PJM410 MOD6 Peer Responses to Discussion QuestionsPlease res
PJM410 MOD6 Peer Responses to Discussion QuestionsPlease respond to both POST1: (Question from the professor in regards to my post.) and POST2: in at least 250 words POST1: is a question from the professor in regards to my post. I am not a fan of this professor as she has made it clear that she will make no exceptions due to the COVID-19 outbreak. (although I am working 20 hour days 4 days a week, kids out of school and everything is closed) When formulating your answer to her question regarding my post please be as abrupt as possible while sticking to the facts. As there is no doubt you are both smarter and more articulate then she is. (Kinda of putting her in her place.) I will be reporting her to the school when the class is finished as every other professor I have has been more then willing to work with me. I have included the original post only as reference.Original post:There are several general questions that should be asked to initiate therisk response thought process, and there are other more specificquestions (relative to project cost and schedule, and producttechnical/quality performance) that can be asked. All resultingresponses should be aligned with project objectives and priorities. Whatare some of the practical elements needed when determining project riskresponses?Class,Welcome to week 6. This week we focus on project risk responses.Risk in projects is inevitable, ensuring the risk response isappropriate can be a challenge for some risk managers. This week pleasenote some practical elements that are needed to determine riskresponses. Examples are always welcomed (and encouraged!).I’m looking forward to another great week of engagement. My original post:Project Risk Responses Strategies for a response to risks focus onfour significant areas, such as avoidance, mitigation, acceptance, andtransfer (“Project Management Institute,”2017). Therefore, theidentification and monitoring of residual risks are essential. Thisprocess helps to highlight the events of risk triggers, identificationof unexpected impacts and proposing corrective measures. A projectmanager should maintain an iterative process of identification,analysis, and monitoring of risks. Quantitative risk, qualitative risk,and planning on risk response typically continue from ideation tocompletion of a project exercise. The avoidance aspect centers on theelimination of a cause and accompanying threat of risk. Secondly, themitigation element strives to reduce the impact of an underlying riskthat cannot be eliminated. In some cases, it can be inevitable totransfer risks to other parties through transfers such as guarantees,insurance purchases, and warranties. Options for response approaches includeexploitation, enhancement, and sharing. Exploitation requires changing aproject to enhance the occurrence of opportunities. Next, enhancementincrease the positive impact and probability of risk events. Thesharing aspect, on the other hand, involves the allocation ofopportunity ownership to third-parties (Bissonette, 2016). Acceptance of risk falls into two thatinclude passive and active acceptance. The former leaves the action tobe set as required in case of a risk situation. The latter acceptance,however, involves the implementation of contingency plans during theoccurrence of a risk. All stakeholders of a project should be informedin case of risk acceptance. Generally, project managers should ensurethe occurrence of opportunities. Besides, the manager should reduce thepossibility and effect of threats and concurrently increase the impactand probability of opportunities.ReferencesBissonette, 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.POST1: (Question from the professor) PLEASE ANSWERDarby,Thank you for the engagement this week. There is no perfect formulafor determining risk responses due to the uniqueness of each project.For example, if you implement a project in hurricane season in Florida,you are more likely to experience the hurricane than you would if youwere implementing the same exact project in a different location likeNew York.In regards to the risk elements, what key factors are important toknow and understand prior to determining the actual risk? By factors, Imean project attributes. POST2:Riskresponse can be of one of four kinds: acceptance, mitigation, transfer,and avoidance. Mitigation seeks to lessen the effects of a risk whichcan’t be eliminated or handed over to a third party. Avoidance seeks toavoid the cause of a particular risk. However, sometimes risk transferis the only way to handle a risk; this most often happens through thepurchase of insurance. The project manager should pursue and activelydocument changing risk structures as the project progresses, whilesimultaneously trying to anticipate other risks and offering workarounds (Bissonette, 2016). We need to know which strategy works bestfor a particular kind of project (by looking at project histories ofpast projects). Then and only then should the P.M. formulate a response(Hillson, 1999).Risk acceptance is either of an active or passive kind. Passiveacceptance requires little more than documenting the possible risk andrealizing that it might eventually occurs. Active acceptance, however,involves the formulation of contingency plans and other work aroundsthat will off-set as much as possible the negative effects of the risk. Response options include enhancement, exploitation, and sharing.Enhancement seeks to increase the risk probability and (good) impact ofrisk events. Exploitation means changing or manipulating the steps in aproject to take advantage of certain positive impacts. Lastly, sharing(similar to avoidance above) is handing over positive impacts to otherparties (Bissonette, 2016). In the end, it is the project manager’s responsibility to see thatopportunities have been fully taken advantage of, and that everythingpossible has been done to avoid to offset or otherwise handle risks.References: Bissonette, M. (2016). Project risk management: A practical implementation approach. Newtown Square, Pennsylvania: Project Management Institute.Hillson, D. (1999). Developing effective risk responses. Project Management Professional Services Limited. Retrieved: http://www.risk-doctor.com/pdf-files/rsp1099.pdf
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