Step 1: Gather 5-7 scholarly articles about project management. The topic must b

Question

Step 1: Gather 5-7 scholarly articles about project management. The topic must be something covered in our textbook (See article requirements below) Step 2: Provide understanding about the topic and relate the topic with engineering management principles Step 3: Discuss why your selected topic is important in Engineering Management. Step 4: Provide answers to what could be the grand challenges of Engineering Managers in that specific field. Step 5: Provide answers to what could be the future consideration in that specific areas. Step 6: Discuss how engineering management students can improve themselves to address these challenges in that specific area

Explanation / Answer

Risk management in Project management

Step 1: Articles

1. Cooper, D., Grey, S., Raymond, G., & Walker, P. (2005). Project risk management guidelines. Hoboken, NJ: John Wiley and Sons, Ltd.
2. Lindenaar, F. & Kinderan, S. (2004), Project Risk Management: An Essential Tool for Managing and Controlling Projects, Kogan Page Publishers.

3.Royer, S. P. (2001), Project Risk Management: A Proactive Approach, Management Concepts

4. Venkataraman, R., & Pinto, J. (2008). Cost and value management in projects. Hoboken, NJ: John Wiley and Sons. ISBN: 9780470069134

5. Visitacion, M. (2007, October), Exemplary EVM at Lawrence Livermore Labs. Contract Management, 47(10), 75-77. Retrieved from ProQuest Database

Step 2: Engineering management principles

The major principle in engineering management is the management of risk in the project. Identification of risk and risk management is a significant tool for the financial management process and is essential for the success of the organization. The management of risk within an organization is a constant process and it emphasizes on reducing the risk to a substantially low level. Risk management is primarily focused to eliminate the risk related to any project or risk related to specific business transactions or exposures. It is recommended to plan the risk in advance with a view to manage the security and sustainability related issues for a project (Royer, 2001).

Step 3: Importance of topic in engineering management

Risk is an uncertain event that could have a negative impact on the task. Each and every task has certain level of risk involved in it. To deal with such kind of risks, it is essential that such risk are identified and evaluated for management. Thus identification of risk is a significant process and the key project risk in planning a soccer tournament in a local school can be identified using risk identification tools and techniques.

Step:4 Grand challenge

The grand challenge is to identify the risk and provide considerations for its mitigation and proper.

Step 5: Future considerations

The future consideration could be the earned value management

  Earned value management (EVM) is a tool for regulating and forecasting the health of a project. EVM gauges the health of the project on the basis of 3 components:

           Two of the articles emphasize the role of EVM in the success of project and its timely completion.

Step 6: Addressing challenges:

The project could have improved with a detailed project cost control described in these articles and tracking the three components described. For managing and monitoring the project cost management functionality and budget information can be integrated and also analysis of variance can be done through graphical analysis. EVM allows comparing the actual cost of the project with that of the budgeted cost assigned for it and enabling timely corrections and reformations. The direct and indirect cost can also be bifurcated with its help. (Visitacion, 2007)

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