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Discussion | Risk Mitigation Strategies INITiAL only 300 words. 2 PEEER REPLIE
Discussion | Risk Mitigation Strategies INITiAL only 300 words. 2 PEEER REPLIES- I will update assignment when i receive two peer replys so you can go ahead and reply to them REVIEW Review the assigned reading to prepare for this discussion. Risk is inherent in just about everything we do in life, but it is even higher on projects due to the constraints of time, resources, scope, and budget. Understanding, mitigating and managing risk is critical to the success of any project. Unfortunately, when we overlook risk, it is often very costly. Think about ignoring risk on a million-dollar project and how costly that could end up being. Consider the following situation: the management of a three-million-dollar project where the expected end product was a new geographical information system for a large utility company. The vendor building the system assures the organization of their ability to deliver something exactly to the desired specifications. The organization acknowledges the risk of pursuing this project without seeing the end product which was in development at the time. About eight months into the project, after numerous missed deadlines and still no prototype of the system to see, the project manager assesses the risk identified earlier of the vendor not being able to develop and deliver a product. The organization had already spent one million dollars on the project. The project manager goes to the executives with a proposal to shut down the project and save the remaining two million that had not yet been spent, considering it would probably be at least double that to complete the project if the vendor was able to deliver anything. The organization brings in another project manager to do another assessment and provide a second opinion. The other project manager concurred with the original assessment, and the executives decide to shut down the project. For this project, the executives decided at the beginning to pursue the project knowing that this risk would be a costly one if it came to pass. Sometimes, executives make judgment calls like this knowing that there is great risk involved. In this case, a million-dollar risk that could have cost a lot more had it not been dealt with in a timely manner. Watch the video Three Simple, Fun and Effective Tools to Help Manage Risk [00:12:52] (link provided below). As you are watching this video, think about how these concepts apply to project management. https://youtube.com/watch?v=MTdFkPTTnsA%3Frel%3D0%26autoplay%3D1%26iv_load_policy%3D3 RESPOND Using an example related to project management from your own experience, apply the concepts presented here to your experience; to either support the success or to show how using these concepts could have led to greater success. Requirements Initial Post: 300 words minimum APA formatting Citation Requirement: Minimum of one scholarly for initial post, peer-reviewed source properly cited and referenced. RESPOND (assignment to be updated with replies) Respond to two peer posts Response to Peers: 200 words minimum one peer needs a sholarly citation DISCUSS Post at least two substantive responses to your colleagues. Responses could include suggestions for further resources, questions of clarification, or providing context and insight. Avoid simple posts of agreement; if you agree, explain why, and then thoughtfully further the conversation. I WILL UPDATE ASSIGNMENT WHEN I HAVE PEER REPLIES 1st peer Reply response here with scolarly source 200 word minimum one of the two discussions need a scholarly resource 2nd peer 200 word min reply here to post

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