From your experience working on projects, list and categorize three risks. Was the response plan for those projects adequate to mitigate these risks?

From your experience working on projects, list and categorize three risks. Was the response plan for those projects adequate to mitigate these risks?

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July 2, 2021
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From your experience working on projects, list and categorize three risks. Was the response plan for those projects adequate to mitigate these risks? How would you respond to these risks now?

Answer and ExplanationSolution by a verified expert

Explanation
The three types of risks that one can identify while working on projects are:

Technical risks refer to failure of meeting quality standards, not being able to match customer's requirements, and more. If the project team is not able to meet the quality standards and fails the quality check, it is a technical risk.
Risks associated with costs refer to increase in costs. If the production cost is much higher than the budgeted cost, it is a risk associated with cost.
Human resource risk refers to the presence of inadequate people when needed while working on a project, huge employee turnover, and more. If there are not enough personnel in the project team, it falls under this category.
The response plan might not be adequate because:

The plan chosen may be traditional, which failed to identify or assess the risk properly.
It may have caused unnecessary attrition of cost, efforts, and time of the project team. One can have a response plan that involves identification and assessment of risk properly.
The response plan can be adequate because:

One can respond to these kinds of risks with a proper plan with the help of a risk assessment matrix.
It gives a comprehensive idea of how the risk originated, who is responsible for it, and so on.
It helps to mitigate the risk in a quick and cost-effective way.
The response to the risk can be done in such a way that it fits the risk perfectly. One has to understand the nature and origin of the risk to choose the right response plan. It can be done by identifying the risk, assessing it with appropriate tools, and monitoring it to see if the response is creating any effect on it or not.

Sample Response
Based on the types and sources of risks involved, one can categorize the risks as follows:

Technical risk can be due to poor quality standards.
Risk associated with costs can be due to unexpected expenses in the production department.
Risk associated with human resources may be due to a lack of right personnel for the project.
Mitigation of risk means that organization should take steps to reduce the risks that occur.

There may be two scenarios:

The response plan might not be adequate.
The response plan might be adequate.
There is a proper plan to mitigate risks. A tool known as risk assessment matrix is used for proper management of risks. It involves the recognition of risks involved, their possible impacts, the likelihood of their occurrence, and the response plan to the risks. Individuals can respond to the risk after assessing the matrix and understanding what actions to take.

Individuals can respond to the risks by choosing appropriate response that correctly fits the risk. The nature of the risk can be understood by choosing the correct response plan. It can be done by identifying, assessing, and monitoring the risk closely.

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