The article discusses the imperative of effective risk management in project management due to demands for higher quality, reduced time, and costs. It highlights the proliferation of risk management models and techniques but stresses the need for clarity on their appropriate application. Theoretical frameworks for categorizing risk techniques based on risk management process phase, project life cycle stage, and corporate risk maturity are proposed. The analysis illustrates how risks affect project constraints and the importance of comprehensive risk management. The discussion delves into iterative risk identification processes and qualitative and quantitative risk analyses. Risk and Opportunity Response Planning are outlined, stressing their role in addressing identified risks. Finally, the study concludes by underscoring the indispensable role of risk management in project success, its contribution to informed decision-making, stakeholder confidence, and project resilience.
The article discusses the imperative of effective risk management in project management due to demands for higher quality, reduced time, and costs. It highlights the proliferation of risk management models and techniques but stresses the need for clarity on their appropriate application. Theoretical frameworks for categorizing risk techniques based on risk management process phase, project life cycle stage, and corporate risk maturity are proposed. The analysis illustrates how risks affect project constraints and the importance of comprehensive risk management. The discussion delves into iterative risk identification processes and qualitative and quantitative risk analyses. Risk and Opportunity Response Planning are outlined, stressing their role in addressing identified risks. Finally, the study concludes by underscoring the indispensable role of risk management in project success, its contribution to informed decision-making, stakeholder confidence, and project resilience.
| № | Author name | position | Name of organisation |
|---|---|---|---|
| 1 | Karimov K.R. | magistrant | Graduate School of Business and Entrepreneurship under the Cabinet of Ministers of the Republic of Uzbekistan |
| № | Name of reference |
|---|---|
| 1 | 1. Barton T., Shenkir U., Walker P. An integrated approach to risk management: is it worth doing: trans. from English M.: Publishing house. Williams House, 2003. |
| 2 | 2. Buyanov V.P., Kirsanov K.A., Mikhailov L.M. Riskology (risk management). pp. 63–107. |
| 3 | 3. Carbone, T.A. and Tippett, D.D. (2004) Project Risk Management Using the Project Risk FMEA. Engineering Management Journal, 16, 28-35. |
| 4 | 4. Chernova G.V. Risk management practice at the enterprise level. SPb. : Peter, 2000. |
| 5 | 5. DeMarco T. Waltzing with the bears: risk management in software development projects: trans. from English M.: Company p.m. Office, 2005. |
| 6 | 6. Granaturov V. M. Economic risk: essence, measurement methods, ways of reduction: textbook. allowance. M.: Publishing house "Business and Service", 1999. |
| 7 | 7. Guofeng, W., Min, W., & Weiwei, Z. (2011). Study on the existing problems and countermeasures of project risk management in China. Energy Procedia, (13), 2726-2733. |
| 8 | 8. Hillson D. A. & Simon P. W. (2007) Practical Project Risk Management: The ATOM Methodology. Vienna, VA, USA: Management Concepts. |
| 9 | 9. Khokhlov N.V. Risk management: textbook. allowance. M.: UNITIDAN, 1999. |
| 10 | 10. Project Management Institute (2005) Combined Standards Glossary (second edition). Newtown Square, PA, USA: Project Management Institute |
| 11 | 11. Romanov V. S. Risk classification: principles and criteria: [website]. URL: http://www.aup.ru/articles/finance/4.htm (access date: 10/01/2013). |
| 12 | 12. Ward, S., & Chapman, C. (2003). Transforming project risk management into project uncertainty management. International journal of project management, 21(2), 97-105. |