Contemporary Issues in Project Management - Risk Management

This paper examines a current contemporary issue of project management as it relates to practising works supervisors. The paper will be of particular interest to those working in organisations that have adopted the project management approach, rather than the traditional functional management approach. In doing so, it examines changes that have occurred in one of the key knowledge areas (scope management, risk management, cost and time management, quality management, personnel management, communications management, procurement management and integration management) of project management, namely risk management. This is a topical and vexing issue that needs to be addressed at a variety of levels, not the least of which is at the project level itself. Contemporary organisations are struggling to keep up with these changes. Increasingly they are required to now manage the "triple bottom line" of economic (financial), social/political AND environmental considerations. If it seems like a juggling act, it is. How are we going to survive in such workplaces? However, risk management underpins all of these areas.