Project Risk and Procurement Management
Assignment – Risk Management
A. Critically analyses the concept of risk as applied to how it can be measured and ranked?
B. Applied Case: How a project risk management strategy may be constructed for an international telecommunications project involving stakeholders in Europe, Saudi Arabia, and the United States.
The “management of risk” is perhaps easier to understand in theory rather than manage in practice. It is a complex and complicated idea, especially in terms of how we are to manage it.How can we define what we mean by ‘risk’ and how can it be managed successfully in large and small projects?
You are required to critically analyse the concept of risk; discuss how it can be measured and ranked and outline how a project risk management strategy may be constructed for an international telecommunicationsproject involving stakeholders in Europe, Saudi Arabia,and the United States. In completing this assignment, you should discuss both theoretical and practical risk management strategies and how these can assist in minimising risk for your project.
You will need to take the following into account when completing your assignment.
• Establishment of relevant theory (e.g. what do we mean by risk in a project management context and what is the relationship between risk and risk management in theoretical terms; and how do individual attitudes to risk interact with organisational risk appetite?).
• Allocation of credit and sources used; (have I included references and citations to the material I have used?).
• Clarity of argument and relevance to the project management context.
• Overall report presentation including spelling and grammar.
• Adherence to nominated word limit (+/- 10%).
This coursework should follow a structured approach and should be prepared and presented as a professional business report. You should undertake a relevant literature review that helps inform your investigation. Please also ensure that the Harvard Referencing System is adhered to and fully complied with.
• Please add student identity number to the header of each page of your report but not the name
• Please ensure you put your word count on your title page.
• University lateness and plagiarism rules apply.
Please follow a report format. Therefore, you should have a title page, abstract, contents page, sections and sub sections, page numbers, appendix section etc. Please note if you are uncertain on how to present and structure a report then visit the university library and ask for assistance.
Please do use diagrams, illustrations, tables, graphics etc. wherever these are helpful, and remember that these do not count towards your word limit. If you do use these, please do notput them in the appendices if they are part of your discussion. Appendices are the appropriate place to put supporting material, however, remember if the reader is satisfied with the main points of your discussion, the supporting information within the appendices may not even be reviewed.
Please try to use theory explicitly at all stages, but do not spend too much time describing a theory. While you must be explicit about the theories, models, techniques etc. that you use, you can assume that the reader is familiar with them. What the reader requires is evidence of your ability to understand and apply the theory and learn from it in order to support the development of your findings and/or ideas.
You must cite all sources on which you have relied, for example textbooks, journal articles, web pages etc. using the Harvard Bibliographic referencing system. If you do not cite all sources, then you may be accused of plagiarism, and that may endanger your success in passing the module. If you are in any doubt about how to reference your work, please obtain guidance from the library and/or your academic librarian(s) for this module.
Learning outcome 1: Locate, synthesise and critically evaluate recent/current information from a wide range of published literature in the areas of Procurement, Risk, and Contract Management.
Learning outcome 2. Apply knowledge of the theory and practice of Procurement, Risk, and Contract Management to develop insights into and solve current problems.
Learning outcome 3. Critically evaluate the use of complex models of Procurement, Risk, and Contract Management; systematically and creatively making sound judgements based on the systematic analysis and creative synthesis of ideas.
Learning outcome 4. Critically and effectively assess the value of theories, concepts and models to the practice of Procurement, Risk, and Contract Management.
• Allow students to develop an in-depth understanding of Procurement, Risk, and Contract Management.
• Provide students with an overview of project risk in order to maximize the probability and consequences of positive events and to minimize the probability and consequences of adverse events to project objectives.
• Provide students with the skills to effectively manage procurement processes in a multitude of environments.