Assignment Brief: The concept of ‘risk’ is complex in theoretical terms. It is also complex and complicated, especially in terms of how we are to manage it in projects. How can we define what we mean...

Assignment Brief: The concept of ‘risk’ is complex in theoretical terms. It is also complex and complicated, especially in terms of how we are to manage it in projects. How can we define what we mean by ‘risk’ and how can it be managed successfully in large and small projects? You are required to critically analyze the concept of risk; discuss how it can be measured and ranked and outline how a project risk management strategy may be constructed for a project. In completing this assignment you should discuss both theoretical and practical risk management strategies and how these can assist in minimizing risk for your project. Assignment Structure: (1) Locate, synthesize and critically evaluate recent/current information from a wide range of published literature in the area of Project Risk and Procurement Management. (2) Apply knowledge of the theory and practice of Project Risk and Procurement Management to develop insights into and solve current problems. (3) Critically evaluate the use of complex models of Project Risk and Procurement Management; systematically and creatively making sound judgements based on the systematic analysis and creative synthesis of ideas. (4) Critically and effectively assess the value of theories, concepts and models to the practice of Project Risk and Procurement Management. (5) Minimum of 10 references.