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STR 581 Week 5 DQ 2

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STR 581 Week 5 DQ 2
In your experience, where do risk management plans fall short? What are the types of risks
that an organization might face and how could it mitigate those risks?
Risk management is the art and science of identifying, assigning, and
responding to risk through out the life of a project and in the best interest of meeting project
objectives. Risk management involves understanding potential problems that might occur on the
project and how they might impede project success. It is also like a form of insurance; it is an
investment. Risks are both threats and opportunities. I believe the four key factors to risk
management are Risk Identification: determining which risks are likely to affect a project
Risk quantification: evaluating risks to assess the range of possible project outcomes
Risk response development: taking steps to enhance opportunities and developing response to
threats Risk response control: responding to risks over the course of the project
In my opinion most risk management plans fall short in the area of risk identification.
Firms are not likely to fully define all potential risks associated with a project or plan. It is easier
to skim the surface than to take the time for a full evaluation of potential risks. When these risks
are not identified then there is a good chance something will happen at a later time to delay the
project.

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