Managing Risk in Project Management

Risk Management in Project Management
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Risk Management in Project Management
Risk identification is an essential procedure for ineffective risk management. The risk identification must consider the objectives of the project and the events that have the potential of causing adverse impacts. Therefore, there is a need to consider the proposed issues and identify comprehensive risks (Larson & Gray, 2021).
Therefore, for this particular project, the potential risks include sickness and injury of project team members. Through the implementation of the various components of the project, members might get injured. Therefore, it is vital to have effective response measures, such as first aid and emergence response personnel. Another potential risk for the project is extreme weather conditions, which might cause accidents. Poor staffing is also an issue of concern that might cause severe impacts on the project. Fuel shortage can also halt the progress within the project and lead to adverse errors. There are also chances of losing directions during the flight due to inadequate navigation knowledge and poor technology (Larson & Gray, 2021).
The risk assessment matrix is usually created based on a scale of 1 to 5, where one implies that the risk is lower while 5 means that there is a high likeability of causing heinous risks.
Risk Event

Likelihood

Impact

Difficulty in Detection

Detection

Sickness and injuries to team members

4

4

2

During the whole trip

Severe weather patterns

5

5

4

During the whole trip...