MIS 340 Lecture Notes - Lecture 23: Project Management Institute, Project Management

• School: Iowa State University
• Department: Management Information Systems
• Course: MIS 340
• Professor: Townsend Anthony

Document Summary

The process of developing methods for responding to project risks. Accept the risk: low, unlikely, or forced acceptance, contingency plans and triggers . Avoid the risk: e. g. , drop risky procedures or deliverables. Reduce the risk: reduce probability or potential harm of the problem, still do the risky thing, but do the easier thing, moderate it. Transfer the risk: e. g. , insurance or to the client, outsource it let someone else do it. Risk of the contractor not doing what they are supposed to do. Avoidance: identified risks are avoided through a different course of action, avoid the risk entirely if you can. Transference: transfer of risk to another party through the use of contracts. Mitigation: steps are taken to reduce the occurrence or impact of stated risks, reduce the damage something can do, purpose of insurance. Acceptance: risks are accepted and contingency strategies are planned.