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WEEK 5: CONTINGENCY PLANNING
Respond to the following questions. How do you identify and analyze risks? What is contingency planning? You are to submit three quality posts over 3 different days, with the first post on or before Wednesday for each graded discussion topic. ANSWER: Hello Professor and Class. Project Risk Management Plan The intention of a project manager is to see a project from inception to finish, however, there are always seen and unseen risks or obstacles that can impede the progress of a project and throw the project plan completely out of the line. Planning ahead on these risk is very important for effective project management. A risk can occur at any stage in the project life cycle and can
negatively affect the entire functioning of the project, leading it to deviate from the proposed plan. A project risk can affect the project schedule, cost, quality and scope. The project risk management plan entails identifying the potential risk that may arise during the course of the project, and enacting plan to mitigate them or reduce their effect on the success of the project. Project risk management plan deals with understanding the type of risk the project is subjected to and putting a contingency plan in place to handle the risk if they occur or guard against the adverse effect. The risk management plan is a step-by-step instruction documented to identify, and anticipate scenarios that can throw the project off balance as it relates to plan, schedule and budget. In most projects, unplanned or unexpected problems may be unavoidable, but effective risk management plan takes into consideration different scenarios that might create such problem and put in place plan to eliminate the risk or reduce the effects of such problems to the barest minimum. How do we identify project risks? The following are the steps to identify and analyze risks: Clarify what is meant by risks or what constitutes a risk within the project and communicate same with the project stakeholders Identify risks using different risk identification tools related to the particular project. Some of the tools used maybe expert judgement, Data gathering (Interviews, brainstorming or checklists), prompt list, Data analysis, meetings and so on. Ensure to properly document the risks identified. Risk identification should be done as often as possible as long as the project is still ongoing. Organize and write the risks identified in a consistent format stating the cause, risk and the impact on project activities Engage with the right personnel relating to the risk and seek subject matter experts to help identify and put in place a contingency plan for the risks Ensure to explore every risk potential, properly document all findings and communicate the risks identified. The risk documentation should capture the Risk ID, Risk Statements, Risk Owners, Risk Triggers, Risk Categories, Risk Probability Risk Ratings, Impact Risk Ratings, Risk Scores, Risk Response Strategies (e.g., mitigate), Risk Response Plans, Residual Risks and Risk Trends. A Guide to The Project Management Body of Knowledge (PMBOK® Guide) 6th Edition PMI 2017.0 Project Management Institute https://projectriskcoach.com/identify-project-risks/#:~:text=How%20to%20Actually %20Identify%20Project%20Risks%20-%20Project,they%20write%20the%20risks%20in %20a %20consistent%20format.
