"Valuing Risk Management"

Valuing Risk Management Student: Professor: Course title: Date: Valuing Risk Management Risk management is very essential since it is forward looking and it bases its predictions on the potential risks and the anticipated mitigation actions. It involves managing in order to achieve a suitable balance between realizing potential opportunities whilst minimizing adverse effects (Conrow, 2003). It would rank low among the planning elements of budgeting, resourcing, scheduling, work breakdown structure (WBS) and scope planning. According to Khatta (2008) the ranking would be : 1. Project scope, where the project documentation is reviewed with the project team, and any concerns, questions or proposals for change are identified, 2. Creating the WBS where the major components to be accomplished are identified, 3. Budgeting, 4. Resourcing, 5. Scheduling, 6. Risk management plan. Risk management plan would rank low/last because it involves identifying possible threats...