PROJ 586 Week 5 Discussion; Contingency Planning

WEEK 5: CONTINGENCY PLANNING Respond to the following questions.  How do you identify and analyze risks?  What is contingency planning? You are to submit three quality posts over 3 different days, with the first post on or before Wednesday for each graded discussion topic. ANSWER: Hello Professor and Class. Project Risk Management Plan The intention of a project manager is to see a project from inception to finish, however, there are always seen and unseen risks or obstacles that can impede the progress of a project and throw the project plan completely out of the line. Planning ahead on these risk is very important for effective project management. A risk can occur at any stage in the project life cycle and can negatively affect the entire functioning of the project, leading it to deviate from the proposed plan. A project risk can affect the project schedule, cost, quality and scope. The project risk management plan entails identifying the potential risk that may arise during the course of the project, and enacting plan to mitigate them or reduce their effect on the success of the project. Project risk management plan deals with understanding the type of risk the project is subjected to and putting a contingency plan in place to handle the risk if they occur or guard against the adverse effect. The risk management plan is a step-by-step instruction documented to identify, and anticipate scenarios that can throw the project off balance as it relates to plan, schedule and budget. In most projects, unplanned or unexpected problems may be unavoidable, but effective risk management plan takes into consideration different scenarios that might create such problem and