What Are the Risk Response Strategies?
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
What Are the Risk Response Strategies?
What is project risk and why is it important to plan for risk?
There are several risks involved when it comes to a project. There can be an unexpected storm that causes a delay in getting supplies ordered or loss of electricity. The unknown is the reason it is critical to have a risk plan in place for every project. A project risk is an uncertain event that can potentially impact a project, either positively or negatively.
Project managers need to create risk response plans that describe the risk mitigation strategies they will use to minimize the negative effect of risk events (Malsam,2021). Having a risk plan in place helps to minimize the effects of a risk such as cost and time. Therefore, a risk response plan is a way to reduce or eliminate any threats to the project.
Define a threat and an opportunity. Why is it important to know what these are on your project?
Opportunities refer to favorable external factors that could give an organization a competitive advantage. Threats refer to factors that have the potential to harm an organization (Kenton, 2021). For instance, an opportunity for a current construction project may be a reduction in the price of steel that reduces the cost of the total project. A threat may be workers on a project that may decide to strike due to drop of benefits, but this also can be an opportunity to lay off certain individuals that may not be needed for the project. As the PM it is just as important to plan for a threat(risk) as it is to look for opportunities.
What are the risk response strategies?
Avoid- By avoiding the risk you ensure the possibility of it posing a threat to your project. For instance, upgrading a computer system that has just been released. You may not be able to receive it do to being on back order, so you buy a older system to ensure delivery on time.
Reduce- If you accept that you cannot remove the risk, the next strategy is to try to reduce the risk. Testing the new equipment that is installed frequently would reduce risk of it crashing.
Transfer- Contracting out a particular aspect of the project to a third party.
Contingency plan- have a plan in place if the risk occurs such as if this occurs in Plan A we go with Plan B.
Accept- If the risk occurs you need to just accept it. Therefore, unless you’re avoiding the risk altogether, you are using a combination of the reduce (mitigate), transfer, and/or accept risk response strategy by default (Williams, 2021).
Take risks- To have a successful project you must take risks. Having a plan to mitigate the risk makes the projects actions post-risk smoother and more integrated.
Kenton, W. (November 11, 2021) Strength, Weakness, Opportunity, and Threat (SWOT) Analysis, https://www.investopedia.com/terms/s/swot.asp
Malsam, W. (October 20,2021) Risk Response Plan in Project Management: Key Strategies & Tips, https://www.projectmanager.com/blog/risk-response-plan-strategies-tips (Links to an external site.)
Williams, C. (2021) 5 Risk Response Strategies You Will Have to Consider After Assessing Risks, https://www.erminsightsbycarol.com/risk-response-s…
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
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10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
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5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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