Risk Workshops Allow for a Strong Modeling Essay

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Risk workshops allow for a strong modeling process of any project management problem. Risk workshops, when conducted effectively produce a prioritized list of risks that has an assigned action and stakeholders attached to that risk. As a project manager all risks rely on the details of the project. I would always expect to be briefed on any changes in budget, deadline or change in objective. Identifying risks that address these issues is important in assessing the value of risk workshops.

Prioritization of key principles and objectives is imperative in the project management way of business. Understanding the difference between a threat and a priority is essential for success. High-priority opportunities should always be addressed first since they compose the main objectives and goals for that project. Threats are important but should not cause the project to come off the tracks.

Section 1C

When disaster strikes in the middle of a project, a strong project manager must leap into action and regain control of the situation. For example, if a hurricane comes along and damages a construction project at 80% completion, it is necessary to examine the options involved with the case. Options include finding new sources of funding, reprioritizing essential tasks and ensuring that all deadlines will be met. Such a project must be able to allow for more flexibility in ways that can contribute to the solution.

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Section 1D

In the case of "Planning for Unknowns," a strategic shift would be necessary if a contingency budget was released allowing for more funds, however the completion date can not be moved. This is the time to test the adage: time is money and apply all resources and skills to the speeding the process up by applying financial resources to the problem that were not there before.

Section 2A

It is of the utmost importance to constantly monitor active risks while continuing to identifying new risks. The varying shifts of any industry or environment must force the project manager to stay abreast of threats that can damage the overall product. For instance, as projects become closer to finishing there is an increased risk of complacency and let down. It is important that PMs stay vigilant in their pursuits.

Section 2B

When measuring the total effects of risk when managing any specific project's success it is important to take into account the cumulative effects that these risks pose. In the case of the Titanic many risks became realized all at the same moment. Many flaws were identified before the accident, but it appears that a multiple event risk management approach was not implemented due to the complexity of the situation. IN cases like these, an holistic and total approach to risk management must be adopted.

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