This is an individual assignment worth 50% of the module mark.
Word length 3000 words (do not exceed word limit). Do not include References in the word count.
The concept of a risk is complex in theoretical terms. It is also complex and complicated, especially in terms of how we are to manage it in projects. How can we define what we mean by a risk and how can it be managed successfully in large and small projects? You are required to critically analyse the concept of risk; discuss how it can be measured and ranked and outline how a project risk management strategy may be constructed for a project. In completing this assignment you should discuss both theoretical and practical risk management strategies and how these can assist in minimising risk for your project.
Relates to Learning Outcomes:
Locate, synthesise and critically evaluate recent/current information from a wide range of published literature in the area of Project Risk and Procurement Management
Apply knowledge of the theory and practice of Project Risk and Procurement Management to develop insights into and solve current problems.
Critically evaluate the use of complex models of Project Risk and Procurement Management; systematically and creatively making sound judgements based on the systematic analysis and creative synthesis of ideas.
Critically and effectively assess the value of theories, concepts and models to the practice of Project Risk and Procurement Management.