The Great Unknown By Matthew Halverson Summary

Matthew Halverson, Contributing Writer “Know When to Hold, Know When to Fold.” © 2014 Penton Media, Inc. All rights reserved. Retrieved from http://web.a.ebscohost.com.proxy.amberton.edu/bsi/pdfviewer/pdfviewer?vid=4&sid=09bac3a3-e5c8-4c5d-94ff-e74c505a3fa4%40sessionmgr4007

The author of the article talks about risk in construction sector but he also stated that the mistakes related to the risk are all too common on projects and can lead to big problems down the line. Matthew Halverson in the “Know When to Hold, Know When to Fold” explained how common is, in project management, the mistake to neglect risk management and allocate as example 10 to 20% budget for contingencies. However, certain risks can have far greater financial consequences

FISTER GALE, SARAH in the “The Great Unknown” talks about ignoring a problem won't make it go away. The same holds true for project risks. Most companies and projects managers poorly defined risks as the primary cause of project failure. The risk associated with a project is often determined by the negative result of a project activity and the likelihood that the result will occur. Team members have from different back ground and it would good to involve or having a diverse group in a brainstorming session to ensure that issues the core team might overlook will emerge (Jeanette Bordelon). So having a risk-aware culture may prevent a lot of issues because there are a lot fewer surprises down the road (Alexander Althuon). The project manager may consider that an event is unlikely to occur when a final project report involving the risk is prepared, and so decides to ignore the risk in a safe manner. A risk that it appears more reasonable to predict may be the unavailability of more complex rapport for shareholders. For this risk, the project leader must plan more time to plan (Double plan). FISTER GALE, SARAH also found that 83 percent of high-performing organizations frequently use risk management practices, compared with 49 percent of low performers. It is also important for project’s team members to

As soon as the project is launched, it is important to put in place a risk management: look for the weak points of the project, think about the actions to prevent the risks and consider the solutions to make if they occur. Thus prepared, project managers will avoid being destabilized when unforeseen events occur. So it is impossible to predict all risks, which is what gives an adventurous side to the project management. However, a rigorous risk analysis is a good way to ensure the success of your project. To better counter and manage the risks related to the project, project managers must follow the different stages of the risk management because risk management is not a separate discipline but an integral part of project management. It should be part of the regular activities of a project manager. One of the most important elements of risk management is complete honesty. Without an honest approach to the risks involved there will always be unvoiced issues and these can be the biggest risks of