Risk Response

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

Indeed, Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. (PMBOK Guide - Fifth Edition, 2013).

After discovering the risks it may determine the risk tolerance. This is the level of tolerance that is about the risks that may occur (Heldman, 2011). Within a project refers to the level of risk tolerance that can be tolerated by putting in perspective the benefits that occur when taking that risk (Heldman, 2011). Project Manager depart a game of the budget as a contingency reserve. This is used so that in the event of any problems the project is not affected. It is a reserve that is intended to be used in case of emergencies, which can not be addressed through another type of risk (Heldman, 2011) management strategy. Manager can use several strategies to respond to the risks. Strategies to respond to negative risks are: acceptance, rejection, transfer, mitigation (Heldman, 2011). Acceptance is face the risk and accept the consequences of the risk already...Risks can have a positive impact, and for these the project manager uses

Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

As the project manager, I will develop the risk management plan to avoid or mitigate the risk before affecting the project deliverables.

A risk is an event or condition that, if it occurs, could have a positive or negative effect on a project’s objectives. A project risk is an event which have a positive and negative impact on a project objectives. Risk Management is the process of identifying, assessing, responding to, monitoring, and reporting risks. A Project risk management plan is critical in identifying, monitoring and reporting risks. This Risk Management Plan defines how risks associated with ten story-building project will be identified, analyzed, and managed. It presents the outlines for risk activities how to perform, recorded and controlled throughout the project lifecycle. how risk management activities will be performed, recorded, and monitored throughout

Typically project managers focus on monitoring and responding to negative as opposed to positive risks. So we are now discussing about rest of the risks but considering the negative risks to prioritize them which help to focus on high- priority risks:

Furthermore, the output from this risk management process is also simple but crucial. As the prior analysis processes, project documents and the project management plan would be updated after the planning of risk

The final step would be to create a contingency strategy or rather a plan. In this stage, each team member is allocated a risk to monitor for indicators of the risk during the project. This assist the project manager in identifying developing risks where they are detected early enough and counteracted before the impact is felt. Risk basically is used to refer to uncertainty that emerges from future events. It represents the likelihood and

Today’s society has become a world of disconnected, unpredictable happenings and challenging events. (Yoder, With this plan in hand, a Risk Plan can help foster a firm understanding of and methodology to risk, and how it affects the entire organization which can lead to more successful projects and business models when put into place. A Risk Management Plan will help provide a structure for identifying risks and can stop complications from occurring that can impend the accomplishments of the project.

Risk mitigation is a critical function of every project manager. A well-developed risk management process “attempts to recognize and manage potential and unforeseen trouble spots that may occur when the project is implemented” (Gray & Larson, 2006, p. 1). Risk mitigation begins with project planning. Based on previous experiences, lessons learned, schedule and budget constraints of the assigned project, the project team can identify all the risks, analyze each risk in terms of the severity of the impact, the likelihood of the occurrence, and the degree to which the risk can be controlled. Although a direct relationship between the amount of risk in a project and the opportunity for increased rewards exists, successful businesses take every

In order for a project to fully succeed, there needs to be set rules and guidelines. Setting guidelines teams will and must know what is expected from each and every individual. The risk management plan is like a template for an artist, when that template is traced over for so long, it is no longer needed. When the risk management plan is implemented and analyzed effectively and efficiently, there should be hardly any room for errors, being prepared that errors that do occur seem as if they do not.

Risk transfer involves reallocating the requirements that created the risk factor to another system component or another organizational unit that can better handle the risk factor. (Fairley

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.

As per the words of Larson and Gray (2011), Project risk management process refers to a mechanism which pre- supposes application of policies, procedures and tools for