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RM 357E Risk Management

Published : 15-Sep,2021  |  Views : 10

Question:

What are two examples of known risks and a mitigation plan for those two risks? Describe your mitigation plan for unknown risks.

Answer:

Known Risks and their Mitigation Strategies

Examples of Known Risks: Shortage of Budget and Delay in completion of the project are two known risks of the project management.

Mitigation Strategy: Using Ms-Project for developing project schedule and resource allocation for dealing with the risks of shortage of budget and delay in completion of the project

Explanation of Mitigation Strategy: The development of the project schedule and resource allocation by using the Ms-Project Software would help in forming the effective development of project plan for integrating the effective flow of operations in the organization (Larson & Gray, 2013). The implementation of the effective measures of control would help in forming the development of the operations and implication of the effective flow of system integration. The Ms-Project would be helpful in categorizing the effective project operations and form the classification of the operations. According to Zeng, Tam and Tam (2015), the integration of the project schedule development would be formed by implying the development of the operations and it would form the integration of the functions for forming the involvement of the system development modification. The implication of the effective and smart processing would be helpful for forming the mitigation of the issues of shortage of budget and delay in completion of the project would be managed for forming the deployment of the improved operations for the organization development (Thamhain, 2013). The deployment of project schedule would be implied for developing the system integration of the functions.

References

Larson, E. W., & Gray, C. (2013). Project Management: The Managerial Process with MS Project. McGraw-Hill.

Thamhain, H. (2013). Managing risks in complex projects. Project Management Journal, 44(2), 20-35.

Zeng, S. X., Tam, C. M., & Tam, V. W. (2015). Integrating safety, environmental and quality risks for project management using a FMEA method. Engineering Economics, 66(1).

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