If a risk has been identified then it needs to be acted upon so as to minimise the level of risk involved. If this is not done then there is a higher level of risk and more chance of a negative outcome.
For example, in the building alterations, the tasks and the cost could be outlined with a quantitative modeling method. As well as a qualitative method, that includes a matrix, which will assist in developing risk responses that will be effective in mitigating possible risk. When a part was needed for a project deciding if it would be more economical to purchase or make the part. When presented with numerical data with cost, life cycle, and maintenance cost for up keep on two or more products that achieve the same goal. A risk management plan could be used to help access and handle project related risks. As for the risk tree, it could be used to help the project team decide on what the best option is for a task by giving a visual representation of the if then relationships in terms of
The course text discusses AS/NZS 4360 approach, which consists of a 5-phase process to manage and control risk. According to the text the risk management process phases are establish context, identify, establish and treat risk while continuously communicating, monitoring and reviewing risk (Cooper, 2005). The premise of risk management is to uncover and understand as much as possible about risks as early in the project as possible. The more one knows about risks the easier it is to make decisions for correct responses. The alternative to risk management is crises management, which in many instances is more costly, and more time consuming. Clements & Gido define a project as “an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resource “(Gido 4). I had many opportunities to develop a Military Retirement Ceremony, so I decided to approach it as a project risk management plan. At the time I did not know it but we were using the project risk management approach discussed in the text to address the risk associated with the event. The Military Retirement Ceremony project planning began the same as most projects do by determining the objectives. The objectives are described in terms of deliverable, schedule and budget. The sponsor and the customer must agree upon the scope of any project. In this project I worked along side the sponsors.
You will look at the protecting factor which is a factor that will reduce the risk and help stop the risk becoming a reality. It 's not about getting rid of the risk but helping people to understand the potential consequences and risks that come with day to day living and using the protecting factors to reduce them as much as possible.
This is mentioned in the text, ‘there are risks and we work methodically to reduce the risks.’
This tool basically poses the question: “Are you getting what you want/need?” or “Are you supporting your own opinion or the opinion of another?” This will help weed out those in life who try and manipulate you for their own purposes from those who truly care about you and your well being. Using this tactic will expose a myriad of people from salespeople, to administrators, to your own family members.
Risk management is an ongoing process that must continue through the life of a project. It includes processes for risk management planning, identification, analysis, monitoring, and control. These processes need to be reviewed throughout the project’s lifecycle as new risks arise throughout the implementation of the project. It is the objective of risk management to decrease the probability and impact of events adverse to the project. On the other hand, any event that could have a positive impact should be exploited.
Risk mitigation would allow the project manager to know the project’s strengths and weaknesses then evaluate the threats facing the project. The project manager would implement different strategies such as lowering exposure to threats or improving strengths of the project to make sure that the variance in schedule and cost is not very high when there are risk event occurrences. A risk mitigation strategy ensures that the project manager, the implementing team, and the project’s stakeholders are on the same page in the project implementation job. It also gives the project team an opportunity to address risks in advance so resolving additional issues becomes easy when the issues occur later during the implementation of the project. Moreover, the risk management strategy would fine-tune the parameters used for measuring the results of the project (Kerzner,
The red hunting hat was the initial symbol presented in the novel. The hat served as a form of individuality and a blocker for Holden. Since the hat was bizarre, it separated Holden from the “phony” crowd and preserve his innocence. Which also expatiate upon the fact that Holden takes the hat off when around the people he knows. (E.g. "I took my old hunting hat out … and put it on. I knew I wouldn't meet anybody that knew me"). One thing that is certain is the fact that Holden likes Allie, Phoebe, and this hat, and the fact that Allie and Phoebe’s hair is red similar to the hat.
date, and that a new risk management plan must be developed. Because of the importance of risk
Symbolism is a way of adding depth and meaning to a story while conveying a complex idea that can be understood and recognized in a variety of ways. Considering that The Catcher in the Rye is a bildungsroman; it deals with complex issues of identity, belonging, and alienation. The reader is exposed to several facets of symbolism that help give substance and characterization to the protagonist of the story, young Holden Caulfield. It is through these assorted symbols that Holden transforms from an average teenager to a socially disturbed and confused individual, constantly longing for something.
The Red Hat party is a great way to celebrate with the gals in your society, but sometimes its hard to come up with unique party craft ideas for the event. However, you'll get a lot of hits with this make your own Red Hat craft from Styrofoam cups!
The role of risk maps are to visually model and communicate the criticality of each risk. It is displayed in
Project Risk Management – identifies potential risks (good and bad) that can affect the objectives of the project.
Once there has been a risk management assessment, we can know exactly what to expect and what can be done to prevent any type of risk. We will also know how to deal with any risk while it is happening to contain it.