Dq7 | Management homework help

Discussion Question (DQ7)

  •  7-1. Describe what needs to be done to manage risk on a project. When should this be done? How can a risk assessment matrix help in this process?
  •  7-2. How does project risk change as a project progresses? What changes are made to the risk assessment matrix as the changes occur?
  • 12-7 Why are problem-solving meetings conducted? Who should call such meetings? Describe the approach that should be followed

After posting your response to the questions above, please respond to at least two other postings of your classmates (Develop your response in nor less than 5 lines)

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classmate 1 (Lixan)

7.1 To manage risk in any project you should identify, asses, control and respond to the possible risks in a project. These need to be done on a regular basis to minimize the possibility of risk. A risk assessment matrix is something that helps this process by assessing the project risks on the base of many factors such as costs, time and environmental factors. Lastly, it helps assess the chance of success of the project.

7.2 Even in the best planned out projects there will always be unexpected changes and uncertainties. Problems like budget cut, or even unexpected fire can affect the project. Another issue can be a staff member quitting or passing on. The changes that can be made to the risk assessment matrix are firstly to identify the risks of a project. Secondly, to take advice from all staff members in analysis as different people have different skills and expertise. Lastly, it is imperative to retain and take care of staff from starting to the end of the project.

12.7 Problem-solving meetings are conducted to solve either a specific or general problem. These meetings are the most important and complex meetings in an organization. The personal who should conduct such meeting are the leaders of the company. For example, owner, C.E.O, and top managers. The approach that should be followed is direct and problem-solving mindset. The end goal of the meeting is to have a successful solution and execution for the problem at hand.

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classmate 2 (Samuel)

7-1 Risk management involves identification, assessment, control, and response to project risks to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective. A tool for assessing and managing risks is a risk assessment matrix, also referred to as a risk register, which includes potential risks, their potential impact, likelihood of occurrence, and response plan. Managing risk includes taking action to prevent or minimize the likelihood of occurrence or the impact of such unfavorable events. Some level of risk planning should be done during the initiating phase of the project life cycle

7-2 As the project progresses, some risks at the start of the project may no longer be a factor and other risks crop up that need addressed. The risk assessment matrix is updated in response to changes in order to accurately reflect the likelihood of occurrence, the degree of impact, the action trigger, the responsibility and the response plan.

12-7 Problem solving meetings are conducted so the problems can be identified positively. They also are held to find the best solution possible. The people that should conduct these meetings should be top level leaders and management. The approach that should be followed is to find the problem and try to come up with a solution that will be the most beneficial to the project. 

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