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Project Risk Management Assignment Help

While innovation has many similarities to other forms of projects it is characterised by a high failure rate and the need to stimulate creativity. More explicit risk management could help in achieving success in innovation projects. However, too much or inappropriate risk management might stifle the creativity that is core to innovation. So, what project risk management should be applied and where in the
innovation project?

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Introduction

The paper will help in finding and analyzing the main issue discussed in the chosen article on risk management. The article defines that for doing a successful innovation project, it is necessary for the firm to follow appropriate risk management technique. Improper risk management attribute can create negative results in the project, and thus, it is essential for the management to use the appropriate technique. The paper will discuss the techniques that have been used for the execution of the risk management procedure. It needs to be understood that appropriate techniques helps in reducing the expenditure rate and improves the innovation aspects for the firm. Furthermore, the contribution of the risk management article in an individual life will also be further discussed in this context.

The main issue discussed in the article

For surviving in the economic recessions and increasing the opportunity of business, it is essential for every company to innovate some strategy in the risk management procedure. After reviewing the article, it is noticed that the main problem discussed in this article creates disturbance in innovating the products is the issue of soft organizational. This issue constitutes the rapid change in the technological process, the expectation of consumer and higher rate of competition that creates a challenge for innovating the products that can reduce their business risk.

Presence of this issue not only reduces the innovation procedure, but it also enables the risk management to identify the unacceptable risks of the firm, which can increase their overall business expenditure in the market. These soft organizational issues have increased the failure rate of an organization, and thus, it is necessary for the risk management to help their managers so that they can take the correct decision as to reduce these challenges.

Apart from this, it is seen that for innovating the products, risk management sometimes overlook the organizational factors, and this has increased the soft organizational issue rate. Hence in order to reduce the impact of this soft organizational issues, it is essential for the project team members of risk management to consider all the less obvious process that can help them to lower the sources of risk. If the team members understands the timing and nature of the issue, then they can easily reduce the impact of these soft organizational issues of the risk management.

Techniques used in the article

After reviewing the article, it is noticed that several techniques have been used by the project risk management for reducing the various challenges faces by the organization. It is analyzed that several techniques are used in the innovation life cycle procedure that helpful by the risk management to reduce the impact of upcoming risks of their business. Risk analysis techniques are the major technique that has been used in this article. With the help of this technique, the project management understands the severity of the risks by comparing it to the option and other projects of the organization. The risk analysis technique is divided into two other technique such as quantitative technique and the qualitative technique.

The quantitative risk analysis technique generally offers an objectivity and rigor approach by involving the statistical analysis of the historical data that they have collected from the previous project. After analyzing the data, this technique helps the project manager to identify the variables that have been taking place in the previous project, and by following this technique, they will overcome these risks in their upcoming project. Hence this quantities risk analysis technique helps the risk management team to make appropriate strategy by which they can overcome their risks in future projects. Apart from this, the article also demonstrates the qualitative risk analysis technique, which helps the risk management to collect sufficient quality information and data that should be them to reduce their risks and issues in business. It is seen that the quantitative technique is more expensive than the qualitative technique and thus it is used by the risk management only for the large projects where the risks rate are higher.

The qualitative technique is very flexible, cheap, and quick to apply for any project. Hence it is used mostly by the risk management for understanding the several risks of their projects that can create a negative impact on their business.Apart from these qualitative and quantitative techniques, the article also demonstrates that Event Free Analysis (EFA) technique, Failure Mode and Effect Analysis (FMEA) and Fault Tree Analysis (FTA) techniques are used by the risk management to understand the upcoming risks of the business. It is also noticed that risks identification techniques are also used for determining the several risks of the business. These techniques are checklists, influence diagrams, cause and effect analysis, and hazard and operability studies. With the help of these techniques, the risk management makes a risk categorization scheme that helps them to identify the risks in an effective, quick, and simple way. Hence, by following all these techniques, the management team not only identify their upcoming business risks but also make appropriate strategies that should be suitable for them to overcome these risks in future projects.

Contribution of the article

From the article, a brief view of the risk management procedure has been found along with the techniques used by this management to reduce their risks level in future projects. Thus it is clear that the article contributed a major part in the risk management procedure and also demonstrated the way by which an organization can survive in the market by maintaining its sustainability and by reducing their business challenges. Product innovation is recognized as the best way of reducing the threats and risks of a project. It is analyzed that by innovating the products, the firm can increase its consumer, which will help them to diminish their risk level. However many innovations of the management have failed, but it makes a valuable contribution to the team by influencing them to make appropriate strategy by which they can introduce new goods and reduces their risks in business. The article also contributed to understanding the several functional experts that should be needed by the management. Hence the explicit contributions of the innovation procedure can help the risk management to utilize appropriate planning that should be advantageous for the business in overcoming their challenges in future projects.

Conclusion

The paper concludes that soft organizational issues are the main problem that has been demonstrated in the chosen article on risk management. These issues can enhance the failure rate of the organization, and thus, appropriate steps are essential for the management to reduce their business risks. In addition, the articles also demonstrated that by using several risk analysis techniques, the risk management team can reduce the adverse impact of their future risks. From all these aspects it is clear that the articles provide a positive contribution to the working procedure of risk management by which they can analyze the various business risks and make an appropriate strategy for overcoming these challenges in their future projects.

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