The high failure rate of projects in meeting project objectives of scope, time and cost and in
supporting organisational strategic goals remains a major concern of organisations. Rapidly
changing business and technology environments compound the complexities in successfully
executing many projects. Adopting a proactive approach to managing risks in projects has become
increasingly important. In our course, we describe project risk management as the art and science
of identifying, analyzing, and responding to risk factors throughout the life of a project and in the
best interest of its objectives. How to manage project risks effectively has been a major area of
interest for researchers and project management practitioners. Based on your research, this
assignment asks you to explore challenges in managing project risk and recommend appropriate
actions which organisations may take to accomplish successful outcomes for projects they
undertake.
Requirements
The assignment must contain the following sections:
1. Executive summary – A summary of the key points of your report.
2. Introduction – Discuss the rationale of the research and provide an overview of how the report
is structured.
3. Body – You must use the following themes (headings) to organise the body of the report (you
may use subheadings within each of these themes). Please use research evidence/case study
references to support your discussion of these themes.
a) Discussion of the concept and importance of project risk management
b) Analysis of challenges to effective management of risks in projects
c) Compare and contrast any three risk identification tools including their strengths,
weaknesses in the context of project management
d) Evaluation of the effectiveness of using qualitative risk analysis and assessment approach
in projects
e) Well-argued recommendations to enhance effectiveness of risk management in projects
