Response Essay Example | Topics and Well Written Essays - 500 words - 3

Response - Essay Example Managing things is the most difficult task, which is exactly why there are so many management principles and guidelines. The most important quality which makes a successful manager is foreseeing risks involved. Failing to do so will lead to the entire failure of the project which no matter manager would want. So there are two ways to calculate risks involved namely qualitative and quantitative analysis. The importance of both has already been seen and it is concluded that qualitative analysis is far better than quantitative analysis; qualitative analysis should be carried by any manager before starting a new project to make sure that the various risks involved in the project are taken into equation and a good strategy is developed to deal with the same. It is also concluded that higher the risk, higher the efforts, which basically means that to deal with higher risks the management team has to put in more efforts to face the same. There are some people who believe that hiding the risk will take the risks out of the equation which is an extremely old concept, management has changed al lot these days and this concept has never worked in the favor of nay manager and it will never work in the favor of any manager in the future too. So this should never be practiced because it will only lead to failure. All the above statements point that it is not fair to say that qualitative risk analysis is better to sell to a manager, the same is proved with an example â€Å"There is a classical example. One large oil company performed a drilling of the well with total cost about $2M. Project schedule has been created based of analogs: drilling of similar wells in the similar geological conditions. At the middle of drilling the mud, required to this technological process, starts disappearing. Project engineers have tried different solutions. It delayed the project so significantly that total cost of the well has almost double d. Later on the