PM 584 Phoenix Risk Treatment helps in Identifying the Residual Risks

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timer Asked: Mar 5th, 2019
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Question Description

Please answer these questions in three different ways, each answer being 150 words or more:

  • Is risk treatment an essential component of project management? Why or why not?
  • Can risks with positive or negative consequences be advantageous? Provide an example.

Please answer the following questions in 150 words or more:

  • Provide citation and reference to the material(s) you discuss. Describe what you found interesting regarding this topic, and why.
  • Describe how you will apply that learning in your daily life, including your work life.
  • Describe what may be unclear to you, and what you would like to learn

Tutor Answer

CASIMIR
School: UT Austin

Here you go. In case of any further inputs, please let me know.All the best!I appreciate working with you!

Running head: RISK RESPONSE PLANNING

Risk Response Planning
Name
Course
Professor
Date

1

RISK RESPONSE PLANNING

2
Risk Response Planning

Is risk treatment an essential component of project management?
Risk treatment is a critical component of project management. Risk treatment comprises
of what is to be executed in response to the risks which have been identified with the goal being
to reduce the potential risk exposure. Through risk treatment, it is possible to choose and execute
actions as a way of changing risk. There are different forms of risk treatment and may include
avoiding, optimizing, transferring or even risk retaining (Purdy, 2010).
Helps in Identification of Options
In project management, risk treatment assists in the identification of options. Whenever
one identifies and evaluates the existing risks, the next course of action entails coming up with
appropriate alternative actions used in the management of the risks. Given that the risks
identified may have different impacts on the firms, not every other risk has the chance of loss or
damage (Aloini, Dulmin & Mininno, 2012). There are chances of opportunities coming up from
the risk identification process, given that the types of risks that have positive outcomes are
identified.
Through risk treatment, project management allows the risk management cost to be easily
comparable with the accruing benefits expected therein. When ...

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Anonymous
Thanks, good work

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