Mitigation of Risks - Time, Cost, Scope or Quality - Report Writing Management Assignment Help

Assignment Task:

1. Introduction

Risk is always involved in any type of project in the world. Some might be less risky whereas some might involve more risk. These risks must be assessed in time to avoid any loss to the project in terms of any performance indicators viz. time, cost, scope or quality. Not all risks can be avoided, some have to be accepted and mitigated accordingly. This paper discusses the assessment and mitigation of risks that are or might be involved in a small-scale infrastructure building organisation in India. 

Context

The research is will be done in the Indian context. India has a very different approach to managing a construction project. The approach is different due to many reasons. One of the major reasons is the culture of work in such organisations. People have a different mindset and working environment in a construction firm in India than any western country. 

Problem Statement

Most of the small-scale firms in India, do not record risks or maintain any risk register. They generally mitigate risks intuitively with an impromptu approach. This lack of assessment leads to sometimes neglecting high probability and high impact risks which comes into the picture all of a sudden and the project faces a huge loss. 

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