1 page/≈275 words
Literature & Language
Identify and Quantify Risks (Essay Sample)
1.Identify a project that you worked with in a previous module. 2.Make a list of risk events for that project. Include the sources of those risks. Remember to consider opportunities to pursue or ignore, and threats to avoid or ignore. 3.Develop a Risk Assessment Matrix, placing the risks you identified in Step 2 in the appropriate grid cell. 4.Determine which risk events require responses based on their impact to specific project aspects such as the project\'s expected monetary value, project quality, project schedule, and so on. 5.Prepare an executive summary of your risk assessment of up to 500 words, not including the matrix. In the summary, address the key points of your research. source..
Risk assessment is a critical aspect of management in any organization. Management must establish ways to assess and manage risks in any organization project. In this case, the collaboration for active development communities in Harlem, New York began its campaign to institute a coalition of 500 individuals and organizations to support the improvement of New York City streets. The ambitious plan to develop the city streets was supposed to be a partnership between people and organizations in the city of New York.
However, the collaboration for active development of the city was not without challenge and risks. It is normal that any partnership faces risks. However, opportunities exist on ways to avert the risk and emerge successful. Improving the streets of a city as big and lucrative as New York is normally supposed to be the work of the government. However, the city residents and the organizations therein decided to support the streets improvement program.
The immediate risk the program faces relates to funds for the development of the project. The project requires funds in the range of $1 billion. The risk in this case will be the inadequacy of funds because raising such an amount of money is not an easy task. In this regard, the project faces the risk of collapse in case this amount is not raised. Another risk relates to public awareness (Kahneman, et al 2002). The project faces the risk of crumpling in case the public is not sensitized or made aware of the program. There could be cases of resistance from the public or lack of corporation from members of the public.
Opportunities to pursue the risk may include support from the city management and the government. Support from the city management and the state presents a better opportunity to compl...
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