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Management
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Q 6 - 7. Which risk is most concerning? Management Essay

Essay Instructions:

1) In class we discussed how to plan for potential risks of a project.  Give me an example of a project and the potential risks you might encounter, list at least 5 potential risks.  What steps would you take to address these risks with your team?  For these 5 risks, tell me how you would prioritize them.  (hint: you will need to create your own numbers for each risk)
Class Example: 
Which risk is most concerning?
• A risk with a $1M impact and a 10% probability of occurring?
• A risk with a $200K impact and an 70% probability of occurring?
• A risk with a $100K impact and 90% probability of occurring?
2) According to research, why is metaphor an effective technique for motivating members of a team?  How does the use of metaphor relate to Aristotle’s approach to setting a vision for your team?
Note: Some writers ask for extra time. So, please if you don't have time DO NOT accept my request. I will not give you extra time. Thank you

Essay Sample Content Preview:

Question 6 and 7
Student’
Institution
Question 6 and 7
Question 1
Project risks take place when the deliverables of the project are affected by unexpected happenings. This places the outcome or deadline of the project at risk. Several types of project risks can threaten the project timelines and deliverables. The following are examples of risks that you may encounter during the process of implementing your project.
Scope Risks: these are tasks that threaten the project objectives, timeline, and deliverables. The risk has a probability of 15% with a potential impact of $2M. This can be mitigated by creating concrete goals and dates for each particular phase's tasks. Moreover, there must be specific targets for each team member working on a specific project. In this way, there will be no additional tasks or taking free time for given tasks within the project.
Technology Risks: This is when technology causes confusion and frustration within the project. When technology fails, the whole project is affected. The probability of occurrence is 70%, with a potential impact of $3M. In order to deal with this risk, it is important to schedule the technology implementation or installation schedule, ensuring that there is extra time to handle any delays. Moreover, it is important to hire an IT team to deal with the challenge of implementation.
Communication Risks: With many technologies implemented to aid communication, the project implementation team can forgo a proper communication plan. The probability for occurrence is 30%, with a potential impact of $600K. The best approach is to have a communication plan for on-time information sharing. Whenever there are changes, the team will know what they ought to do to mitigate the risks.
Resource Risks: This occurs when there are minimal resources during the process of ...
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