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?
Please answer the question in detail and in your own words. Do not copy from somewhere else. Thank you!
Project
Risks:
Any condition or uncertainty that if occurs can effects the working
and the outcome of the project with unpredictable results are known
as the project risks. There can be no single any project that
cannot be free from any kind of risk that can directly or in
directly affects the project and people working on that
project.
It is very important for any
organization or an individual to identify and learn about the
nature and possible affects that can be occurred in the project.
Some of the projects risks are as follow:
• Cost Risk: This type of risk is very
common and can easily affects the operations of any project. It
might be a situation when we are working on a project and suddenly
due to inflation in the market the prices of the raw material that
we are going to use increases which directly affected the overall
cost of the project. To avoid this risk the organization starts
finding the seller who was selling the same material at the
cheapest price and started purchasing the material from them.
• Staff Risk: Sometimes it happens in
a situation that staff has been hired for a particular project
according to their specialization in the own field but after
sometimes due to some uncertainty some of the staff members decide
to leave the project and this leads to increasing in the time of
the project. As this risk is totally unpredictable the organization
were again trying to hire a new person for the job which was
initially increasing the time of the project.
• Resources Risk: The risk of lack of
resources can affect the operation of any project anytime. It might
be a situation when the organization or any team is working on any
project and the raw material they require for their project is not
available which can lead to a halt on the ongoing project. The
organizations were trying to find the best alternative of the
product that was easily available to use in their project.
As now the time has changed and now
there are several ways to avoid these risks they are follow:
• Cost Risk: Before starting the
project commit a survey of the prices and market standing which
will give the assumption of what will be the changes in the prices
of the raw material that we required and then calculate how much we
require and order them instantly according to that before any
situation is created of price inflation.
• Staff Risk: Now a days each and
every organizations have collaborations with different job hiring
organizations and firms which can provide the highly professional
staff instantly on the demand of the organization.
• Resources Risk: Organization should
always select the place for executing their project at the place
where all the required resources are easily available and are
available in a huge bulk which will directly improve the efficiency
of the project.
Conclusion: Previously the project was given more priority by the organization or the team members of the project which were inviting many different risks to affect the project, but now there are many ways which will instantly decrease the radius of risk in affecting the operations of the project.
From your experience working on projects, list and categorize three risks. Was the response plan for...
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