Project Risk and Project Management
Student’s Name
Institutional Affiliation
Instructors Name
Course
Date
Project Risk and Project Management
Abilene paradox is the paradox when a group takes a collective decision to carry out a course of action without the inclusion of the individual’s thoughts and feelings in the group. In this scenario, a group is making a joint decision, but members have varying personal opinions throughout the action to be taken (Browne et al., 2018). It is a common pitfall for most projects’ failure before it starts. Various strategies can be utilized to avoid the project failing before it starts, including an effective communication strategy allowing everyone to contribute or give suggestions concerning the subject matter, for example, by holding an open discussion where rational and professional criticism of the proposals is permitted. Secondly, the team members should define the subject matter’s scope appropriately as it ensures all members are aware of the project’s main goals and objective. Besides, every team member will be aware of their role in the project.
A project’s risks refer to uncertain conditions or events that will positively or negatively affect the project’s objective. Risks contribute to a project’s success in several ways, such as identifying the internal and external risks, their probability of occurrence, proposed actions, and their potential impact on the project helps the management in making an informed decision. They also reduce the firm’s production cost because their analysis motivates the management and the employees to use the available resources efficiently while considering the occurrence of unexpected events (Rezvani et al., 2016). In contrast, ignoring the risks and inadequate planning amounts to projects failure or operations delay. It has to be recognized that every project has its own risk due to its complex dependence on the environment, system, management, resource, and process. In most cases, the project managers are careless about the project’s risks, thus the unsuccess. Planning for unanticipated failure is the key to the success of a project.
References
Browne, G. J., Apana, R., Safi, R., & Mellarkod, V. (2018). Investigating illusions of agreement in group requirements determination. Information & Management, 55(8), 1071-1083.
Rezvani, A., Chang, A., Wiewiora, A., Ashkanasy, N. M., Jordan, P. J., & Zolin, R. (2016). Manager emotional intelligence and project success: The mediating role of job satisfaction and trust. International Journal of Project Management, 34(7), 1112-1122.