Write 1 page thesis on the topic project risk management.
Write 1 page thesis on the topic project risk management. Risk mitigation strategies are used to analyze and report unplanned changes. Without effective risk mitigation strategies, a project will collapse or will lead to unexpected results because of the unanticipated changes (Royer, 2001, p.77. Adam, 2007, p.140). To handle change control issues, I plan to rank risks according to priority. Each risk should be ranked according to significance and likelihood (Dorian, 2011, par.3). I plan to take into consideration these common mitigation strategies: avoidance, acceptance, transference, and control. I would apply effective controls over risks if they are worth taking and are a part of my core project. To handle change control issues, I will measure the impact of the change in terms of my project’s cost, resources, and schedule. I will accept or reject the change after reviewing what will happen if I do not allow the change to occur. I will document the change and will update the project plan accordingly.