Risk Response Plan
Use the same company/project idea you used in the Week 2 Learning Team assignment. (STARBUCKS)
Write a 1,050- to 1,400-word paper in which you address each of the following items:
- What is the purpose of a risk response plan?
- What is a risk owner?
- Who should be appointed to own risk on a project?
- What is a risk owner’s role in the risk response plan?
- How should a project manager assess and deal with risk?
- List and describe the most common areas of the project where risks can originate.
- List and discuss at least two types of risk for each area.
- In the project you discussed in Week 1, what were the risks, and how were they handled? Should they have been handled differently?
Format your paper consistent with APA guidelines.
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Abstract
Risk response planning is determining ways to reduce or instead eliminate potential threats to the project in the foreseeable future (“Risk Mitigation and Response Planning,” 2017). These threats should be worked on by project managers to optimize the probability of project success. For the project manager is responsible for either decrease or increase of threats to the project, this impact the running of the project. In this prose, we will discuss ways of diminishing threat and study risk response plan in relation to the Starbucks Company.
Risk response planning is very vital in a project. Risks are inescapable in any project, so as a project manager, you should be set up for their event. In this exercise, we present four risk reaction procedures for adverse risks and four risk reaction systems for certain risks! Projects are unavoidably presented to the earth in which they are actualized (“Project Risks: The Five Most Common Project Hazards and What to Do About Them; Budgeting and Risk,” 2016).
(1,428 words)