Purdue Global University Risk Monitoring and Controlling

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Question Description

DETAILS: This assignment is designed to explore the monitor and control risk processes. Often in projects, there is a tremendous amount of effort put into identifying risks, formulating response strategies, and creating an overall risk management plan. However, the plan then becomes a nice bookend and gathers dust. It is vital to put your plan into action and when you "plan what to do," then you should "do what you planned." Implementing, monitoring, and controlling are important next steps. For this assignment, you will respond to the question below.


REQUIRED ACTIONS:

  • 500-700 words.
  • For this assignment, you can respond either by addressing the individual questions or in a more holistic way. However, you must address all of the topics and questions posed in your response regardless of format. Your response must be substantial and reflect critical thinking, problem-solving, and knowledge synthesis.
  • When citing resources, don't forget to use in-text citations and a reference citation at the end using proper APA style. Please consult Purdue's Online Writing Lab (OWL) website or your APA guide to assist you. See: OWL APA Style Guide for assistance.

RESIDUAL RISKS/STOPPING A PROJECT:

  • Define "residual risks" and explain how they can impact a project. Can you eliminate all residual risks? If so, explain how. and if not, what can you do to reduce them as much as possible?
  • When would you make the recommendation as a project manager to "kill" or stop a project? Provide specific details on issues that may dictate killing a project. Do NOT just repeat the information from your course books, but research additional sources of information. How would you convince a stakeholder or sponsor that a project cannot deliver what it promised and it is time to call it quits? Support your response with one reference in addition to those provided in your required/optional readings, learning modules, and text books. Use proper APA style for citations.
  • Is your "gut feeling" a good way to question whether a project is at risk for failure OR should you always base your recommendations upon data and assessments/metrics? Why or why not (please explain in detail)?

Unformatted Attachment Preview

DETAILS: This assignment is designed to explore the monitor and control risk processes. Often in projects, there is a tremendous amount of effort put into identifying risks, formulating response strategies, and creating an overall risk management plan. However, the plan then becomes a nice bookend and gathers dust. It is vital to put your plan into action and when you "plan what to do," then you should "do what you planned." Implementing, monitoring, and controlling are important next steps. For this assignment, you will respond to the question below. REQUIRED ACTIONS: ▪ ▪ ▪ 500-700 words. For this assignment, you can respond either by addressing the individual questions or in a more holistic way. However, you must address all of the topics and questions posed in your response regardless of format. Your response must be substantial and reflect critical thinking, problem-solving, and knowledge synthesis. When citing resources, don't forget to use in-text citations and a reference citation at the end using proper APA style. Please consult Purdue's Online Writing Lab (OWL) website or your APA guide to assist you. See: OWL APA Style Guide for assistance. RESIDUAL RISKS/STOPPING A PROJECT: a. Define "residual risks" and explain how they can impact a project. Can you eliminate all residual risks? If so, explain how. and if not, what can you do to reduce them as much as possible? b. When would you make the recommendation as a project manager to "kill" or stop a project? Provide specific details on issues that may dictate killing a project. Do NOT just repeat the information from your course books, but research additional sources of information. How would you convince a stakeholder or sponsor that a project cannot deliver what it promised and it is time to call it quits? Support your response with one reference in addition to those provided in your required/optional readings, learning modules, and text books. Use proper APA style for citations. c. Is your "gut feeling" a good way to question whether a project is at risk for failure OR should you always base your recommendations upon data and assessments/metrics? Why or why not (please explain in detail)? ...
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Tutor Answer

Knutsen
School: New York University

Hello there, here is the complete paper. Go through it and in case of anything, feel free to alert me.Regards

Running head: RISK MONITORING

1

Risk Monitoring

Student Name
Institution Affiliation

RISK MONITORING

2

Introduction
Risk monitoring and controlling is a process of identifying, new risks, implementing
the contingency plan and monitoring the residual risk. The process involves efficient
strategies for evaluating these risks to ensure that the project meets its objectives. To monitor
the risks, one needs to have a risk register, management plan, and performance reports. Also,
it is vital to hold meetings with stakeholders for risk assessment and audits. By doing so then
you update the register and come up with preventive actions.
Residual risks
Residual risk is a type of risk that remains after a response to a particular risk has
been deployed. It is difficult to calculate the accuracy of this risk ...

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