Effective risk management strategy allows the organization to identify the overall projects weakness, strengths, opportunities and threads. By planning according to an unexpected event the organization can respond to the problem if it arises. To ensure project success defining the tactics how to handle potential risk in order to mitigate or avoid problem when it arises. Accessing the impact of the activities related to the project with prospective to the organization can help the organization in the near future in order to implement new modification. If the plan goes down there are few basic implementations that should be talking care of during the implementation phase (Buckley, Burton & Mirza, 2016).
- Where is the start – This indicates the basic process of the implementation of the technique
- Where is the end – Final rollout of the process is involved in this phase
- From whose perspective are the questions? – Questions can arise anytime from anyone. It should be kept in mind who should give the solution of the problem being pointed out (Fontana, Sastre & Baca, 2017).
The result of defining the risk management for a particular company makes the success criteria more concrete. This is done by minimizing and eliminating the risk which are negative so that the organization can benefit of it.
A plant with chemical processing usually begins with the process engineering in order to define the characteristic of project. The risk associated with the management can be identified and necessary implementation can be achieved in this phase (Fontana, Sastre & Baca, 2017).
Global Project Management Now
There are no longer many physical obstacles in order to perform global project. Inexpensive resource transportation, and near – global access to knowledge have expended the organization in order of consumer market and business prospective. These new hurdles have presented a new challenge in prospective of the project manager: though because of the international scenario distance has become surmountable (Grant, 2016). When it comes to speaking different language instantaneous communication is necessary but this does not mean necessary translation of the instant comprehension. Global business can be achieved merely by taking into account the business strategy and its limitations when interacting with the clients and taking into account their credentials and their own business point of view (Madsen, 2016).
People of different background will approach a business situation in entirely different manner. The American approach to a business is often confrontational, individualistic and constructed on rigid contacts. This tactics may not be applicable elsewhere. Difference will always exist when it comes to cross culture and these have to be tackled tactically in order to understand the business point of view (Grant, 2016). Different culture may complement one another, but it is also possible that it will lead to a positive approach towards an individual business scenario.
The products which are related to biochemical research project can be initially too defined as XYZ clinical trials. This is done because the number of trials and the size of each of the trials are unknown (Madsen, 2016).
Buckley, P. J., Burton, F., & Mirza, H. (Eds.). (2016). The strategy and organization of international business. Springer.
Fontana, A., Sastre-Merino, S., & Baca, M. (2017). The Territorial Dimension: The Component of Business Strategy that Prevents the Generation of Social Conflicts. Journal of Business Ethics, 141(2), 367-380.
Grant, R. M. (2016). Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Madsen, T. L. (2016). Business Policy and Strategy.