Project Risk Management Essay

796 words - 4 pages

"Project Risk Management" Please respond to the following:
* Describe some of the tools and techniques that you can use as a project manager to mitigate risk in your projects. Support your response.
* Provide realistic examples of each of the risk response strategies for both negative and positive risks.
According to Schwalbe, risks can be assessed qualitatively or quantitatively. Tools for qualitative risk analysis include a probability/impact matrix and the Top Ten Risk Item Tracking Technique. Tools for quantitative risk analysis include decision trees and Monte Carlo simulation. Expected monetary value (EVM) uses decision trees to evaluate potential projects based on their ...view middle of the document...

Risk exploitation is doing whatever you can to make sure the positive risk happens. A project manager could be chosen to organize news coverage of the project to ensure it produces good public relations. Risk sharing is allocating the ownership of the risk to another party. A project manager can choose to partner with a training company to provide free training to a client. Risk enhancement is changing the size of the opportunity by identifying and maximizing key drivers of the positive risks. A PM could do their own formal or informal advertising of the project, generating more business for the company. Risk acceptance applies to positive risks when the project team cannot or chooses not take any actions toward a risk. A PM could assume the project will result in good public relations without doing anything extra.

"Good and Bad Risk" Please respond to the following:
* Define risk at the outset of your large hypothetical multinational and multi-constituent project. Discuss how you can use your risk breakdown structure to identify “good” and “bad” project risk.
Some of the broad categories of risk that you could have on a large multinational and multi-constituent project include:
Market risk: If an information technology project produces a new service, will it be marketable to other countries.
Financial risk: Can the organization support multi-national accounting practices and reporting requirements in the various countries that it has operations in.
Technology risk: Will the hardware, software, and networks work across international boundaries. Will the...

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