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Project Selection and Risk

In: Business and Management

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Project Selection and Risks

Miguel Rodriguez

Project Management Integration Framework BA647

Grantham University

Project Selection and Risks Project selection and project risks go hand in hand. Choosing or even not choosing a project, can create risks. Projects are designed to allow organizations to either develop something new or to improve on something already in place. Any given organization can have many good projects that can improve its products, but if the organization is lacking a good project management program and/or has a meager project portfolio, then project risks becomes an even bigger issue. The process for selecting projects can create several project risks; such as having too many projects with limited funds/resources, unforeseen external risks, inadequately trained staff, and multiple of unforeseen problems, causing changes and delays to the project. Some of these examples I just mentioned, can be avoided or minimize with a good project management program. This paper will discuss some of the things a good project management program would include. The overall purpose of a project management program is to help in identifying the unknown risks and to help minimize the known risks. “Without adequate analysis of projects, no one has much idea of what “going right” looks like, so it is not possible to identify and manage the risks – the things that may go wrong” (Kendrick page 20). Even with this knowledge, some organizations at different levels do not adopt effective project management because of poor or no planning prior to a project. At the lower level or project level, other work takes priority over planning. In my organization for example, many projects get delayed or do not even move forward because the every day mission has priority over planning or meetings. At the higher level, a form of project management is mandated…...

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