How do you safeguard the project from risk when a customer skips risk management?

Expert Solution

There can be many risks when customers skip risk management, and the following are the ways to safeguard the project:

-the crucial step is to identify the risk that are likely to affect the plan. For example, the manager can identified risk through different divisions like supplies quality check, material check, customer feedback, demand.

-identify opportunity: there are possibilities when a risk can turn out to be an opportunity. The opportunity must be used correctly, which helps the manager to anticipate and plan accordingly.

-determine the likelihood and impact of risk on the project. For example, the chance that is identified can be a scale from 1-5 and work on it.

-the manager should focus on the risk that has the highest potential impact on the sales and answer the lower impact risk by asking why it occurs.

-estimate the cost for risks and assign the employees to look after each possible threat that is likely to occur. It will help in keeping a balance when a customer might skip risk management.

keosha answered 1 year ago

Risk management is an important part of the project management process, how much time do you...

Risk management is an important part of the project management process, how much time do you believe should be spent on the process within the scope of the project? What process should the project manager take to identify the risks? Discuss the risks that are common in project management. Provide examples.

For Project Management... in a project, you setup a whole procedure for risk management. If the...

For Project Management... in a project, you setup a whole procedure for risk management. If the risk does occur in the project what do you do? Please be detailed (you setup your risk control obviously, please add more insight).

Can you please do a Risk Response matrix for a home renovation? project management

. How does Business Risk Management differ from Individual Risk Management?

Use a project that you know of and provide a risk management plan for the project....

Use a project that you know of and provide a risk management plan for the project. Conduct an analysis of the risk management process as evidenced by the plan.

Define Risk Management. How does Risk Management of a small business differ from that of a...

Define Risk Management. How does Risk Management of a small business differ from that of a large firm?

how do I prepare a risk management report?

what do these definitions mean in terms of project management A customer issued solicitation for contractor...

what do these definitions mean in terms of project management A customer issued solicitation for contractor to supply specific products or services. It should contain technical, management and cost sections describing in detail the contractor’s proposed solution for addressing the customer’s needs. A formal document outlining specific requirements for the project or service so contractor can propose appropriate solution. A contractor produced response to an RFP. Tends to have higher risk in a cost-reimbursement type contract. Should be included in...

Why do you think Risk Assessment and Priorotization is essential in the Risk Management Process? *Risk...

Why do you think Risk Assessment and Priorotization is essential in the Risk Management Process? *Risk Assessment and Prioritization

Describe the steps in the policy cycle. How do risk assessment and risk management inform the...

Describe the steps in the policy cycle. How do risk assessment and risk management inform the environmental health policy cycle?

Question