SUCCESS MATTERS Module 7 & Weekly Activity: Risk Strategies v4 Graded: 20 pts Student Name and # ID Today we are talking Risk Responses. For each scenario describing risks to consider while planning, provide the appropriate risk response strategy to be used. Description of Activity: Note: There is only one valid strategy per scenario. Do not forget to consider if you are looking at a threat or an opportunity. Description of risk: (20 points) Description of risk: ABC is a high-end furniture store chain. The company is in the process of developing a new renaissance style edition for release in six months. A PM of a construction company uncovered a risk that, if it The PM leading the development of the new edition were to occur, could shorten the length of the project by 2 is currently developing risk responses, alongside the months. This would mean a savings of $75,000. All of the team. In response to one of the threats, insurance stakeholders agreed that everything within reason should be was purchased to cover any potential losses, should done to make sure that this risk happens. What risk the risk emerge. What type of response did the team response strategy is the PM most likely to use? utilize? Strategy: Strategy: A contractor knows that the project will be we have all experienced or seen, recent examples of the completed in two months. However, to be able to shift to working from home to prevent employees from start a new project that is due to start next month, it contracting COVID-19. Most organizations decided to accelerates to complete the project earlier and the risk of their employees getting sick. commence the second project in a timely manner Other examples of this option can include halting the potentially freeing up several resources in the production of a particular product, selling a division of the process. company, or deciding against an expansion. Please fill in the blank with the appropriate risk response... Strategy: Strategy: During preparation on the construction site, the Due to the lack of some technical capability, a vendor is not contractor installs additional temporary lighting, able to bid for a project alone; therefore, it teams up with signs, and handrails to decrease the probability of injuries onsite. The contractor is using this risk another firm that is capable, and they bid for the project response strategy... together in a new strength position. Strategy: Strategy: If inaccuracies or incomplete information in the survey file are found, it could lead to rework of the the the Despite the possibility of deteriorating sub-grade beneath design and plans. A person is assigned to work with the base and already existing pavement system, the owner the Survey group to ensure accurate and complete does not include the replace of sub-grade in the project information. scope of work therefore using this risk response strategy... Strategy: Strategy: An electronics manufacturer is slated to use a new, cheaper supplier for a key component of a product they sell. Since the new, overseas provider is is Airlines frequently overbook flights with the understanding untested, there's some concern that they might not w that a certain number of people will cancel their flights. provide the shipment on time, which could cause the With thousands of flights per month, some of those flights company to lose this new account. This is a risk, and ,will inevitably end up with too many passengers on the hebooks - at which point the airlines begin offering incentives that risk can be essentially eliminated by using the to lure people off the plane. This is a type of risk response old (more expensive) supplier to meet the initial known as... deadline, reserving the cheaper supplier for future deadlines. Strategy: Strategy: * Ensure that you provide the proper citations or references for your research
