Project Management and Risks Administration

Romania’s ability to attract financing from the European Union budget has proven very difficult in the last years. By comparing us, starting from this criterion, with the neighborly countries (Hungary, Czech Republic, Poland), it is clear we have serious deficiencies regarding not only the approaches and representations, but also the ability to define and rollback projects in accordance with the applicable standards. In the series of frequent deficiencies is listed also what we call risk management. In order to obtain a complete success, project management presupposes, therefore, inclusively the adequate administration of the risk. In this matter, the three fundamental purposes could be: (i) identifying the probable events which could have an unwanted impact over the results; (ii) the careful and active monitoring of the identified risks; (iii) adopting certain prevention/correction measures and enforcing the internal/managerial control bound to offer full guarantees regarding the accomplishment of the pre-established objects. In case of a Project Management Unit (short for PMU) that benefits from European funds, the realization of the objective of avoiding the application of certain financial corrections is directly proportional with the efficacy of the risk management.