‘Project management’ is the book I really want to read and gain knowledge from. This was written by Rory Burke. However, with the limit of time, I will sum up a chapter of the book which I believed that it is an interesting and useful for students who study in business and economic sectors.
‘Project risk management’ is one of the most attractive chapters. Risk in business is inevitable, which is a part in business operation that managers or project managers should consider carefully before giving a decision. The purpose of this chapter is to provide an outline of project risks and opportunities. And then, it also gives some methods to reduce the risk. A key component of project management is making decisions. However, in fact, it is not easy to make a decision. That is because it is related closely with the income and profit of a project. More importantly, it also decides the success of projects.
The chapter gives some definitions of the risk management. Especially, it provides the risks that may happen during the operation of projects such as risks through life-cycle, risk management responsibility, risk identification, etc. Who is responsible for managing risk? The general director and project director are ultimately responsible to the board of directors and shareholders.
To limit risk are not easy. The decision of manager may affect directly the result and schedule of project. Thus, how to narrow and control risk? It lays on the ‘risk management plan’. And ‘risk control cycle’ is chosen as a perfect method concerning circumstances: Changes in the scope of work, changes in the build method, changes in the team members, changes in the suppliers.
In conclusion, ‘Project risk management’ gives me the overview of risks which we have to deal with. It also supplies some effective steps and the details of risk control management.

New words

- Life-cycle:

- Accomplish:

- Termination:

- Admeansurer:

- parameter: