PJM410 Discussion Post Peer ResponsesPlease reply to both PO
PJM410 Discussion Post Peer ResponsesPlease reply to both POST1: and POST2: in at least 250 words each I have included the original post as reference. Original post:We’ve talked about risk treatment and how the risk management plandocuments the actions needed when a risk becomes an issue, but where dothe contingency funds come from? Contingency planning is part of therisk management planning process. Define contingency planning anddiscuss when you would use it. Talk about the contingency planningstrategies for each type of risk.POST1:Class,Ayub, Thaheem, and Ullah (2019) state that contingency management isfrequently attributed as simply an estimation and collection of fundsduring planning and budgeting. Instead, contingency management is theexercise of managing residual risk and uncertainty (Ortiz, Pellicer,& Molenaar, 2019). Contingency is essentially “Plan B” and can applyin multiple ways. It should be used for any project where there is riskthat in doubt.One way that it is applicable is to add additional resources to theproject either by adding more labor or money to the project to pay forshort comings or address an unseen risk. If there is a commercial orexternal risk, having extra money in a contingency fund will help tooffset these costs as they arise. If there is a technical risk, payingfor additional needed technologies or related services can be addressed.If there is a management risk, the plan could be to bring on additionaloversight for the project or to facilitate face to face meetings forstakeholders if the project is geographically spread out.Additionally, the contingency plan can act as a backup. In asituation where it turns out that a technology is not ideal for use,switching to a back up technology and integrating it could be needed andaddressed in the contingency plan.Thanks,BenReferencesAyub, B., Thaheem, M. J., & Ullah, F. (2019). Contingency ReleaseDuring Project Execution: The Contractor’s Decision-Making Dilemma. Project Management Journal, 50, 734–748. doi: https://doi.org/10.1177/8756972819848250Ortiz, J. I., Pellicer, E., & Molenaar, K. R. (2019). Determining Contingencies in the Management of Construction Projects. Project Management Journal, 50, 226–242. Retrieved from https://www.pmi.org/learning/library/determining-c…My Post:Hello Class,Contingency planning is an integral component of disaster recovery,risk management, and business continuity (Project Management Institute,2017). It is a process that involves preparation to counter anythingthat happens beyond the scope of regular operations in a business andmay negatively affect the ability of an organization to operate. Simplystated, this planning involves being ready to counter risks. Acontingency plan is typically used in the management of exceptionalrisks that may have disastrous impacts. A plan can bedepartment-specific or organization-wide. I would use this plan whenworking at the department of information service of a company to createan effective plan of recovery in case a disaster strike. Such a planwould safeguard and restore company data such as instructional manuals,hardware, and software components.Contingency planning has three components, such as emergencyresponse, management of a crisis, and business continuity. A planinvolves different strategies. One technique involves creating a list ofdifferent likely scenarios and ranking them in order of importance.This technique would note the probability of various disastershappening. The second strategy involves the determination of possibleinternal sabotage by employees who are unhappy with organizationalprocesses. This strategy is essential since a quarter of interruptionsusually originate from internal sabotage. Securing critical servers andcreating an effective backup system mitigates the possibility of lossin case of unauthorized access. By and large, strategies focus on areasthat can affect business infrastructure, people, and the reputation of abusiness. Any strategy should follow the five steps of preparation,analysis, development, implementation, and review of any process thatwould address a risk. It is no doubt that putting the risk managementconcepts into action is an ingredient for successful projects.Therefore, a business must be innovative in finding methods thatultimately achieve greater success in all projects (Bissonette, 2016).ReferenceBissonette, M. (2016). Project risk management: A practical implementation approach. Newtown Square, Pennsylvania: Project Management Institute.Project Management Institute. (2017). A guide to the project management body of knowledge: (PMBOK® guide) (6th ed.). Newtown Square, PA, USA: Project Management Institute.POST2: (A question from the professor concerning my post)Welcome to week seven and thank you for the engagement. Contingencyplanning does have multiple components, one being budgeting forcontingency. When thinking about contingency planning, how does onemanage contingency costs on a project?More specifically, how do you know how much money to allocate to contingency funds?
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