Concept of Risk

• The concept of ‘risk’ is complex in theoretical terms. It is also complex and complicated, especially in terms of how we are to manage it in projects.
• How can we define what we mean by ‘risk’ and how can it be managed successfully in large and small projects?
• You are required to critically analyses the concept of risk; discuss how it can be measured and ranked and outline how a project risk management strategy may be constructed for a project.
• In completing this assignment you should discuss both theoretical and practical risk management strategies and how these can assist in minimizing risk for your project.

Here are some examples of what could be included in your paper.

• What is Risk?
• Why is Risk Management / Analysis Important?
• Review Risk Theories
• How are Risk Theories applied
• (examples from your experience in projects linking the tools/ processes to the theories to demonstrate why they are important to the success of the project)
• What is your conclusion (not summary of the paper) based on what you wrote previously in the paper?

– References list (not a Bibliography)- this is mandatory at Master level

• All references in the list must appear in the body of the paper using in-text citations. Example: (author, year)