Risk and quality management Essay Example | Topics and Well Written Essays - 2500 words

Risk and quality management - Essay Example Tutor Signature: Date: Task 1 Introduction The following report includes the description of the term quality management and the term risk management. The report also includes the description of importance of these concepts at different stages of a project. The report also includes the description of BS ISO 10006-2003 and its adequacy with respect to the different stages of a project. The report also includes the suggestion as how this standard can be improved. Finally a conclusion has been drawn on the basis of the overall analysis. Quality management Quality management can be said to be the process of management of the quality of the project under consideration. Quality management has different definitions with respect to different businesses and processes. A project can be said to be a temporary endeavour having a defined beginning and end, which is undertaken with predefined objectives and goals, so it is vital for the effective attainment of objectives to manage the quality of th e project. The main aim behind quality management is to attain all the project objectives and goals by effectively honouring the preconceived constraints of the project and managing the quality of the objectives or results under consideration (Kerzner, 2010). ... Risk management Risk management can be said to be a simple process of identifying, analyzing, and responding to the factors associated with risks during the life of the project under consideration. Risk management, in simpler terms, can be said to be the controlling of the risk factors and the possibilities of the risky events and handling them in a proactive manner rather than in a reactive manner. Risk management includes two steps: the assessment of risks and the control of risks. The risk assessment is the process performed at each level of the project; the control of the processes is performed at stages when the implementation is done and the performance is derived from the standards set. Risk management is the vital step which needs to be performed at each stage of the project, so that the project can be accomplished with the available resources and so that the prescribed objectives can be achieved (Maylor, 2003). Prince 2 (Projects in Controlled Environment) This is a process- based method, which is highly effective in the management of projects. This is a de facto standard, which is extensively utilized by the government of UK and is also used in the private sectors for the management of the projects. The PRINCE2 provides greater control of resources, and this also helps manage the project risks and business risks in a more effective manner. PRINCE2 aids in several areas of project management: the justification of the business or project purpose; defining of the organization structure which aids the project management team; planning-based approach; emphasis on the project by dividing it into manageable and controllable stages and by outlining its specified structure. This method is highly