Week 8 Project Management Plan
gd1222
Week6AssignmentGraded.pptRisk Monitoring Plan
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Introduction
Risk response refers to the process of controlling the identified risk factors to reduce their effects.
It is a critical process in the risk management process since it assists in preventing risk spread.
It involves the planning and decision-making process.
Risk control is a process of identification of potential hazards and formulate suitable strategies of solving them.
Introduction
Risk response refers to the process of controlling the identified risk factors to reduce their effects. It is a critical process in the risk management process since it assists in preventing risk spread. It involves the planning and decision-making process in which the management of decisions on the best approach to take when handling a given risk. On the other hand, risk control is a process by which an organization identifies potential hazards and formulate suitable strategies that can be used to mitigate such risks.
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Risk Response Steps
Avoiding
Mitigation
Risk transfer
Risk-sharing or distribution
Risk response steps
Avoiding: It involves changing strategies or plan to escape the risk that may arise.
Mitigation refers to taking suitable actions to reduce potential risk sources.
Risk transfer involves the potential transfer risk to a third party, but in this project, it not be used (Crispim, et al. 2019)
Risk-sharing or distribution is applicable in this project because it helps in spreading risk to avoid causing more harm in one area.
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Risk Response and Control Steps
These are procedures that are followed in the process of identification and giving response to risks.
They include:
Risk identification
Risk analysis (Crispim, et al. 2019)
Risk Response and Control Steps
These are procedures that are followed in the process of identification and giving response to risks. They include:
Risk identification is the recognition and description of potential hazards that are likely to affect the activities of this process.
Risk analysis: Upon identification of potential risks, determination of consequence follows of each type of risk (Crispim, et al. 2019).
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Risk Response and Control Steps cont..
Risk evaluation or ranking
Risk treatment
Risk monitoring and review
Risk Response and Control Steps
Risk evaluation or ranking involves determining the magnitude of risk and the consequences associated with it. In this project, risk evaluation and classification is necessary because it will identify the type of threats to handle first. Risk treatment is also known as Risk Response Planning. In this project, it is used to assess the highest rank risk to help in designing or choosing the best plan to modify or treat them. Risk monitoring and review is the last step in the risk response plan. It involves supervising and assessing whether the intended goals or treat the expected risk (Cronk, et al 2019).
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Risk Response Following Approaches
After appropriately implementing risk response plan, the following corrective measures are put in place;
Ensuring compliance with risk management procedures (Cronk, et al 2019).
Close supervision of the risks mitigation process
Implementing corrective measures.
Risk response following approaches
After appropriately implementing risk response plan, the following corrective measures are put in place;
Ensuring compliance with risk management procedures to help in solving all the identified risks during the project. Doing so will help to ensure that all potential risks are identified and mitigated promptly. Secondly, close supervision of the risks mitigation process will be encouraged to ensure that any threat that will affect the success of the project. Lastly, in case specific risks are identified, the prompt corrective measures will be initiated to solve the problem that emerges. As a result, this will help to reduce the effects that may arise from the risk (Cronk, et al 2019).
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Planning for New Identified Risks
Planning for new identified risks for this project will involve four main steps. These steps include the following:
Developing a checklist
Considering assumptions
Using previous project experiences to the risk.
Expert judgment
Planning for New Identified Risks
Planning for newly identified risks for this project will involve four main steps. These steps include the following:
Developing a checklist will be used in this project to help n ensuring that any newly identified risk responded appropriately to avoid causing more to the project.
Considering relevant assumptions for this project is also useful in this project because it will help to identify the most appropriate methods that can be used to mitigate newly identified risks. Using previous project experiences to the risk is also vital in this case since it will assist in solving the problem efficiently.
Expert judgment will be applied in this case to aid in collecting valuable information that will allow for decision-making purposes.
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Risk Identifying Tools
In the project, the following tools will be used to identify new risks:
Expert judgment
Risk Data Quality Assessment
Risk Identifying Tools
The identification of new risks in this project requires suitable techniques that can help to identify the type and the source of risk that the new risk will cause in the project.
