Risk responses
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| − | In order to fully understand risk responses and strategies to deal with threats or turn chances into opportunities, it is vital to be familiar with the concept of risk management. Risk management is the overall response to an event that has an outcome, either positive and in favor of the project or negative thus posing threat to the project objectives such as scope, schedule, cost or quality . Risk has a source, and its origins can be traced to the uncertainty that is present on all projects . We can talk about risks as if the risk event happens, the uncertainty perishes. If the risk was a threat, it becomes an existing problem and if the risk was an opportunity it becomes a benefit. | + | In order to fully understand risk responses and strategies to deal with threats or turn chances into opportunities, it is vital to be familiar with the concept of risk management. Risk management is the overall response to an event that has an outcome, either positive and in favor of the project or negative thus posing threat to the project objectives such as scope, schedule, cost or quality<ref name="PMI">. Risk has a source, and its origins can be traced to the uncertainty that is present on all projects . We can talk about risks as if the risk event happens, the uncertainty perishes. If the risk was a threat, it becomes an existing problem and if the risk was an opportunity it becomes a benefit. |
But in order to be able to respond appropriately to the risk at hand the risk source must be known and the probability of an event to happen. | But in order to be able to respond appropriately to the risk at hand the risk source must be known and the probability of an event to happen. | ||
Revision as of 11:37, 15 February 2018
There is a difference in definition of risk and uncertainty, as uncertainty is the absence of information required to make a decision. In order to manage risk and uncertainty it is important to understand four elements of the risk management process of identifying, assess, respond and control of the risk events and their sources. After undergoing the steps of identifying and assess the risks at hand during the project, it is the process of developing a strategic response that enables the proper action for the uncertainty of the outcome, whether the risk poses a threat to the project that has to be mitigated or if it is an opportunity to exploit. This article will give an overview of the planning, strategies and tools for the risk response process, as the project benefits of addressing risks by their priority, inserting resources and activities into the budget, schedule and project management plan as needed [1].
Plan risk responses
In order to fully understand risk responses and strategies to deal with threats or turn chances into opportunities, it is vital to be familiar with the concept of risk management. Risk management is the overall response to an event that has an outcome, either positive and in favor of the project or negative thus posing threat to the project objectives such as scope, schedule, cost or qualityCite error: Closing </ref> missing for <ref> tag
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