Effective Risk management plan needs to address issues - Risk analysis and management

Q.  Effective Risk management plan needs to address which of these issues?
- Published on 03 Aug 15

a. Risk avoidance
b. Risk monitoring
c. Risk management and contingency planning
d. All of the above

ANSWER: All of the above
 

    Discussion

  • Prajakta Pandit   -Posted on 06 Nov 15


    - Risk is a potential problem and it is a possibility, not a certainty.

    - Effective risk management plan needs to address following issues:

      - Risk avoidance
      - Risk monitoring
      - Risk management and contingency planning

    Risk avoidance : You can also change your plans completely to avoid the risk. This is a good strategy when a risk has a potentially large impact on your project.

    Risk Management and contingency planning : It is used to estimate the financial resources needed to cover all identified project risk in an optimum manner. Risk management identifies possible risks and recognize what can go wrong. It develops a contingency plan to manage those risks having high probability and high impact.

    Risk Monitoring : Risk monitoring may allow the project manager to ascertain what risks caused which problems throughout the project. During risk monitoring, the project manager monitor factors that may provide an indication of whether a risk is becoming more or less likely.


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