As such, these two techniques are most appropriate tools that will be used to identify new risks:
- Expert judgment
- Risk Data Quality Assessment
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Expert Analysis and Judgment
Expert analysis and judgment will involve the following:
Expert analysis and judgment
Consulting professionals.
Using reliable information
- Expert Analysis and Judgment
- Expert analysis and judgment in this case involves consulting health professionals to know how to mitigate the identified new risks.
- Different professionals will be engaged to know potential causes of those risk
- Expert judgment is an essential tool because it helps to collect reliable information to find possible ways of mitigating identified risks.
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Risk Data Quality Assessment
This tool will be useful in this project in the following ways:
Data availability
Quality and reliability of the information of mitigating risks.
Increasing the integrity of information used in solving risks
Risk Data Quality Assessment
This a vital risk identification tool that will help to find the precision of the data that must be analyzed in this project to complete the qualitative analysis of risks. It will help in the following ways:
- Data availability is useful in this project because it will help provide information about the new identified risks.
- Quality and reliability of the information of mitigating risks is also important in project (Cronk, et al 2019).
- Increasing the integrity of information used in solving risks will help to reduce occurrence of many risks.
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Handling Unclosed Risk
In this project, the following methods will be used to handle risks that cannot be closed:
Risks acceptance
Risk avoidance
Transferring risks
Handling Unclosed Risk
In case the project experiences risks that cannot be closed, the following methods will be used to handle such threats.
Accepting risks that will fall out of control will be used to handle risks that cannot be closed. Usually, risks that cannot be treated are accepted to ensure the activities of the project are achieved (Willumsen, et al. 2019).
Avoiding the risk will be used to handle risks that cannot be closed. In this project, risks that fall out of control will be avoided, and plans affected by risks changed completely to help in achieving the intended goals of the project. Furthermore, transferring risk methods will also be considered as a way of handling risks that cannot fully be closed.
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Risk Reporting Techniques
The following techniques will be used to report identified risks:
Memorandum
Emails
PowerPoint presentations
Exhibition
Risks Reporting
Usually, different methods are used to report the identified risks. In this project, the following reporting methods will be used to report identified risks:
A memo is the best way that will be used to communicate the identified risks to stakeholders of this project. A memorandum was be addressed to only stakeholders of the project. Secondly, emails will also be used to share risk reports with key stakeholders like project lead to enable them to use the report in the future as well.
PowerPoint presentations will also be used to report the identified risks to project team to allow all members to know ways of mitigating them. Lastly, the exhibitions method will also be used to report possible ways that can be used to reduce the identified risks (Willumsen, et al. 2019).
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Risk Assessment and Measurement Techniques
The following are most useful tools that will be used in this project to assess and measure identified risks:
Standard deviation,
Beta,
Value at risk (VaR)
Conditional value at risk (CVaR)
Risk Assessment and Measurement
Risks in any project can are assessed or measured using different methods which can help to recommend the best ways that can be used to mitigate those risks. In this case, the following techniques will be used to assess and measure the identified risks:
Standard deviation, beta, value at risk (VaR), and conditional value at risk (CVaR). These measurement methods will help to assess the magnitude of the identified new threats that are likely to affect the effectiveness of the project. (Willumsen, et al. 2019)
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References
Crispim, J., Silva, L. H., & Rego, N. (2019). Project risk management practices: the organizational maturity influence. International journal of managing projects in business.
Cronk, L., Berbesque, C., Conte, T., Gervais, M., Iyer, P., McCarthy, B., ... & Aktipis, A. (2019). Managing risk through cooperation: Need-based transfers and risk pooling among the societies of the Human Generosity Project. In Global Perspectives on Long Term Community Resource Management (pp. 41-75). Springer, Cham.
Siraj, N. B., & Fayek, A. R. (2019). Risk identification and common risks in construction: Literature review and content analysis. Journal of Construction Engineering and Management, 145(9), 03119004.
Tsoupra, A. P., Tsoukalis, F. P., & Chassiakos, A. P. (2019). BIM-Based Risk Identification and Assessment in Building Projects at their design Phase.
Willumsen, P., Oehmen, J., Stingl, V., & Geraldi, J. (2019). Value creation through project risk management. International Journal of Project Management, 37(5), 731-749.
