Risk Management Module Of The Msc Project Management...

1 Executive Summary 1.1 Purpose and Scope This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below. Question 1a Explain the difference between qualitative and quantitative risk management and how each method can be used to manage a project. Describe one method of each. Question 1b Discuss the risk management process presented in the course text (Page 8 of session 1). Apply it to a specific risk present in your own workplace and pay particular attention to any secondary risks that may be introduced. 1.2 Methods and Approach In addition to reading the course notes, I also looked at what APMBOK (Association for Project Management, Body of Knowledge 2009, 6th Edition, UK) said about this critical area of Project Management. Additionally, I researched what my Company does to maximize their effectiveness in this area by studying their attitude towards Risk Management throughout the complete life-cycle of a project, and finally I drew from my own knowledge and experiences in this critical area. 1.3 Conclusions In conclusion I found my Company has a robust Risk Management system, and this is driven through the WGPSN Risk Management Procedure, which