ITMG624 Week 4 Discussion - Risk Management with Work Breakdown Structure

Discussion Points:

Please list each question and answer each question below when posting your initial response.

1. Discuss Risk Identification and Evaluation Processes

2. After project risk has been identified and evaluated, the project manager/team develops mitigation plan to reduce the impact of an unexpected even - Discuss three ways to mitigate Risks in a Project

3. What is the difference between External Complexity and Internal complexity risk profiles in a project - discuss with examples

1. Discuss Risk Identification and Evaluation Processes

Risk identification is the process in which the organizations do learn about how to identify, find out and discover the risks that could face the organization and then from there, the company will identify the specific procedure that is used in mitigating these risks (Eastern Kentucky University, 2016). The risk identification process, includes the act of assessment of any threats that the organization may face. It is also about looking at the existence of any cracks in the operational procedures, processes and activities and then coming up with the ways of mitigating the risks. In the risk evaluation process, the company estimated risk is compared with any other risk that the organization could face as a way of determining whether a given risk is significant. It is also important for the company to score or to prioritize the risks on the basis of the significance of that specific risk.

2.After project risk has been identified and evaluated, the project manager/team develops mitigation plan to reduce the impact of an unexpected even - Discuss three ways to mitigate Risks in a Project

One way of ensuring that the risks in the projects are eliminated or mitigated is the application of the risk management framework during the project process. The project manager can also ensure that risk communication is done so that all the members in the organization are aware of this risk and they know the processes or means of resolution (Kashyap, 2020). The next stage is prioritizing the risk of the project. The need to prioritize the risks begins with the determination of the impact of the risks on the customer and how important the specific project is to the consumer (Silverbulletrisk, 2018). Once the risks are analyzed, it is noe the duty of the project manager to put in place the mitigation mechanisms.

3.What is the difference between External Complexity and Internal complexity risk profiles in a project - discuss with examples

The external complexity risk profile applies to projects that are long term, they take a lot of time to complete and hence they require a lot of resources. As a result, it may be difficult to effectively control and manage the project due to many risks arising from the complexity. For example, the current government of the United States project of evacuating Ukrainians into the United States so that they are admitted as refugees to escape the Russian invasion of Ukraine. The Internal complexity risk profile is related to the projects, budgets and the activities carried out internally by a department in the organization. For example, the project to audit all the assets found in the United States Department of Defense.

References

Eastern Kentucky University. (2016, December 12). Risk Identification: 7 Essentials. EKU Online. https://safetymanagement.eku.edu/blog/risk-identification/

Kashyap, V. (2020). Risk Management in Project Management: 6 Ways to Mitigate Risk. GoSkills.com. https://www.goskills.com/Project-Management/Resources/Risk-management-in-project-management

Silverbulletrisk. (2018, September 13). How to evaluate risks in your company? SilverBulletRisk. https://silverbulletrisk.com/blog-how-to-evaluate-risks-in-your-company/