Risk Management Discussions

Replies:
Hi Akash,
Thanks for sharing your perspective on this week’s discussion post. I strongly support your
opinion that a project manager must be on the look out for challenges, given the vulnerability of
the markets and other external factors eventually leading to increased uncertainty in the ongoing
project. In addition to lack of accountability and overlooking identified risks, challenges such as
lack of transparency, not prioritizing vulnerabilities, narrow vision, and not taking the
assessment seriously are some of the risk management issues which are often overlooked by the
project managers[ CITATION Zwn17 \l 1033 ].
References
(n.d.).
Hodgson, L. (n.d.). Risk assessment in project management: How to best assess risks on your
projects. Retrieved from Sitemap:
https://sitemate.com/us/resources/articles/commercial/risk-assessment-project-
management/
Morrison, G. (n.d.). Project execution phase. Retrieved from Master of Project Academy:
https://blog.masterofproject.com/balance-stakeholder-requirements/
O'Loughlin, E. (2016, May 20). How Understanding Critical Path Can Drive Project
Management Success. Retrieved from Software Advice:
https://www.softwareadvice.com/resources/what-is-critical-path/
Risk Mitigation Planning, Implementation, and Progress Monitoring. (n.d.). Retrieved from
Mitre: https://www.mitre.org/publications/systems-engineering-guide/acquisition-
systems-engineering/risk-management/risk-mitigation-planning-implementation-and-
progress-monitoring
Sethna, Z. (2017, November 26). Challenegs in Risk Management . Retrieved from Imarticus
Learning : https://alumni.imarticus.org/f/challenges-in-risk-management-67
Best,
Purva Rane
Hi Inderdeep,
Thanks for sharing this informative post this week. I like how you have illustrated the levels of
risk impacts with examples. By evaluating your plan for potential problems and developing
strategies to address them, you’ll improve your chances of a successful, if not perfect, project.
Additionally, continuous risk management will [CITATION Mic16 \l 1033 ]:
 Ensure that you aggressively manage high priority risks and are able to stay in control of
costs throughout the project.
 Provide management at all levels of the organization with the information necessary to
make informed decisions on issues critical to the project’s success.
References
(n.d.).
management/
progress-monitoring
Best,
Purva Rane
When consider risks, why do you need to focus on the execution phase of the project?
During the execution phase, actions to mitigate the impacts of risks are reviewed. Furthermore,
contingency plans to accommodate the impacts of risks must be reviewed [ CITATION Ger \l
1033 ]. For example, a project team member might resign soon. In this case, he needs to give a 2
weeks’ notice. In this handover period, a new member will take over the work of resigning team
member. This might cost $10,000 for the project since. Thus, a contingency plan to recover from
this cost must be developed. In addition to providing information regarding the potential risks
and their impacts, the meetings during the execution phase must also address alternative
solutions, risks and best practices to ensure smooth performance.
How would you handle risks falling within the critical path?
High risks falling under critical paths can be handled by using well-defined project management
processes and tools. First step would be to define the key elements and activities of the project to
measure the progress against. Secondly, in order retain the original schedule and budget it is
necessary to create back up plans. Third, plans to recover from catastrophic impact must be
available to understand what happened and to refocus on the objectives of the project, with
probably a revised schedule and budget (Lawrence,2003).
References
(n.d.).
management/
progress-monitoring
Best,
Purva Rane
Hi Hefeng Li,
Thanks for sharing such an informative and precise post on this week’s discussion. I agree that
risk management is an important aspect in identifying the potential risks and impacts on the
ongoing project. In this process of identifying risks, contingency plans are developed and
reviewed in order to manage the impacts and their costs. During the execution phase, team
meetings involve giving out preliminary information about the resources required to handle the
risks. Furthermore, best practices, alternative solutions to risks ensuring better performance are
also discussed.
Best,
Purva Rane
Hi Akash,
Thanks for sharing your perspective on this week’s discussion post. In addition to what you have
mentioned, while handling risks, it is necessary to identify those risks and specify them with
valid information. Next step would be to understand the range of those risks and their resulting
consequences by evaluating them using a risk traceability matrix. These are further documented
in a risk register and monitored, and the risk strategies must be re-assessed. This is done to verify
if any additional resources are required to mitigate the risks, or if the risk strategies are
contingent on certain events.
Best,
Purva Rane
How would you conduct a risk assessment related to your existing project and how would it help
your project?
Project management of software projects is different from those of traditional projects. Hence the
risks associated with these projects are also not limited to the generic risks. This project works
on a website that allows faculty to upload project management templates that are available to the
alumni and students to be used for their work. Here a few risks associated with the website like
less user interactive access, lack of error testing, and so on are not quantifiable. It can lead to
serious issues if left unaddressed. Hence to address these risks we create a risk register. This
register allows you to take a survey at all of your risks from a vital level, and thoroughly analyze
the various risks to best organize each risk and settle on educated decisions about how to control
those risks. Another way to tackle these risks is to get real-time information on the project
throughout the project life. Since the project is of the software domain, most of the risks that can
occur will be observed when the site is functional. Overseeing risk on your activities is turning
out to be increasingly significant, and the organizations that can both develop risk assessment in
the project and deliver it as per these evaluations and prioritization on schedule and the budget
plan [ CITATION Lan \l 1033 ].
References
(n.d.).
management/
progress-monitoring
Hi Pierre,
Thanks for sharing such an informative post on this week’s discussion post. In addition to what
you have mentioned, I would like to add few more steps in assessing the risks for a project
(Kestel, 2007):
 Involve senior management in the planning and selection of risk response strategies.
 The risk tolerance for the plan of senior management must also be taken into account.
 Assign specific risk events and their responses to specific owners thereby gaining
agreement on early warning signs for certain risk events.
 Update the risk register regularly by maintaining a disciplined approach to revising risk
probably and impact ratings.
Reference:
Kestel, J. W. (2007). Risk assessments—developing the right assessment for your organization.
Paper presented at PMI® Global Congress 2007—North America, Atlanta, GA. Newtown
Square, PA: Project Management Institute.
Hi Javin,
Thanks for sharing your perspective on this week’s discussion post. Along with identifying and
categorizing the risks based on their impacts, it is necessary to communicate those risks in an
appropriate manner by following few steps (Kestel, 2007):
 Update your risk management plan and specific risk responses in conjunction with your
risk assessment.
 Weekly status reports must be updated with all the identified risks.
 Developing web enabled project dashboards could make the project updates available to
all the key stakeholders.
 High-priority risk events must be dealt by developing an escalation process which would
include the information on who to contact once a risk event tales place.
Reference:
Kestel, J. W. (2007). Risk assessments—developing the right assessment for your organization.
Paper presented at PMI® Global Congress 2007—North America, Atlanta, GA. Newtown
Square, PA: Project Management Institute.
How risk mitigation impacts the project’s critical path?

