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Project Risk Management - Essay Example

Summary

The paper under the title 'Project Risk Management' focuses on a project which must be constantly monitored by the developers in order to make sure that it is meeting the objectives put forth by the end-user. There are four stages in a project’s life cycle: project selection and planning…

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Subject: Business
Type: Essay
Level: Ph.D.
Pages: 1 (250 words)
Downloads: 3
Author: haileeparisian

Extract of sample "Project Risk Management"

Risk mitigation strategies are used to analyze and report unplanned changes. Without effective risk mitigation strategies, a project will collapse or will lead to unexpected results because of the unanticipated changes (Royer, 2001, p.77; Adam, 2007, p.140). To handle change control issues, I plan to rank risks according to priority. Each risk should be ranked according to significance and likelihood (Dorian, 2011, par.3). I plan to take into consideration these common mitigation strategies: avoidance, acceptance, transference, and control.

I would apply effective controls over risks if they are worth taking and are a part of my core project. To handle change control issues, I will measure the impact of the change in terms of my project’s cost, resources, and schedule. I will accept or reject the change after reviewing what will happen if I do not allow the change to occur. I will document the change and will update the project plan accordingly.

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