RISK RESPONSE STRATEGIES.edited.docx - RISK RESPONSE...

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RISK RESPONSE STRATEGIES1Risk Response StrategiesNameCourseDate
RISK RESPONSE STRATEGIES2AbstractThe risk response strategy for both positive and negative risk is discussed in the paper.This is an action plan on what one ought to do risk on the project. Such strategies mostly aremeant to reduce or eliminate the effects of the risks in a project. For example, the avoidancestrategy, mitigation strategy, actively accept strategy, transfer strategy, and passively acceptstrategy and escalation strategy. Consequently, the paper intends to discuss the risk controlmeasures such as transferring, reduction, retention, and avoidance.Roles and responsibilitiesAs a project manager, there exist some roles and responsibilities in risk management asfollows; first, risk management is held accountable in analysis, handling, and assessing the risksthat are faced by a company. Being a risk manager offers assistance to an organization regardingthe sorts of risks affecting the profitability of a firm while developing strategies and processes tomanage such risks in the project. This would ensure that there is success in project continuity.The risk manager is mandated to gather information and data as well as carryinginvestigations in recognition of the risks that a company may be exposed to (Sadgrove, 2016).The role of the risk manager, in this case, is to analyze the key risk indicators and the probableoccurrence of the risk. Some of the concerns for that matter are leakages of confidentialinformation about the project.Additionally, it is the role of the risk managers in a project in the implementation of thecontrol systems and the strategies to safeguard the project resources. This is done by riskmitigations and damage. However, the risk mitigation strategies differ from one project toanother. Some of the measures taken include a definition of crisis management, designing of the
RISK RESPONSE STRATEGIES3project continuity plans, introducing the procedure protocols, and updating the procedurescorrelating to the activities within the activities.As project managers, it is their role to identify and assess different types of risks thataffect the prevailing project. They are also mandated to design relevant strategies to reduce risksand identify what would be wrong and its effects on the prevailing project. Risk management is

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Term
Fall
Professor
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Tags
project manager, risk response strategy

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