Help with homework questions.
I’m studying for my Management class and don’t understand how to answer this. Can you help me study?
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PJM410 MOD6 Peer Responses to Discussion Questions
Please respond to both POST1: (Question from the professor in regards to my post.) and POST2: in at least 250 words
POST1: is a question from the professor in regards to my post. I am not a fan of this professor as she has made it clear that she will make no exceptions due to the COVID-19 outbreak. (although I am working 20 hour days 4 days a week, kids out of school and everything is closed) When formulating your answer to her question regarding my post please be as abrupt as possible while sticking to the facts. As there is no doubt you are both smarter and more articulate then she is. (Kinda of putting her in her place.) I will be reporting her to the school when the class is finished as every other professor I have has been more then willing to work with me.
I have included the original post only as reference.
There are several general questions that should be asked to initiate the risk response thought process, and there are other more specific questions (relative to project cost and schedule, and product technical/quality performance) that can be asked. All resulting responses should be aligned with project objectives and priorities. What are some of the practical elements needed when determining project risk responses?
Welcome to week 6. This week we focus on project risk responses. Risk in projects is inevitable, ensuring the risk response is appropriate can be a challenge for some risk managers. This week please note some practical elements that are needed to determine risk responses. Examples are always welcomed (and encouraged!).
I’m looking forward to another great week of engagement.
My original post:
Project Risk Responses
Strategies for a response to risks focus on four significant areas, such as avoidance, mitigation, acceptance, and transfer (“Project Management Institute,”2017). Therefore, the identification and monitoring of residual risks are essential. This process helps to highlight the events of risk triggers, identification of unexpected impacts and proposing corrective measures. A project manager should maintain an iterative process of identification, analysis, and monitoring of risks. Quantitative risk, qualitative risk, and planning on risk response typically continue from ideation to completion of a project exercise. The avoidance aspect centers on the elimination of a cause and accompanying threat of risk. Secondly, the mitigation element strives to reduce the impact of an underlying risk that cannot be eliminated. In some cases, it can be inevitable to transfer risks to other parties through transfers such as guarantees, insurance purchases, and warranties.
Options for response approaches include exploitation, enhancement, and sharing. Exploitation requires changing a project to enhance the occurrence of opportunities. Next, enhancement increase the positive impact and probability of risk events. The sharing aspect, on the other hand, involves the allocation of opportunity ownership to third-parties (Bissonette, 2016).
Acceptance of risk falls into two that include passive and active acceptance. The former leaves the action to be set as required in case of a risk situation. The latter acceptance, however, involves the implementation of contingency plans during the occurrence of a risk. All stakeholders of a project should be informed in case of risk acceptance. Generally, project managers should ensure the occurrence of opportunities. Besides, the manager should reduce the possibility and effect of threats and concurrently increase the impact and probability of opportunities.
Bissonette, M. (2016). Project risk management: A practical implementation approach. Newtown Square, Pennsylvania: Project Management Institute.
Project Management Institute. (2017). A guide to the project management body of knowledge: (PMBOK® guide) (6th ed.). Newtown Square, PA, USA: Project Management Institute.
POST1: (Question from the professor) PLEASE ANSWER
Thank you for the engagement this week. There is no perfect formula for determining risk responses due to the uniqueness of each project. For example, if you implement a project in hurricane season in Florida, you are more likely to experience the hurricane than you would if you were implementing the same exact project in a different location like New York.
In regards to the risk elements, what key factors are important to know and understand prior to determining the actual risk? By factors, I mean project attributes.
Risk response can be of one of four kinds: acceptance, mitigation, transfer, and avoidance. Mitigation seeks to lessen the effects of a risk which can’t be eliminated or handed over to a third party. Avoidance seeks to avoid the cause of a particular risk. However, sometimes risk transfer is the only way to handle a risk; this most often happens through the purchase of insurance. The project manager should pursue and actively document changing risk structures as the project progresses, while simultaneously trying to anticipate other risks and offering work arounds (Bissonette, 2016). We need to know which strategy works best for a particular kind of project (by looking at project histories of past projects). Then and only then should the P.M. formulate a response (Hillson, 1999).
Risk acceptance is either of an active or passive kind. Passive acceptance requires little more than documenting the possible risk and realizing that it might eventually occurs. Active acceptance, however, involves the formulation of contingency plans and other work arounds that will off-set as much as possible the negative effects of the risk.
Response options include enhancement, exploitation, and sharing. Enhancement seeks to increase the risk probability and (good) impact of risk events. Exploitation means changing or manipulating the steps in a project to take advantage of certain positive impacts. Lastly, sharing (similar to avoidance above) is handing over positive impacts to other parties (Bissonette, 2016).
In the end, it is the project manager’s responsibility to see that opportunities have been fully taken advantage of, and that everything possible has been done to avoid to offset or otherwise handle risks.
References: Bissonette, M. (2016). Project risk management: A practical implementation approach. Newtown Square, Pennsylvania: Project Management Institute.
Hillson, D. (1999). Developing effective risk responses. Project Management Professional Services Limited. Retrieved: http://www.risk-doctor.com/pdf-files/rsp1099.pdf