I’m working on a management discussion question and need guidance to help me learn.

There are two discussion post. i have to reply them based on their answer to the discussion board question. i have to reply my opinion based on their answer to that discussion board questiol.

Discussion board Question:

Chapter 11 of the PMBOK Guide (5th edition) Project Risk Management includes the processes involved in conducting risk management planning, identification, analysis, response planning, and controlling project risk. In the 6th Edition of the PMBOK guide, the Control Riak process was split into two new processes: Implement Risk Responses and Monitor Risk. Of particular interest for this course is the tools and techniques found in these new processes. The primary benefit of applying risk monitoring and properly implementing risk responses is improved efficacy of risk management throughout the project life cycle.

For your initial response write and post a summary of the article you located on the topic of controlling project risks (monitoring risk and implementing risk responses) you located for the Week 5 reading assignment. Then prepare and post a topic in this forum responding to the following:

1) Provide a brief summary and evaluation of the article. Your summary should include APA 6.0 compliant in-text citations and references. (If you are new to APA style please see the APA style references located from Citation Styles Link under the eCourse Portal QEP Tutorials page.)

he article align with controlling project risk, implement Risk Responses and Monitor Risk, described in the PMBOK Guide 6th Edition?

3) Often, project teams perform risk planning and assessment but fail to perform risk control effectively. Do you agree or disagree? Why?

Person 1:(Anup) Post:

Aup Pant – Saturday, 24 April 2021, 2:17 PM

Risk and uncertainties are inevitable. Be it a small or a big project, risk will always be there because of the diverse and changing nature of the external environment that is beyond the control of the organization. As a project manager, it is very important to predict and evaluate the potential risk that could impact the project and prepare in advance on how such risk can be mitigated. There could be numerous and different types of risk that could affect the execution and completion of the project. Risk can be related to cost, budget, time, resources, performance, market, and customer related. Risk management is something that should be considered initially during the project planning phase. The best way to prepare for risk is to assume they are certainly bound to happen and prepare for all kinds of possibilities that could go wrong.

One of the articles that I found on the topic of controlling project risks is “Project Risk Management – Know How to Mitigate Risks” by Swatee Chand. As per the article, risk and uncertainties are something unavoidable but if taken necessary actions in advance its consequences can be minimized. As a project manager, it is very important to have the knowledge in risk management and mitigation. Due to the growing and diverse nature of risks, that is present in the market and environment of today, every project manager must be prepared with a risk management plan. Risk can occur anytime without alerts, so risk management plan is required throughout the course of the project lifecycle. Evaluating possible problematic areas, open communication, monitoring mechanism, SWOT analysis and risk response strategy are something that can be used to minimize the impacts of risk and uncertainties.

I found the risk mitigation strategy in the PMBOK and this article to be similar. Both PMBOK and the article mentions about the quantitative and qualitative approach of risk management. The importance of having a risk response plan and strategy in advance is highlighted in both the PMBOK and the article. The scope of risk management is dynamic and the way it is handled greatly impacts the outcome of the project.

I do agree that often project teams perform risk planning and assessment but fail to perform risk control effectively. I think the reason in project team’s inability in managing risk and control is because of the lack of risk management and project management skills. Risk is something uncertain and because of the uncertainty and uniqueness, each risk requires a customized solution to the problem. Most of the times the solution that worked in the past for managing and controlling certain nature of risk cannot be applied in the present context because of the change in variables and constraint of the market even though the risks are of similar nature. Risk mitigation and controlling requires study of the several variables, detailed research, decision making skills and ability to predict future state of the market.

Reference:

Project Management Institute. (2018). A guide to the project management body of knowledge: PMBOK guide (6th ed.). Newtown Square, PA: Project Management Institute.

Chand, S. (2019). Project Risk Management – Know How to Mitigate Risks. Retrieved from https://www.edureka.co/blog/project-risk-managemen…

Person 2 : mandeep:

Control Risk Project:

For the discussion of controlling project risks, I found the article, Risk Management: An Important Part of the Project by Mehwish Majeed. Risk is any kind of unwanted event in the project that can be the reason for the failure of the project. So, in project management risk management is applied for controlling any inevitable risks that may come during the project life-cycle. Project risk management is the important element in the project that saves the project from harmful effects of financial, social, cultural, environmental, and other issues related to risks. The business environment is full of tough competition where the organization has to face a lot of risk at the time of the business dealings and in such conditions, risk management is the only technique to make the project safe from the adverse effect of risk (Majeed, 2012).

Risk Management is a process that identifies, discover, control, and analyze the risk which can affect our project. Risk management is a necessary element of project management that helps to meet the goal of the project. For the management of the risk, we can apply several steps of controlling risks. Risk management can be handled by the risk manager who is an expert in the issues of the risk that is associated with the particular project or the business as well as should know the various ways to mitigate risks. The skillful project manager should handle the risk management as well (Majeed, 2012). Following are the reasons explained in the article for developing and implementing an efficient risk management plan in the project:

• It helps to avoid the big disaster in the project.
• It helps to enhance the revenues by saving the project expenses.
• It provides mental satisfaction.
• It ensures the successful completion of the project.
• It gives a competitive edge over others.
• It helps to increase the sense of responsibility and accountability.
• It helps in exploring new opportunities.

The ideas expressed in the article align with the ideas that are described in the PMBOK book. As described in the article PMBOK book also explained that risk management is the process of defining how to conduct the risk controlling activities for the project. Risk management is the process of conducting risk management planning, identifying, analyzing, and responding to the planning and controlling the risk on the project (Project Management Institute, 2017). The ways are different but the ideas are

The main purpose of the risk management plan is to find out the positive impacts of the risk in the project activities and decrease the negative events in the project (Project Management Institute, 2017). A risk is an inevitable event in the project that has both positive and negative effects on the objectives of the project. The risk affects the scope, schedule, cost, and quality of the project.

I am agreed with this point that often projects teams perform risk planning and assessment, but fail to effectively perform risk control. In project management, the risk mitigation technique can be used to find out the nature of the risk that is faced by the project member. While developing the plan for removing risk, the risk management team must be conscious of the areas of the risk which would contribute to erasing the negative effects of the risk. The risk management and controlling activities can be successful only if the project team can identify the negative effects of the risk in the project and solutions for it. So, there is essential for skilled manpower who can understand the adverse effect of risk in the project before it harms the project activities otherwise risk management can’t work effectively.

References

MAJEED, M. (2012, April 17). Risk Management: An Important Part of the Project Management. Retrieved April 23rd, 2021, from https://project-management.com/risk-management-an-important-part-of-project-management/

Project Management Institute, Inc. (2017). A Guide to the project management body of knowledge (PMBOK® Guide). (6th ed.). Newtown Square, PA: Project Management Institute, Inc