BUS528 Project Management: Chapter 5

Risk Management: Minimize the Threats to Your Project


A. "Chapter 5 ideas"

During managing a project, there is always uncertainty about the schedule, the costs, the quality of the end product, and many times are the people. In this chapter, I learned there are 5 ideas to minimize the threats to my project.

1. Identify the risks
2. Analyze and priotize the risks
3. Develop response plans
4. Transfer the risk
5. Mitigate the risk

B. Risk Analysis Template, identify at least two risks



















Based on the above Risk Analysis template, identify:-

1. Define the risk condition and seriousness
2. Probablility of the risk level
3. Risk response strategy and its contingency plan

C. Develop Response Plans:
5 categories of classic risk response strategies, accepting, avoiding, contingency plans, transferring, and mitigating the risk.

1. Accepting the risk - A common strategy, as long as the consequences are cheaper than the cure
2. Avoid the risk - Avoiding risks on projects can have the same effect > lower risk, lower return
3. Contingency Plans - Contingency plan can be looked on as a kind of insurance policies, can be expensive
4. Transfer the risk - Major component of this strategy is effective contracting and subcontractor management
5. Mitigating the risk - Mitigation covers all the actions the project team can take to overcome risks from project environment.