Selecting risk response strategies and monitoring risks

Oct 3, 2023

Selecting risk response strategies and monitoring risks

You are a project manager for a compliance-driven, complex project. You just completed risk identification and risk analysis of 15 key risks that could affect your project (Unit 2 IP). Your manager reviewed your report and asked you to create another report to address the other two phases of risk management life cycle, as follows:

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  • Selecting appropriate risk response strategies
  • Risk monitoring and control

You will use previously identified and analyzed risks. You need to recommend approaches to reduce or eliminate the impact or probability of these risks for negative risks. You will also use the identified approaches to recommend approaches to increase chances of a risk event happening for positive risks.

You will need to provide the following for this report:

  • Detailed explanations of key concepts
  • Classifications
  • Techniques used for this effort

The company hired a consultant who provided a template with explanations and key tools to be used for completion of this report. Use the template provided to complete a 5-page report (excluding the cover page). NOTE: Please delete all instructions and examples before submitting your work.

The following sections must be included in the report:

  • Roles and responsibilities
  • Risk tolerance
  • Risk considerations according to priority
  • Risk response strategies for negative risks
  • Risk response strategies for positive risks 
  • Risk monitoring and control

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