Marketing: Managing Small Projects-Risk Evaluation

Risk Evaluation
Name:
Institution:
Date of submission:
Risk Evaluation
Risk evaluation is a complex process that aims at determining the value of the identified hazards and estimated risks to those concerned. Precisely, evaluation of risk is primarily concerned with issues relating to how the affected individuals perceive the risk, the value issues surrounding the perceived problem and lastly the trade-offs that exist between the perceived risks and benefits. This paper will explore factors involved in risk perceptions as well as risk acceptance. It is inevitable to highlights that risk evaluation ideally attempts to define the meaning of the estimated to the individuals affected by the risks. The paper will also explore the significance of risk evaluation in regards to the management of small projects. Ultimately, risk evaluation is vital in determining whether these small projects are at risk of losing any assets either through cyber-attack or natural disaster. Finally, risk evaluation is imperative to provide IT professionals with critical information on where and how small projects' reputation is at risk.
During risk evaluation, understanding risk management process is critical and significant. The process refers to a proactive attempt aims at recognizing and managing internal events as well as external threats that could compromise the likelihood of small projects to succeed. In regards to risk evaluation, comprehensive risk management process is beneficial since it reduces surprises and negative consequences which could probably related to risk (Kerzner, 2013). Secondly, the process has got potential in providing better control over the future. Most importantly, it may improve chances of meeting the small projects performance objectives within the planned budget and on time.
Case Study Analysis of Risk Evaluation in Small Business Projects
One of the commonly ignored risks in small business projects is reputation risk. The company’s reputation is a critical aspects just like any other assets of the company. The first step to undertake in risk evaluation involves identification of risks facing the projects. For instance, we have identified reputation risk as one of the risk in this case. The next risk evaluation step is risk assessments. This is followed by risk response development and finally reputation respon...