Planning for Project Risks|My homework helper
Posted: February 12th, 2023
For this assignment, please locate a case study or article, or video of your choice on a topic from the list below. You may use Amberton University Online Library or an internet search using a search engine such as Google Scholar to locate your source. Write a summary of your selection and contrast its content with the processes described in the course reading assignments. Finally, base your opinion and analysis on your own experiences, readings from the text, or any other reference you deem appropriate.
- Planning for Project Risks
- Plan Risk Management
- Identify Risks
- Perform Qualitative Risk Analysis
- Perform Quantitative Risk Analysis
- Plan Risk Responses
- Learner’s Choice – Project Uncertainty and Risk Topic of Tour Choosing
(Please include the title and author of your article/case study at the top of your initial post. If your source is a video, please include its URL (Internet address) at the top of your initial post in addition to its title and author.)
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Your initial submission should be approximately 550-650 words. Your summary should include APA 6.0 compliant in-text citations and references. (If you are new to APA style, please see the APA style references from the Citation Styles Link under the eCourse Portal QEP Tutorials page.
SOLUTION
Project risk management is a critical aspect of project management that helps ensure the success of a project. The following steps can be used for planning for project risks:
- Identify Risks: This involves identifying potential risks that may affect the project. Risks can come from various sources such as project scope, budget, schedule, technology, or stakeholders. The identification of risks should be done in collaboration with the project team, stakeholders, and other experts in the field.
- Analyze Risks: After identifying the risks, they should be analyzed in terms of their likelihood and impact on the project. This helps prioritize the risks and determine which risks require more attention.
- Evaluate Risks: The next step is to evaluate the risks to determine which risks need to be mitigated, avoided, transferred, or accepted. The evaluation of risks should be based on the likelihood and impact of the risk, the cost of mitigation, and the availability of resources.
- Plan Risk Responses: Based on the evaluation of risks, the project team should develop a risk response plan for each risk. The risk response plan should include strategies to mitigate or avoid the risk, who is responsible for implementing the response, and the resources required.
- Monitor and Control Risks: The risk management plan should be regularly reviewed and updated to ensure that the project remains on track. Any changes in the project environment should be taken into consideration and the risk management plan should be adjusted accordingly.
These steps provide a structured approach to project risk management, helping project teams proactively identify and manage risks, ensuring that projects are completed on time, within budget, and to the desired quality standards.
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