Risk Management And Risk Mitigation

849 WordsNov 24, 20154 Pages
Risk management consorts with the assessment, detection and avoidance methods in order to minimize the adverse effects of risk on organizations. Risk management techniques compose of loss control, risk retention, risk avoidance and risk transfer. One project could potentially have numerous different risk management models throughout its lifecycle. If a senior artist retires before the movie is complete, the production of art renderings will be delayed and will result in slipping the project schedule. In the event that a senior artist retires before the movie is complete risk mitigation should be applied. This risk mitigation could have a variety of impacts from the accomplishment of project objectives, to the total catastrophe or even to the unanticipated longed-for astonishment. Pinpointing risks for this risk mitigation could include numerous such as: project delay, projections hold-up and even project cancellation. One option for the risk mitigation plan is that the senior artist who is retiring might be requested to carry on until the completion of the movie. Another option may be to shorten the role of that artist and manipulate his section of the movie. However, if the motive of retirement for the artist is comprehensive, then the project delay is undisputable and other mitigation plans have to be taken into account. Ideally the one that minimize the losses should be the contender. If there is an earthquake in Burbank, CA, all electronic files on the computers in the

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