Chapter 15: Opportunity Risk Management
Chapter 16: Strategic Risk Management
Chapter 19: Communicating Risk
TQM Conference Paper:
TQM Conference Paper:
TQM Conference Paper:
Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter.Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.
Also, provide a graduate-level response to each of the following questions:
- Briefly describe what role employees have as risk owners on a project team.
- Why is it important to define a projects constraints in a project scope statement as it relates to risk control.
[Your post must be substantive and demonstrate insight gained from the course material. Postings must be in the student’s own words – do not provide quotes!]
[Your initial post should be at least 450+ words and in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review]
Assigned Reading (s):
Chapter 16: Opportunity Risk Management
Chapter 17: Strategic Risk Management
Chapter 20: Communicating Risk
TQM Conference Paper:
TQM Conference Paper:
TQM Conference Paper:
Overview:
Chapter sixteen of the text examines risk in terms of opportunity. In the field of Project Management, risks are uncertain events that might cause the project to deviate from plan, either in a positive or negative way. Opportunities can occur when an unexpected positive event occurs and acts as an added benefit. For example, a company might be forced to upgrade its equipment for safety or compliance reasons; however, the company may find that doing so might create the opportunity to expand their product offerings. Instead of creating remediation plans to hedge the risk, enhancement plans are developed to enhance the chance of the opportunity occurrence.
Chapter seventeen of the text discusses strategic risk management. Organizational culture influences the tact and strategy taken to manage risks. Assumptions, beliefs, and values within the organization impact the perception and emphasis placed on risk management, and the external environment surrounding the organization can heavily influence risk strategy. The presence of a strategic risk management system enhances the organizations capacity to withstand risk events.
Strategic Risk Management also involves ensuring the right stakeholders are informed at the right time and the communication is effective and properly understood. As outlined in chapter twenty, communication is a vital component of risk management and involves not only verbal and written forms of communication but also body language, tone, perception of messaging, and cultural considerations. The Sender-Receiver Model conveys that once messages are transmitted by the sender, they are then decoded by the receiver. Factors such as tone, clarity, word choice, timing, and background interference can all impact the way in which the receiver interprets the message.
Learning Objectives:
At the end of this unit of instruction, the student should be able to:
- Explain the concept of strategic risk Management
- Diagram a risk communication Plan
Supplementary Readings:
Strategic project management
The book reference is: Edwards, P. J., Serra, P. V., & Edwards, M. (2024). Managing project risks (2nd ed.). Wiley Global Research (STMS).
