MGMT440 Managing Project Risks and Opportunities Unit 3_ Controlling Risk Learning map _ Action plan

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As a project manager, risk assessment and action planning for responding to risks are tasks that are critical to the delivery of positive performance outcomes. The tasks of assessing risks and actio... n planning for risk responses involve determining the probability of a risk occurring and the impact of the risk on project performance. When project managers identify the potential for a high priority, high probability risk, aggressive monitoring and action planning is required for determining how these types of risks will be addressed. This lesson discusses the action planning involved with addressing high priority, high probability risks. Learning Materials With any identified project risk, it is appropriate and necessary to identify a risk-response strategy for addressing the risk. Risk response is the process involving the development of strategic options and actions necessary for enhancing positive risks that present as opportunities and for reducing the negative risks that present as threats to the achievement of project objectives. A risk action plan will be used for addressing risk identification and response activities. What is the risk action plan? This study source was downloaded by 100000821916538 from CourseHero.com on 03-25-2021 15:57:15 GMT -05:00 https://www.coursehero.com/file/52397004/MGMT440-Managing-Project-Risks-and-Opportunities-Unit-3-Controlling-Risk-Learning-map-Action-plan/ This study resource was shared via CourseHero.com In the general sense, risk action planning is a process chosen by organizational leaders to assist with addressing project risks, reducing risk likelihood, and decreasing the impact of a risk following the occurrence of a risk event. The risk action planning process is necessary for warranting the appropriate execution and implementation of a risk-response strategy when needed. The plan assists stakeholders with preparing for incurring project risks and does so by identifying the measures necessary for reducing the likelihood of a risk. [Show More]

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