Risk Response Matching – Case Study Example
Risk management A risk response is an activity aimed at ensuring the risks an organization is exposed to are less harmful. A risk response strategy is only useful if it is created prior to the risk event. One major risk response strategy is sharing of the risk. An organization may share risks by partnering and collaborating with other organizations to complete projects (Kerzner 49). For instance, an organization may outsource their human resource services to another organization with an aim of sharing the risk that may result from the department. Another risk response is mitigation. Mitigation may be described as a remedy to the effects of a risk. With mitigation the effects of the risks are made manageable by the organization. Mitigation is an important strategy since it abides by the assumption that an organization is exposed to numerous risks (Kerzner 56).
When carrying out projects certain objectives should met. A project may have more than one objective that requires to be fulfilled with a specific period of time. Such projects experience many problems that may minimize their effectiveness. One problem may be the financing of the project to fulfill all objectives. For instance, it may be costly to fulfill the quality, image, reputation and goodwill requirement by a project. Another significant problem is the difficulty to ensure continuity of the project and fulfill all its requirements. As the stages of a project develop, it becomes a constraint to manage all requirements and still display the same success in all the requirements (Kerzner 77).
Kerzner, Harold. Project Management: a systems approach to planning, scheduling, and controlling. NJ: John Wiley &Sons. 2013. Print.