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HaloGirl
cl2-replys.docxResponses to Other Students: Respond to at least 2 of your fellow classmates with at least a 100–200-word reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:
· What did you learn from your classmate's posting?
· What additional questions do you have after reading the posting?
· What clarification do you need regarding the posting?
· What differences or similarities do you see between your posting and other classmates' postings?
STUDENT 1:
· Describe the Plan Risk Response process and share an example of three tools and techniques used. Why is it critical for project managers to have a risk response strategy in place?
A plan risk response process is the process of developing options and determining actions to enhance opportunities and reduce threats to the project's objectives. Some strategies are avoided, transfer, mitigate and accept. When avoiding you are seeking to eliminate uncertainty in your project, Transferring would be passing ownership and or liability to a third party meaning they would be responsible for a certain aspect in the project. Mitigating would reduce the probability and severity of the risk below a threshold of acceptability and accepting is recognizing risks and devising responses to control those risks. I believe it is critical for project managers to have a risk response strategy in place because it can reduce any negative risks in the project and help it be done in a smooth and efficient way.
· Describe one positive and one negative risk for any project scenario and select the proper risk response strategy. Why do you think the strategy you chose is the best fit for the situation?
One positive risk for a project scenario is that the project will be a success and be done in an efficient and accurate way and could possibly save the company money and or time depending on the project. A negative risk for a project would be that while taking risks it will become more problematic and cause more negative than positive while doing the project causing more time and possibly more money. I think that the strategy I chose is best fit for the situation because acknowledging the risks and in a way preventing them will help the project in the long haul to prevent any bumps on the road.
· How will you work with the project team to determine the risk response and implementation strategies for each risk in your project?
I believe that working with the project team will help determine the risk response in many ways because as a team maybe one person will possibly think of a risk or idea to prevent a risk that maybe another teammate has not come up with. I think that the Implementation strategies for each risk in a project should be discussed.
STUDENT 2:
Plan risk response is a process in project management that is crucial for developing
strategies to reduce the threats of risk, and to create an environment to organize action plans to
promote opportunities for reducing this risk. Kerzner (2022) reports that “It involves planning and
execution with the objective of reducing risk to an acceptable level and exploiting potential
opportunities.” To plan the response risk plan you will create a risk register and the risk response
will be categorized into handling strategies. These strategies are utilized by determining how the
risk will be dealt with. We can accept the risk, avoid the risk, mitigate the risk, and transfer the risk.
These options are all related to negative risk. Risk opportunities you can exploit the risk, accept
the risk, share the risk, or enhance the risk. Not all risks are a dooming cloud over your head.
Some risks create opportunities that you can build from. It is critical for project managers to
have a risk response strategy in place because it can impact the timeline and cost of the project.
The sooner you are able to identify and control the risk the more successful the project will be.
As the project manager for a healthcare company, we are looking to upgrade our
scheduling software. One of the negative risks is a technological issue that worries me. I am
concerned about the server going down during the transfer. I would mitigate this risk through active
measures to reduce the probability of it happening. We would do trial and error sessions prior to
the active launch of the program. One of the opportunities for this project is an alternate vendor.
Since we already know the many risks of this project if for some reason this vendor needed to pull
out of the project with us, we do have an alternate vendor in place. This would be called sharing
the risk. It is an opportunity for another vendor to gain an opportunity by working with us. The
strategies I chose for each situation are the best fit because it is the most sensible and reduces the
likelihood of another risk happening. We are prepared for the situations if they do occur.
As a project manager, it is my duty to make sure I have the right team for the right
projects. Even though we are working on one major project each risk and opportunity can be
broken down into further groups or individuals to oversee. I would work with my team and see
their strengths and weaknesses to determine who is the best fit for each sub-project. We as a
team will analyze the facts and brainstorm ideas and action plans for each scenario. We will then
communicate these to our stakeholders so they can have full transparency and a voice in the risk
of their concerns as well. We then will take it back to the board room and continue to do
risk analysis such as quantitative and qualitative risk. After continuing to monitor and control all
of the risks we will have an outside team come in a do an audit of our project to make sure we are
accomplishing our goal and staying on track.
References:
Kerzner, H. (2022). Project Management (13th ed.). Wiley Professional Development (P&T).
https://coloradotech.vitalsource.com/books/9781119805380
Steps to implementing project risk management for your project. (2023, March 27).
