“Ongoing Risk Management” Please respond to the following:
- Analyze why it is important to constantly monitor active risks, while continuing to identify new risks. Include an example to support your response.
- In many risk programs, risks are managed individually. However, a robust risk program considers the cumulative effect of all risks. Assess the following scenario to identify the effect of multiple events on a risk management strategy:
When the Titanic struck the iceberg, the weather was bad, the lookouts were not properly equipped, the radio operator was not monitoring other ship traffic in the area, and the ship design had a major flaw in the construction of the hull’s “watertight” compartments.
“Risk Review Process” Please respond to the following:
- Identify the use of major and minor reviews during a project’s life cycle, and determine which project factors (e.g., size, complexity, budget, schedule, human resources) would aid in the determination of the use of the reviews. Support your position(s).
- Select which types of stakeholders should attend major reviews and which types of stakeholders should attend minor reviews. Justify your selection. Discuss how the stakeholder groups affect the review types.