Week 5 Question Sets.docx - Question Sets Successful Project Risk Management Write a 200 word or moreshort-answer response to the following Question

Week 5 Question Sets.docx - Question Sets Successful...

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Question Sets Successful Project Risk Management Write a 200 word or moreshort-answer response to the following: What can be done to ensure effective and successful project risk management? Question Sets Change Requests Write a 200 word or moreshort-answer response to the following: How should a project manager respond to a change request from a sponsor that is clearly beyond the scope of the project? What can be done to ensure effective and successful project risk management? Identify Risks Early in Your Project Two main sources exist to identify risks, people and paper. People are your team members that each bring along their personal experiences and expertise. Talk to people outside the project that have a track record with the project type. The paper is the project plan, business case, and resource planning. Other categories are old project plans, the company Intranet, and specialized websites. Communicate About Risks . Make project risks part of all meetings. This shows risks are important to the project manager and gives team members a "natural moment" to discuss them and report new ones. Clarify Ownership Issues Make clear who is responsible for what risk. Someone has to feel the heat if a risk is not taken care of properly. Assign a risk owner for each risk that you have found. If a project threat occurs, someone has to pay the bill. It becomes important who bears the consequences and has to empty his wallet. Prioritize Risks Some risks have a higher impact than others. Check if you have any big risks that could derail the project. Start with the biggest risks and work down to the less problematic issues. Plan and Implement Risk Responses In dealing with threats there are basically three options; risk avoidance, risk minimization and risk acceptance. Avoiding risks means you organize your project in such a way that you don't encounter a risk anymore. This could mean changing supplier or adopting a different technology or, if you deal with a fatal risk, terminating a project. The biggest category of responses is the one to minimize risks. It is best to try and prevent a risk rather than dealing with it when it happens Register Project Risks A good risk log contains risks descriptions, clarifies ownership issues and enables you to carry some basic analyses with regard to causes and effects. If you record project risks and the effective responses you have implemented, you create a track record that no one can deny. Even if a risk happens that derails the project. Track Risks and Associated Tasks Tracking risks differs from tracking tasks. It focuses on the current situation of risks. Which risks are more likely to happen? Has the relative importance of risks changed? Answering these questions will help to pay attention to the risks that matter most for your project value.
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How should a project manager respond to a change request from a sponsor that is clearly beyond the scope of the project?
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