An effective risk mitigation strategy would include tracking the potential risks, identifying new
risks thereby evaluating the effectiveness of this process throughout the project. A critical path
will contain high-impact risks. Risk mitigation handling options include assume, avoid, control,
transfer, and monitor [CITATION Ris \l 1033 ]. In order to avoid a high-impact risk present on
the critical path, a project manager could make adjustments in the schedule thereby reducing risk
associated with technology. In addition to this, identifying capabilities that will be delayed and
any impacts resulting from dependencies on other efforts can help manage risks on critical path.
Another option to handle these risks on critical path is to transfer the responsibility and
reassigning accountability or authority for a risk area to other team members or organization.
This can include hiring a subject matter expertise (SME) which could help in controlling the loss
by identifying the dependencies that may have their own complications. Post identifying and risk
mitigation planning process, it is advised to revisit the basic premises of the risks in order to
ensure whether the situation has changed in a way that affects the nature or impact of the risk.
According to Chief Operating Officer of PSA, Steve Chong, by consciously assigning more
seasoned, trustworthy resources to tasks on the critical path (and keeping them off non-critical
path tasks), a project manager may be able to lower the variability and risk inherent in the time it
takes to deliver the project [ CITATION Eil16 \l 1033 ].
References
progress-monitoring
Hi everyone!
Please discuss how you plan to monitor risks through your projects?
Due to the changing environment, project requirements and even stakeholder expectations,
changes in risks and their planned responses are inevitable. Monitoring risks involves looking for
identified, residual and secondary risks, identifying any new risks, taking quick corrective action
when a risk materializes, planning further preventive actions when you identify a trend of a new
risk, and measuring effectiveness of risk responses [ CITATION Shi \l 1033 ].
As a project manager, I would reassess the risks in the risk register at regular intervals to ensure
whether any new risks are identified, or their probabilities/impacts have changed. I would be on
a look out for any risk that may go rough soon by analyzing the risk trends i.e., keeping a track
of project performance, study the latest trends of cost, schedule and scope variances from
baselines[ CITATION Shi \l 1033 ]. Comparing the project performance against the planned
performance will address the risks which could have been overlooked during the completion of
the project lifecycle. The contingency reserves are utilized when certain risks materialize. As a
project manager, I would plan preventive measures if these reserves shrink. This can be achieved
by conducting regular meetings with team members to ensure that the team is aware of what
risks may come up and so they will be equipped to look out for symptoms [ CITATION Shi \l
1033 ].
References
Shenoy, S. (n.d.). How To Monitor Risks In Project. Retrieved from PM Smartnotes:

