Reference no: EM131426856
Assignment: Developing a Risk Response Plan
Evaluating a project for probability, costs and impact is imperative before developing a risk response plan. Most organisations do not have the time and resources to devote the same level of effort to every risk. Thus, risk response plans need to examine risks systemically and consider the highest risks as well as stakeholder risk tolerance.
In the Readings, you will read how Ackermann et al. (2007) identified a risk filter as a tool to provide a framework for risk mitigation. This tool can be applied to each project within the selected area of the organisation. This filter tests for a wider range of risks and builds in systemicity, resulting in the development of action portfolios.
This is just one tool that could be used for response planning. For this Individual Assignment, you will research other tools and tailor one or more to develop a risk response plan for the project you identified in Unit 1. You will revise this Individual Assignment to include Faculty Member feedback and incorporate it into your Final Project.
To prepare for this Individual Assignment:
- From the project you identified in Unit 1, select a risk area to feature in this Individual Assignment. This risk area should be narrow enough that appropriate strategies and tools might make a difference in ameliorating the threat.
- From the Readings and credible online sources, identify strategic management tools that might be particularly appropriate in analysing a risk area associated with your selected project from Unit 1. Consider the impact and effectiveness each of these tools may have on your project.
To complete this Individual Assignment:
- Prepare a detailed response plan for the selected risk area incorporating the tools that you selected. Include in your response plan a probability and impact assessment, prioritisation and identification of early warning indicators.
- Explain how you considered stakeholder risk tolerance in your risk response plan. Would your planning for individual risks change depending on a stakeholder's tolerance for risk? If you had to prioritise the stakeholders depending on their risk tolerance, how would you still reassure those who were more risk tolerant?
- Cite all sources used in preparation for this Assignment, including the articles you researched online.