n Journal of Contemporary Management - Risk management and the role that certain risks play
|Article Title||Risk management and the role that certain risks play|
|© Publisher:||Prof. Marthie Grobler|
|Journal||Journal of Contemporary Management|
|Publication Date||Jan 2005|
|Pages||128 - 142|
|Keyword(s)||Projects, Risk control, Risk impact, Risk management, Risk monitoring and Risk probability|
Risks and the management thereof are seen to be a crucial part of project management. The unsuccessful management of risks could lead to the downfall of an otherwise successful project. Therefore it is the purpose of this article to define risk and to understand the concept of risk.
Cashane Vending is a sole owned enterprise that owns and services various cold drink and snack machines within the greater Rustenburg area. The company is currently attempting to shift its focus to mobile advertisement boards and as a result has initiated a project to that effect. Using Cashane Vending as a basis, the tools and techniques of how to identify risks will be explored along with the various categories of risks. The probability and impact of each risk identified within Cashane Vending's project will be discussed and a severity risk matrix will be constructed. Finally risk monitoring and control will attract some attention. The various strategies that Cashane Vending can use should their risks materialise will also be examined.
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