PROJECT RISK ANALYSIS AND MANAGEMENT

The research paper aims to bring a closer look at risk management and its techniques to cope with the risks faced by the most renowned company Papici top-buro. Every company, project, or organization goes through a variety of problems and issues. In this way, it is important to get know-how about the risks that are causing a lot of challenges for the project. Moreover, these risks not only harm or reduce the development of the project rather they also put the worker’s struggle at risk. The risk is defined as any abrupt event that may place a large impact on the project, the impact may be good or bad. Risk not only affects the project, but also affects the individuals, resources, actions, and technology. Additionally, it has been stated that the risks are not problems or issues because issues can be solved and identified, while it is challenging to identify a risk. Five steps to identifying risk are also given in the thesis below. Thus, risks are part of any project management. But, it is essential to come up with suitable strategies to overcome these risks in the future. The thesis paper gives a detailed introduction to risks and risk management. Further to this, the role of risk management techniques in coping with day-to-day problems is also identified in the thesis below. To put it in other words, the thesis paper focuses on every point that has been ever related to the risks caused by a project and its solutions. The goal of the thesis is to analyze the risks faced by Papici top-buro in the case of the project for Schiba Holdings. The thesis paper demonstrates the client named Schiba Holdings and the project named Papici top-buro. The thesis defines the ways Papici top-buro has developed throughout the project, to avoid those risks. Moreover, the thesis has declared three of the most common risk management techniques such as brainstorming, what-if analysis, and root cause analysis. The project has applied three of these techniques and found that brainstorming has proved to be very beneficial in combating the company’s risks. Thus, it can be concluded that every project manager must consider the brainstorming technique to function well. Furthermore, three major types of risk analysis involving qualitative risk analysis, quantitative risk analysis, and technical risk analysis have been defined below. Project management is defined as the application of particular knowledge, expertise, tools, and approaches to provide people with something significant. Projects, on the other hand, are ways to increase the significance of something with the help of different products, actions, or services. Moreover, project risk management is the process of knowing, evaluating, and acknowledging the risk that emerges from time to time. This process proves to be very effective in achieving the project goals. Risk management refers to the process of getting complete knowledge regarding the risks and coming up with suitable strategies to overcome those risks.