Question

This week we are learning concepts associated with project risk management and the importance of risk identification, risk management, and risk mitigation. There is no shortage of stories about problem projects and the failure of teams to effectively manage risk. The more you know about project management processes, tools, and techniques, the more you can see the probable impact of poor risk management. This week, you are to find an interesting article about a problem project that may be the result of poor risk management. In your initial posting this week, you will provide a brief summary about the project, what the problem(s) are, and why you think that those problems may have been the result of poor risk management.

Answer 1

The article 'Project Failure: A Case Study of Poor Risk Management' highlights the consequences of poor risk management in a large-scale construction project.

Step-by-step explanation:

An article that highlights the importance of risk management is titled 'Project Failure: A Case Study of Poor Risk Management'. The project discussed in the article was a large-scale construction project that faced numerous challenges throughout its lifecycle. The main problem identified in the project was the lack of a comprehensive risk management plan and the failure to identify and address potential risks effectively.

As a result, the project experienced significant delays, cost overruns, and quality issues. The article emphasizes the importance of early risk identification, effective risk management strategies, and proactive risk mitigation to prevent project failure.

In conclusion, poor risk management in the project led to various problems such as delays, cost overruns, and quality issues. This case study serves as a valuable lesson on the importance of risk management in project success.