Week_1_Blog_Why_Projects_Fail_James_Montgomery

 Identify the key objective of project risk management, demonstrate, using an example, how the key elements of a risk management process are constructed and comment on the relationship between a risk management process and a change management process. Risk management is the forecasting and evaluating of financial risks together with identification of procedures to avoid or minimize the impact of these risks. The key elements of risk management are identify, assess, analyse, control, transfer and reduce. 1. Identify - see where the possible problem is and when it might occur, for this I will use the example of producing a movie, potential risks could be actor controversy, writer strikes or delays. 2. Assess - look at each situation and what is actually happening, this is the why? as in why is the actor in trouble, why are the writers on strike, etc. 3. Analyse - Look at the pros and cons of each situation and how it can actually be resolved. 4. Control - take control of the...

Week 5 How Can Project Manager ensure that estimates are accurate and explain how bad estimates can lead to good projects failing. Estimates are an important factor in all business projects, they allow the managers to map out the possible outcomes of the project but in some cases businesses over or under estimate and can even get ahead of themselves seeing the benefits before the project is even off the ground. A project manger is a professional in the field of project management that have the responsibility of planning, procurement and execution of a project. Project mangers can ensure that estimates are accurate in the following ways: Involvement - involving all those involved in the process to get all the right information on cost and time estimates as these people are the expert in their own field and would be able to make much more accurate estimates. Historical Data - use past projects as a way of evaluating how long it will take to complete a project or even how m...