Question

Consider the following statement: “The essence of project management is risk management.” What does it mean in terms of completing a project successfully? Support your response with evidence from the readings or other materials. Be sure to cite your source.

Answer 1

The process used by project managers to minimize any potential problems that may negatively impact a project's timetable, viability, or emergencies previously unthought-of. Risk is any unexpected event that might affect the people, processes, technology, and resources involved in a project. Hence for a project manager, the completion of the project is the key that they have to do to make the business sustainable and finish the project to be served based on which it was made. Hence the scope of risk or uncertainty is always taken in as a component that needs a situational solution to make the project successful.

The project has its descriptions like jobs to be done, the flow of the process, allocation of manpower, and resources alongside the timeline that is been given to make it possible. An example of the project success is its risk management is been taken from a 2010 case of Tata Motors of India. The business however never saw any risk as the government was supposed to acquire the land for the project. The business had little knowledge about the land and how it was used before or who gave it to the government in the first place to get the allocation. The state could convince 140 farmers to give up their lands however a majority of 230 was against giving away their lands which they have been using for generations. The risk was the court case which proved that the entitled owners were not taken into consideration for the construction that Tata Motors is thinking about its government land.

Hence the risk of such a legal dilemma was not been accounted for by the business in its planning which made the project impossible to be made. The project was demolished due to the risks of it as is evident in this case.