Project Risk Essay

1357 Words6 Pages
Risk Management PMAN 637 Risk Management PMAN 637 Project Risk: Identify and Estimate Why wedding planners are good Project Managers Project Risk: Identify and Estimate Why wedding planners are good Project Managers According to Kim Heldman, risk is uncertainty. The more you know about a risk event before it occurs; the better equipped you are to handle a risk when it occurs (Heldman, 2009, p. 232). Risk is involved in every aspect of our daily lives. It is also crucial to the wedding industry. Wedding planners must use schedules, budgets, and risk tools similar to project managers. Wedding planning requires excellent project management skills. The theories, methods, and concepts developed by project management and project managers are usefully applied to the wedding planning industry. In fact, skills identical to those used in project management are essential to successful wedding planning. Without first-rate management skills, there is a grave risk that “the wedding plans will become disorganized and ineffectively ruin” (Hall, 2009). Planning a successful wedding, involves effective risk management. The following criteria are measured accurately by wedding planners: quality, time, scope and cost. In order to start a wedding project the planner must effectively identify risks and estimate a risk schedule. This paper will examine how valuable identifying risk is to project managers. The wedding industry is a multi-billion dollar industry which relies heavily on estimating/scheduling risks; therefore, an effective semblance to use for this individual paper. Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements (PMI, 2008, P. 6). Wedding planners, like project managers, typically perform the following steps in order to manage a project: identify requirements, address the

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