Project Risk Management

Within the Discussion Board area, write 350–500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions with your classmates. Be substantive and clear, and use examples to reinforce your ideas.
Risks can occur as a result of both known risks,such as for newer tasks there may be a learning curve that causes delays in the delivery of a task, and unknown risks, such as events like an earthquake or tsunami. Also, some suggest that they take calculated risks, where careful consideration is taken before taking on a challenge. Risk management, in essence, is doing the same thing in a more formalized process. The discussion assignment for this week will be an evaluation of how risk management can be a contributor versus an inhibitor to a project.
The following Discussion Board task will assist you in evaluating various types of risk. Research at least 2 sources (which may include your textbook) to support your response.
1. Describe a project that you were involved with, or are familiar with, and the types of risks (at least 5) that occurred.
2. How were these risks handled or mitigated?
3. When the risk occurred, what impact did it have on the overall project, such as from a cost and schedule-deadline perspective?
4. If a risk management process was not in place, explain why it may have helped. If a process was in place, did it help, and why?
Write 2 more paragraphs that are an introduction and conclusion to this topic. Be sure to include your references, and format your submission in APA format.
Responses to Other Students: Respond to at least 2 of your fellow classmates with a reply of 100–200 words about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:
• What did you learn from your classmate’s posting?
• What additional questions do you have after reading the posting?
• What clarification do you need regarding the posting?
• What differences or similarities do you see between your posting and other classmates’ postings?
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