Large project success Essay Example | Topics and Well Written Essays - 250 words

Large project success - Essay Example The advantages of risk management are vital to a projects success. Addressing the risks in the right manner decreases the problems within the project (Susser, 2012). The next step to deal with the risks is to assign ownership. Assigning of ownership refers to identifying the right person to be responsible for a certain risk in case it occurs. The identified person is accountable to either decrease the threat or capitalize on the opportunity. The people responsible should identify the possible causes of their assigned risk. The other step is to estimate the risks. Upon identifying the risks, it is the responsibility of the IT project managers to assess the likelihood of the threat. Among the approach to estimate the risk is to make an effective probability and multiply it with the amount it will cost to resolve. This provides an impact value related to the risk. Another step to take is to analyze the risk. Analyzing the risk includes getting answers to what the risk is about, its effects, and causes. After analyzing, the other step is to manage the risk. This includes planning and immediately implementing a response to the risk. These plans inclu de transferring the risk, avoiding the source of the risk, minimizing the risk, and accepting it. Once these steps are followed, it is evident that the IT projects risks will be dealt with effectively (Kendrick,