Dq 5 Planning Budget with Risk

In: Business and Management

Submitted By keyfler
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Which aspects or areas of a project plan are more likely to be affected by risk responses? How do risk responses affect the different areas of a project plan? Give an example of a situation in which you believe a highly perceptible risk response plan can be created. For this example, list the possible risk responses and give reasons why you believe that the risk response plan would have a high impact on the project plan. How would you manage the changes in the project plan?
According with Wysocki (2009) a project is a sequence of unique complex interconnected activities with one goal or purpose, which must be completed by specific time, within budget and according to a project scope. The saying ‘unique and complex” means that every project on its own is different therefore it will always have risks impacting it throughout its life cycle.
Kerzner (2006) defines risk as a probability and a consequence of not achieving a defining project goal or the uncertainty of a possible opportunity may give rise of a risk in the relation to a project. Moreover there will be two major components of such risk: * The probability of occurrence of such event (risk/opportunity) * Impact (or consequence) of the event occurring (what would be at stake), meaning if a probability or consequence increases so will the be risk of such event occur.
In order to smoothen the occurrence of risks a risk management plan as to be incorporated and implemented at all phases of a project. This constitute of risk planning, identification, analysis of the quantitative and qualitative impacts, risk response , controlling and monitoring risk systems, or in other words it shall help determine how to plan, execute and control the various activities that might cause direct impact the project.
There are several areas of the project that may be directed impacted when a risk emerge considering at the…...

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