Project Management Essay Example | Topics and Well Written Essays - 2000 words - 1

Project Management - Essay Example On the other hand processes take the form of a repeatable string of activities, meaning they can occur severally, either simultaneously or against one another. In the management of these two entities, they both function for the common good of the projects, but while the aims of managing projects are achieving the end result, process management focus on increasing efficiency and quality, which is difficult to achieve for the former. Repetitive character of processes gives value to the projects. 2. Project Risks Any project risk is associated with uncertainty and probability of losses that can cause it to fail. There are many risks and can further be divided , based on the risk classification and the type of the project. Cost Risk The risk is associated with the financial resource, which is a vital constraint in any project. Many things can cause cost risks, and though they can be related to the general project, the control of this factor is handled by the management of the project, wh o either underestimate, or overlook the cost associated with the activities in the project. ... When the scheduled plans are not met, more time is definitely required, especially if the activity cannot be run concurrently with others. The risk is caused by poor planning and estimation of resources, and adjustment processes that could end up in shortfalls of resources. It risks failing the project, when the end products is delayed from meeting its objective or market opportunity in the late deliveries. External risks: The risk can occur anywhere and anytime to disrupt the operation of the project, which the management, just as the human resource and other stakeholders have no control of. These factors range from market, economic, legal, political, natural disaster, and social issues that could affect a project (Murch 93). In many cases, projects have had to be stopped due to political instabilities in a country or location, because the project has no guaranteed security. Sometimes, the implemented parts of the projects are destroyed in skirmishes causing additional costs in time and finances allocated to repair and move on. Scope risk: The scope of a project deals with the requirements, deliverables and goals of a project; hence the performance and quality of the project can be influenced by the presence of the risk. Any problem generated in the formation and documentation of these factors can be inherited in the future of the project, because the scope would be used as a baseline for referencing and reaching decisions. It can be associated with unsuitable thought of the scope, poor documentation and lack of unison among the stakeholders over the scope, which affects the technical effort put into place to provide the required level of