Concept of risk management
Now that you have successfully led the previous steps of this project, you believe that it is the right time to introduce the concept of risk management and its application to the principles in project management. In your last meeting with Jim, the sponsor, he informed you of how much it had cost the company to neglect both opportunities and threats in a previous project. Prepare a short report to Jim, outlining the key concepts of optimizing risk responses and how they impact your project. Explain how you plan to optimize risk responses.
Assignment Guidelines
The following are the guidelines for this Individual Project:
- Address the following:
- How do you plan to manage risk in your project?
- What are ways in which to optimize risk?
- Examine 2–3 risk optimization strategies.
- What are the advantages and disadvantages of each strategy?
- When should each strategy be used?
- How can you leverage work done by other researchers with regard to risk optimization?
- How can you build contingencies for risk management into both a cost and schedule baseline?
- How will these contingencies affect your project in terms of efficiency and staff involvement? Explain.
- What barriers might have to be overcome when establishing these contingencies? Why?
Submitted Assignment
The submitted Word document should do the following:
- Completely adhere to the assignment guidelines listed above
- Consist of 750–1,000 words
- Include a title page with the course name, phase number, topic title, and your first and last names
- Include a reference slide using APA style to ensure that credit for others\’ work is acknowledged
- Note: The title and reference pages do not count as part of the total 750–1,000 words.
Answer preview to concept of risk management
APA
900 WORDS
