Which aspects or areas of a project plan are more likely to be affected by risk responses? How do risk responses affect the different areas of a project plan? Give an example of a situation in which...

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Which aspects or areas of a project plan are more likely to be affected by risk responses? How do risk responses affect the different areas of a project plan? Give an example of a situation in which you believe a highly perceptible risk response plan can be created. For this example, list the possible risk responses and give reasons why you believe that the risk response plan would have a high impact on the project plan. How would you manage the changes in the project plan?

notes:

referencingusingHarvardsystem (3)

Main 2 resources (Sangerah,P.(2010)PMP in Depth: Project Management Professional Study Guide for the PMP Exam:2nd Edn.Boston:Course Technology

Project Management Institute XXXXXXXXXXA guide to the project management body of knowledge (PMBOK® guide). 4th Ed

)

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Answered Same DayDec 20, 2021

Solution

David answered on Dec 20 2021
3 Votes
Project Management

Project Management
Risk Response


6/3/2012



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Risk responses refer to the defining actions which are implemented along the course of the
project so as to accept, mitigate, avoid, defer or transfer the identified risk. In other words, these
esponses are taken as a part of the risk management process. The implementation of timely and
effective risk response plans would ultimately result in optimization of the success in achieving
the project’s basic goals of timely completion, cost effectiveness and high quality (Kendrick,
2009).
Which aspects or areas of a project plan are more likely to be affected by risk
esponses? How do risk responses affect the different areas of a project plan?
The Project Management Plan is influenced by the implementation of risk responses which are
initiated within the plan. As per Sanghera (2010), risk responses affect the following areas of
Project Management Plan in the following ways:
1. Cost plan: The aggregate budget of the project would be altered due to the risk response
since costs are typically associated with implementation of risk responses. As such,
contingency fund management is an essential requirement since the funding amount of
this fund would be determined as per the percentage of identifiable potential risks in the
project’s plan.
2. Human Resource plan: The project’s HR plan would also be affected by the risk
esponse and this response can be both positive and negative. This is because human
esources are the catalyst which implement the schedule and cost plans. Thus human
esource plans are also essential in the process of determining the additional resources
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needed to mitigate risks, while, at the same time, keeping the same within the parameters
of contingencies stated in the cost and schedule plans.
3. Resources Procurement plan: These plans may also need to be modified and altered
accordingly in cases of potential change of scope to a subcontractor agreement or
vendor. The effects of these include the procedures for altering order authorizations along
with the application of funds to decrease or increase the value of a contract. Such changes
call for vendor management as well as changes to the project’s plan pertaining to material
and labor resources.
4. Quality plan: The plan related to quality assurance of the project is also affected by
esponses to risks and such responses are more prominent in...
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