Ethical Leadership

Assessing Risk

This paper examines the development and use of a risk assessment tool for the Telecommunications Center project.   Risk is an important part of this project.   Any tool that assesses risks will assist project managers in foreseeing any challenges that may surface.   It also helps them identify and control each risk accordingly. Project managers can also utilize this tool to decipher the amount of harm, damage or injury occurred over a specific amount of time.   This paper will also explain the level of risk associated with each task.   The project is broken down into four subtasks in which risks may occur.   Through each period of the project, evaluations of these risks will create assumptions and uncertainties that are measured and presented to the team.   Team members will be aware of the risks so that they can practice safe measures and work in a safe area.   They can also contribute to identifying risks through the duration of their work in the project.   Lastly, an example of the project’s risk assessment tool will be included in this paper.

Assessing Risk
Wysocki (2012) states that in “project management, a risk is some future event that happens with some probability and results in a change, either positive or negative, to the project.”   Risk can be identified as a loss however if it is treated properly something could potentially become a gain.   Project managers can use risk assessments to determine loss to a project or the severity of a risk affecting a project.   It becomes a tool that helps decide what to do or how to mitigate the risk to reduce the loss.   It is imperative that a comprehensive risk assessment is completed throughout the life of the project.  
Risk Management
Risk management is much like the decision making process.   It is composed of various steps that assist project managers in reaching a decision or mitigating a problem.   The first step is to identify any hazards before or during a project.   Once a hazard is...