Project Management Methodology

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risks associated with any project. When this is done and risks do crop up if known, then the practice, techniques, procedures in place allows the project team to address it accordingly. On the other hand any unknown risks are not known to the project teams and hence mitigation strategies are developed over the time when the risk occurs in a project that helping create new practices and techniques. The risk assessment process includes risk identification, risk analysis and prioritization of risk (Lock 2007). Risk identification is the risk associated with the project. These are project specific items that are likely to compromise with the project success. Risk Analysis is the process, the project manager assesses the loss in magnitude and probability for each identified items under risk. Risk Prioritization is the ranks or orders the risks that are identified.

The rational for choosing these three processes is because each one of these can vastly impact the outcome of a project; thus the need to have established methodology for them to be addressed when any of them crops up with a project.

References

• PMBOK Guide: Fifth Edition. (2013). Newtown Square: Project Management Institute, Inc. p. 555 -556.

• McGhee, P. & McAliney, P. (2007). Painless Project Management. p.74.

• Newell, M. W & Grashin, M. N. (2004). The Project Management Question and Answer Book. p.8

• Chatfield C. S. & Johnson T. D. (2003). Microsoft Office Project 2003 Step by Step: Step by Step. P. 476

• Lock, D. (2007) Project Management (9th ed.) Gower Publishing, Ltd., 2007. ISBN 0-566-08772-3

• Chatfield, C. "A short course in project management". Microsoft.

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