BUS 519 – week 2

(1) “Need for Risk Management” Please respond to the following: • Analyze why it is important to address risk through the entire project life cycle. Identify three possible negative results that can occur if an organization fails to address risk in different phases of the project life cycle. • Determine three obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles.

(2)”Critical Success Factors” Please respond to the following: • There are four critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Predict the outcome of a project if any of these critical success factors is absent for a project. Support your predictions. • Recommend how you would approach the stakeholders of the project and persuade them that the missing critical success factor(s) must be addressed in order to maximize a successful project. Support your response.