Question

Project management is often neglected. It is challenging and requires a commitment to follow through completely. The goals include the minimization of time required and minimization of cost accumulated. It requires a complete understanding of the entire project. Describe a project in your company, your life (e.g. home improvement) or in the public sector that you have witnessed (this could be road construction, building construction, etc.) Identify the risks of the project, as well as a possible or observed task path for the project. Please be specific.

how might the risks have been managed?

project related to home improvement will help

Answer 1

A project that I have observed personally is that of my home renovation. It was the project that we have been planning to execute from past 2 years. However, we initiated the project once we have ensured that we have allocated all the resources required for the completion of our home renovation project.

Some of the risks that I have identified in my home renovation project are highlighted as follows:

• Loss of some uninsured property,
• Threat to family safety,
• Liability lawsuits,
• Project exceeding the predetermined duration.

All the risk associated in all three phases of home renovation project i.e. before, during and after can be managed if they are predetermined. Prior preparedness to face the prospect risks can avoid them from occurring. For instance, insurance of all the property at the time of project will save losses. Avoiding visiting the site without safety helmet and equipment can save from injury.