Assignment:
This week, we will embark upon a study of project risk management. Believe me; it is a worthwhile pursuit. As in most cases, Murphy's Law (i.e., "if anything can go wrong, it will.") is in effect. The key to effective project management is that of adopting and executing a proactive, versus reactive stance. In the ensuing discussion, we will be addressing some basic, yet very important questions:
What are the risks to the project?
To what degree could they impact (positive or negative) the project?
What contingency plans should we have in place to counteract them?
When/how should these actions be triggered to take effect?
Who will be responsible for taking action?
What types of controls/management systems should we have in place for these plans?