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1 page/≈275 words
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APA
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Literature & Language
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English (U.S.)
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Topic:

Providing Risk Inputs to Other Processes: Risk Management (Essay Sample)

Instructions:
I just need a page or two regarding the following topic: Because of risk response strategies, the planning processes may have to be iterated several times before the project plan can be finalized. Those in charge of planning must reconsider elements that have been affected by the planned response. For example, the decision to acquire goods or services from outside the immediate project organization may require additional procurement planning. Similarly, developing alternate strategies for responding to risk events may extend the duration of the project and require that changes be made to the project schedule. In essence, once the effects of the planned response on other areas of the project are identified, the planning processes that are affected should be revisited and necessary changes made. Providing inputs to the other project management processes requires: -Assessing what elements of the project plan the various risks responses impact -Determining the potential impact of risk areas and events and making changes in those areas as required -Making sure all identified risks are properly evaluated and acted upon A Risk Database/Repository or Data Warehouse of risk events and acts of mitigation can be harvested to guide you through the above steps. source..
Content:

Risk Management
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For a project to be completed successfully and meet the intended goals, the project manager should be aware of possible risks to come across in the process of executing the project. When a risk that had not been foreseen occurs, it may jeopardize the completion of a project. Therefore, it is the role of the project manager to assess what are the possible risks and their mitigations to reduce their effect to the project completion.
The following procedures are essential in dealing with any form of a risk in a project. Firstly, the project manager has to identify the risk and immediately quantify the risk. In addition, he has to respond to the risk and monitor the risk as well as control it to reduce the effect of the risk. All must be involved in the monitoring of a risk (Taylor, 2006). Any risk management calls for additional finances in order to deal with it accordingly and in good time.
Acceptance of a risk in a project helps the manager to be more careful in his planning and put into consideration the possible setbacks and handle them in good time. Some of the risks need to be transferred by the way of insuring the risk. At times it is necessary for the manager to try and avoid the risk if possible as not all risks are to happen. Some risks can be avoided though at times it may be more appropriate to mitigate the risk and in good time (Taylor, 2007). When a risk is beyond the acceptable point then mitigation is necessary in order to reduce the probable risk when it occurs.
In conclusion, it is clear that risks vary depending with the level of acceptance. Documentation of risks is necessary in order to have a reference for the same project in future in order to handle the same risk and in goo...
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