Project management Essay Example | Topics and Well Written Essays - 2250 words - 3

Project management - Essay Example t on various dimensions which include limitations of available risk identification methods and optimization, examples of risks, use of Critical Chain methodology in event organization and evaluation of waterfall and agile methodologies Evaluate advantages and limitations of the available risk identification methods and conclude on an optimal, well-balanced combination of them to be used in a project of your choice. (20) Provide 3 examples of potential risks that could be obtained through each of the techniques in such an ‘optimised’, project-tailored list Key characteristics exist in any project. For instance in this case, consideration of installation of selling and purchasing software in an organization is ideal in explaining the attributes relative to project management. In essence, installation of a software that tracks, ordering, invoicing, payment and dispatch of goods in an organization is a complex process which should be guided by the principles relative to project management in a bid to attain the set goals. In any project, the element of management is inevitable and it is guided by the various tools and principles. Some of them include SMART and PESTEL (COVELLO & MERKHOFER, 1993). Consideration of SMART helps in understanding the key features of a project. Consider the following illustration. The process of project management as mentioned earlier is definitive in nature in the sense that it has a beginning point and an end. This implies that the attributes of specificity, measurability, relevancy and attainability crowns the aspect of timing of a project. It is imperative to note that, the numerous uncertainties stand a chance to occur during this process and this explains the necessity of the risk identification (KENDRICK, 2009). When the risks are identified earlier, the requisite intervention measures are carried out in time and this ensures that the process of the project flows smoothly. Essentially, when risks occur in a project process,