Assume you have just been assigned to a project risk team composed of five membe

Question

Assume you have just been assigned to a project risk team composed of five members. Your task, as project manager, is to develop a process for handling risks to the project. Because this is the first time your organization has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects. Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out his or her proposed outline at the beginning of the meeting. Your outline should include, but not be limited to, the following information:

How should project risks be monitored and controlled?

Who should develop risk responses and contingency plans? 

Explanation / Answer

A project risk assessment is usually preformed during project commencement with all

stakeholders contributing to the list of risks because the earlier in the project you plan for certain

events, the lower the chances of the associated risks tend to be. In order to successful mitigate

risks, they must be prioritized based on their overall effect on the project.

Risk monitoring and controlling:

Effective control and monitoring involves creating the right conditions for transparency and

openness in the project. The risk monitoring and updating procedure takes place after the

planning, risk mitigation and allocation process. It must continue for the life of the project the

risks are dynamic. The list of risks and related risk management strategies will possibly change

as the project matures and a new risk develops or anticipated risks disappear.

Risk mentoring and control depends on the unique project goals: there are three tasks

incorporated into designing and construction of management plans:

Development of consistent and comprehensive reporting process

Monitoring risks and contingency resolution

Offer feedback of analysis and mitigation for future risk evaluation and allocation-

“Project manager and his team should develop risk responses and contingency plans”

If the project manager is found proactive, the project team should develop a contingency plan-

They should develop solutions to the problem of time before the project due date- If the project

manager is reactive then the team will do nothing until problem occurs-

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