Responding to Risk
How effective would risk management be if you simply identified the risks and then walked away from them? Although some would argue that the simple act of identification improves the ability to watch for risks, it does not take full advantage of the positive impact that a set of well-planned responses may have on a project or organization.
Consider an organization where you currently work or one with which you are familiar. Preferably, continue to discuss the organization I use in prior Discussions is School Construction Authority
With these thoughts in mind:
“The organization I choose Is the School Construction Authority we build school, we have a IT department, finance department, change order department Inspection department; safety department, Architecture department, construction department Legal department
Some examples of categories for potential risks include the following:
- Technical
- Cost
- Schedule
- Client
- Contractual
- Weather
- Financial
- Political
- Environmental
- People
Now post your answer to the following:
- Provide a brief overview of your selected organization to reacquaint your colleagues with it. You can include information about the size and industry of the organization, governance structure, and attitudes of its leaders toward risk.
- Discuss your organization’s use and practice of identifying and responding to risks effectively.
- Based on the use and practices that you have shared, describe how you would improve the risk procedures employed within your organization.
- Conclude by describing how your suggestions would impact the organization itself.
References:
Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Sixth edition. Newtown Square, PA: Author.
Part 1: A Guide to the Project Management Body of Knowledge (PMBOK® Guide)
- Chapter 11, “Project Risk Management”
- Section 11.5, “Plan Risk Responses” (pp. 437–448)
This section of Chapter 11 explains the process for planning responses to project risks. It also includes the specific inputs, tools and techniques, and outputs that should be generated from the risk response planning process.
Rubric:
Element 1a: Initial Post – Risk Identification and Response Practices
Provide a thorough and detailed description of an organization’s practice for effectively identifying and responding to risks. Make sure all relevant resources are provided to support the response.
Element 1b: Initial Post – Risk Practices Improvement Recommendation
Provide a thorough and detailed recommendation for improving risk practices in an organization. There are no errors or missing details. Make sure all relevant resources are provided to support the response.
Example: o how the assignment should be
[Part 1 of question] Provide a brief overview of your selected organization to reacquaint your colleagues with it. You can include information about the size and industry of the organization, governance structure, and attitudes of its leaders toward risk.
My company is an academic medical center that employs over 13,000 staff. We are the third largest non-federal employer in SC and are a part of our state government, even though we operate as semi-autonomously with our own Board of Trustees. We are led by a president, who has the hospital CEO, physician practice plan CEO, and all college deans reporting to him.
Although the hospital accounts for 8,000 of the 13,000 employees, it generates 80% of our $2.24 billion in annual revenue and therefore has the most money to spend on projects. The leaders in our organization, both on the academic and medical side, have no tolerance for risk. This is due in large part to the fact that if we fail, patients die, and because we are a state organization everything that we do is open to public scrutiny. [141 words]
[Part 2 of question] Discuss your organization’s use and practice of identifying and responding to risks effectively.
Like most hospitals, we have a variety of safety nets in place to promote good patient care and detect and correct mistakes in patient care. Although we could discuss it down to the physician or nurse level, where every mishap is carefully analyzed and, if possible, corrected, the risk monitoring and control aspects that impact me the most are those involved in projects.
All projects use…[of course you would have to write much more to describe your processes here]
[Part 3 of question] Based on the use and practices that you have shared, describe how you would improve the risk procedures employed within your organization.
Some of the ways that we optimize risk management is to keep a complete log of previous project risk registers so that when we kick off a project that is similar to one in the past, we can … [and again, go into greater detail here, giving multiple examples…]
[Part 4 of question] Conclude by describing how your suggestions would impact the organization itself.
By making the suggested changes we could … [and go into what would improve].
Then when you are done you can remove the question headers and change them to be more meaningful and make them brief. For example, this header:
[Part 2 of question] Provide a brief overview of your selected organization to reacquaint your colleagues with it. You can include information about the size and industry of the organization, governance structure, and attitudes of its leaders toward risk.
Could be modified to be the following header:
Company Overview and Risk Attitude
As shown in my example, bold your headers to make them stand o
Answer preview
Part 1: Brief Overview of School Construction Authority
My company is School construction Authority based in New York City. My firm began in 1988 where the control of capital projects by the Board of Education in the city got removed by the New York State Legislature. The removal of power was an attempt to end corruption. The mission of my firm is to establish environment-friendly and beautiful public schools and to ensure safety for all children. The firm also constructs friendly environments at cost-friendly manners to develop integrity, safety, and quality. My firm has over 700 employees…
(500 words)