a) An iterative process
An iterative process in the scope of risk management is an overarching assessment process (Larson & Gray, 2011, p. 234). The risk identification and mitigation processes assess threats and vulnerabilities to success throughout the project’s lifecycle (Larson & Gray, 2011, p. 234). When risk triggers and event takes place, teams enact risk management processes and corrective actions to bring the project back into alignment. Additionally, project teams apply change control processes to propose and document changes due to risk threats and occurrences (Larson & Gray, 2011, p. 234).
Implementing a risk management requires more than simply assessing threats and recording changes. In fact, proposed risk mitigation changes …show more content…
The risk plans are formulated in response to the risk rankings to ensure that the project’s performance is realigned with the project’s constraints. According to Pareto, prioritizing and mitigation risks based on their frequency is based on his 80/20 rule where 20 percent of the defects or issues are responsible for 80 percent of the problems (Heldman, 2013, p. 502). Addressing risk sources using this methodology benefits the team because they spend a majority of their time focused on resolving major problems (Heldman, 2013, p. …show more content…
133). Opportunity management is an important task for Project Managers because it provides the opportunity refine, improve, and add value to deliverables and performance (Kendrick, 2009, p. 133). Adding value to the project translates to delivering a higher quality and comprehensive product to the customer at the expense of additional utilization of resources and costs without sacrifices to quality and schedule. Given the level of uncertainty associated with adding scope, resources, and costs it is imperative that Project Managers seek every opportunity to maximize and resource utilization (Kendrick, 2009, p.
An iterative process in the scope of risk management is an overarching assessment process (Larson & Gray, 2011, p. 234). The risk identification and mitigation processes assess threats and vulnerabilities to success throughout the project’s lifecycle (Larson & Gray, 2011, p. 234). When risk triggers and event takes place, teams enact risk management processes and corrective actions to bring the project back into alignment. Additionally, project teams apply change control processes to propose and document changes due to risk threats and occurrences (Larson & Gray, 2011, p. 234).
Implementing a risk management requires more than simply assessing threats and recording changes. In fact, proposed risk mitigation changes …show more content…
The risk plans are formulated in response to the risk rankings to ensure that the project’s performance is realigned with the project’s constraints. According to Pareto, prioritizing and mitigation risks based on their frequency is based on his 80/20 rule where 20 percent of the defects or issues are responsible for 80 percent of the problems (Heldman, 2013, p. 502). Addressing risk sources using this methodology benefits the team because they spend a majority of their time focused on resolving major problems (Heldman, 2013, p. …show more content…
133). Opportunity management is an important task for Project Managers because it provides the opportunity refine, improve, and add value to deliverables and performance (Kendrick, 2009, p. 133). Adding value to the project translates to delivering a higher quality and comprehensive product to the customer at the expense of additional utilization of resources and costs without sacrifices to quality and schedule. Given the level of uncertainty associated with adding scope, resources, and costs it is imperative that Project Managers seek every opportunity to maximize and resource utilization (Kendrick, 2009, p.