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PJM410 MOD6 Peer Responses to Discussion Questions

Please respond to both POST1: (Question from the professor in regards to my post.) and POST2: in at least 250 words

POST1: is a question from the professor in regards to my post. I am not a fan of this professor as she has made it clear that she will make no exceptions due to the COVID-19 outbreak. (although I am working 20 hour days 4 days a week, kids out of school and everything is closed) When formulating your answer to her question regarding my post please be as abrupt as possible while sticking to the facts. As there is no doubt you are both smarter and more articulate then she is. (Kinda of putting her in her place.) I will be reporting her to the school when the class is finished as every other professor I have has been more then willing to work with me.

I have included the original post only as reference.

Original post:

There are several general questions that should be asked to initiate the
risk response thought process, and there are other more specific
questions (relative to project cost and schedule, and product
technical/quality performance) that can be asked. All resulting
responses should be aligned with project objectives and priorities. What
are some of the practical elements needed when determining project risk
responses?

Class,

Welcome to week 6. This week we focus on project risk responses.
Risk in projects is inevitable, ensuring the risk response is
appropriate can be a challenge for some risk managers. This week please
note some practical elements that are needed to determine risk
responses. Examples are always welcomed (and encouraged!).

I’m looking forward to another great week of engagement.

My original post:

Project Risk Responses

Strategies for a response to risks focus on
four significant areas, such as avoidance, mitigation, acceptance, and
transfer (“Project Management Institute,”2017). Therefore, the
identification and monitoring of residual risks are essential. This
process helps to highlight the events of risk triggers, identification
of unexpected impacts and proposing corrective measures. A project
manager should maintain an iterative process of identification,
analysis, and monitoring of risks. Quantitative risk, qualitative risk,
and planning on risk response typically continue from ideation to
completion of a project exercise. The avoidance aspect centers on the
elimination of a cause and accompanying threat of risk. Secondly, the
mitigation element strives to reduce the impact of an underlying risk
that cannot be eliminated. In some cases, it can be inevitable to
transfer risks to other parties through transfers such as guarantees,
insurance purchases, and warranties.

Options for response approaches include
exploitation, enhancement, and sharing. Exploitation requires changing a
project to enhance the occurrence of opportunities. Next, enhancement
increase the positive impact and probability of risk events. The
sharing aspect, on the other hand, involves the allocation of
opportunity ownership to third-parties (Bissonette, 2016).

Acceptance of risk falls into two that
include passive and active acceptance. The former leaves the action to
be set as required in case of a risk situation. The latter acceptance,
however, involves the implementation of contingency plans during the
occurrence of a risk. All stakeholders of a project should be informed
in case of risk acceptance. Generally, project managers should ensure
the occurrence of opportunities. Besides, the manager should reduce the
possibility and effect of threats and concurrently increase the impact
and probability of opportunities.

References

Bissonette, M. (2016). Project risk management: A practical implementation approach. Newtown Square, Pennsylvania: Project Management Institute.

Project Management Institute. (2017). A guide to the project management body of knowledge: (PMBOK® guide) (6th ed.). Newtown Square, PA, USA: Project Management Institute.

POST1: (Question from the professor) PLEASE ANSWER

Darby,

Thank you for the engagement this week. There is no perfect formula
for determining risk responses due to the uniqueness of each project.
For example, if you implement a project in hurricane season in Florida,
you are more likely to experience the hurricane than you would if you
were implementing the same exact project in a different location like
New York.

In regards to the risk elements, what key factors are important to
know and understand prior to determining the actual risk? By factors, I
mean project attributes.

POST2:

Risk
response can be of one of four kinds: acceptance, mitigation, transfer,
and avoidance. Mitigation seeks to lessen the effects of a risk which
can’t be eliminated or handed over to a third party. Avoidance seeks to
avoid the cause of a particular risk. However, sometimes risk transfer
is the only way to handle a risk; this most often happens through the
purchase of insurance. The project manager should pursue and actively
document changing risk structures as the project progresses, while
simultaneously trying to anticipate other risks and offering work
arounds (Bissonette, 2016). We need to know which strategy works best
for a particular kind of project (by looking at project histories of
past projects). Then and only then should the P.M. formulate a response
(Hillson, 1999).

Risk acceptance is either of an active or passive kind. Passive
acceptance requires little more than documenting the possible risk and
realizing that it might eventually occurs. Active acceptance, however,
involves the formulation of contingency plans and other work arounds
that will off-set as much as possible the negative effects of the risk.

Response options include enhancement, exploitation, and sharing.
Enhancement seeks to increase the risk probability and (good) impact of
risk events. Exploitation means changing or manipulating the steps in a
project to take advantage of certain positive impacts. Lastly, sharing
(similar to avoidance above) is handing over positive impacts to other
parties (Bissonette, 2016).

In the end, it is the project manager’s responsibility to see that
opportunities have been fully taken advantage of, and that everything
possible has been done to avoid to offset or otherwise handle risks.

References: Bissonette, M. (2016). Project risk management: A practical implementation approach. Newtown Square, Pennsylvania: Project Management Institute.

Hillson, D. (1999). Developing effective risk responses. Project Management Professional Services Limited. Retrieved: http://www.risk-doctor.com/pdf-files/rsp1099.pdf