https://www.pmexamsmartnotes.com/monitor-and-control-risks/
Hi Samruddhi,
Thanks for sharing your perspective for this week’s discussion post. In addition to the risk
management actions that you have mentioned, I believe that reassessing the project risks is
necessary. This is because, as the project progresses some risks may become irrelevant i.e., their
probability, order of impact and consequences may change thereby identifying new risks. This is
ensured by regularly updating the risk register with the changes that are acquired while assessing
the project risks. This process is carried out as a team exercise in a timely fashion.
Best,
Purva
Hey Pjerin,
Thanks for sharing such an informative post for this week’s discussion post. I agree that it is
necessary for the project manager and the team members to be prepared and aware of the risks
and their impact on schedule and budget. In order to reduce the impact of project risks, it is
necessary to keep a track of them to check if any of the risk conditions have been triggered and
monitor any risks that could become critical over time. Risk monitoring is an iterative process
that involves status reports, quality reports, progress reports, and follow-up reports.
From our time together in this class, I learned how to present a risk statement and effectively
make use of risk register. Along with determining the contingency budget, I learned the various
ways in which I can determine the contingency reserves i.e., the quantitative and qualitative risk
analysis techniques. I can now effectively make use of heat map, risk calculation sheet along
with implementing a probability and impact matrix to determine the risk impacts and their
probability of occurrences. The idea of what goes in a Change Request process was first
introduced briefly in my scope management class and then was discussed in detail in risk
management class. In addition to this, the process of risk management plan was refreshed in this
class which was first introduced to us in Foundations of Project management course. Another
thing I learned from risk management coursework is that there are different types of risks such as
compliance, strategic, business and organizational risks and the role of risk owner and project
manager in using various techniques to mitigate the positive and negative risks. It is important to
integrate the risk response plan into the operational activities. Lastly, good planning,
communication and documentation is the key to successful risk management planning.
Best,
Purva
What lessons learned have you gained around Risk Management from our time together? What
strategies and tactics are you able to walk away with/ apply? What ideas have been refreshed/ renewed/
or are new for you? What insights do you have to make project risk management "stick" within your
organization and become a "normal way" of getting project work done?
Best,
Refereces
(n.d.).
management/
progress-monitoring
Shenoy, S. (n.d.). How To Monitor Risks In Project. Retrieved from PM Smartnotes:
https://www.pmexamsmartnotes.com/monitor-and-control-risks/
Purva
What lessons learned have you gained around Risk Management from our time together? What
strategies and tactics are you able to walk away with/ apply? What ideas have been refreshed/ renewed/
or are new for you? What insights do you have to make project risk management "stick" within your
organization and become a "normal way" of getting project work done?

Risk Management Discussions

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How risk mitigation impacts the project’s critical path?

Shenoy, S. (n.d.). How To Monitor Risks In Project. Retrieved from PM Smartnotes:

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