Prepare a paper of no more than 1,400 words, including the following elements:

• Determine project risk management procedures and relay forms of risk management.
• Determine responses to potential risks. Relay initial risk response measures for risks in earlier weeks.
• Create a risk action plan. Relay the components of a risk action plan and provide one example of a risk in your project.

Answer preview

According to El Yamami et al. (2017), a risk action plan outlines the course of actions that the organization uses in addressing the potential risks, minimizes the likelihood of the risk occurring and reduces the risk impact if it occurs.  It ensures that the organization undertakes the appropriate actions on a timely basis.  Therefore, the risk action plan guides the risk manager what do at a given time.  It prepares the Business to successfully implement its project by enabling it to put a contingency plan.  Without a risk action plan on the possible risks that the project could encounter then the project committee can not authorize the project.

The basic project management procedures followed are briefly described below.

These steps involve uncovering, identifying, recognizing, and describing risks that might affect the project and its outcomes as well.  The risk manager should devise techniques which can be used to identify the risks.  Some of the techniques that can be applied in identifying the risks include document reviews, brainstorming,…

 

(1500 words)