Risk management is imperative to the success of any project. Since risks are inevitable in personal and corporate activities, having a good plan in place aids to identify and select strategies to mitigate or respond to these uncertain events. Correspondingly, one of the tools that I use for risk mitigation is the PMBOK®Guide. I applied the concepts in my project, World Club Dome.Forthwith, I researched and organized all the potential risks and found that lodging, transportation, and additional activities posed a threat to the success of the project (“Course Material” 3). I used my knowledge of Incheon, Korea and supplemented the details with rigorous research and tourism reports on the location. While conducting a qualitative risk analysis, I came up with a budget that would incorporate any unseen circumstances in the social media marketing project. The 200,000 dollar budget catered for the social media and public relational activities, and any risks like the breakdown of vehicles that would carry tourists to various sites (“Project Charter”). It was imperative that I present the findings to my clients so that together we come up with possible mitigation techniques, some of them were prioritizing and cost estimates. Moreover, I completed an environmental analysis which unearthed our primary competitor and helped me understand the government policies in Korea when it comes to tourism. The qualitative study aided in prioritizing which risks and understanding the business environment.
In the risk identification and analysis, I did a thorough SWOT analysis. The study revealed the capacity of the company to meet the needs (“Course Material”3). For instance, the firm had staff that was qualified to undertake marketingactivities. Through their assistance, it was possible to come up a risk plan. The analysis also highlighted the major weaknesses of Social Media Travel Agency, which was a competitive vulnerability.A SWOT analysis was crucial in determining the risk position of the company and device relevant and informed strategies.
The risk assessment also analyzed the risks identified much easier. In this regard, I examined the data concerning the likelihood of the risks I identified happening. Mainly, transportation and activities were significant problems that other tourist organizations faced in Korea. An analysis of the identified risks, whose findings were critical, was made possible with the aid of the risk assessment guide.
Through the PMBOK®Guide, it was easy to devise a method for responding to, and monitoring the risks. From the identified risks, it was best to accept our risk as mitigation and avoidance were beyond the control of the firm. It was agreed that audits, regular meetings, and data analysis would be extensively used (“Course Material”10). The project plan would also be reviewed regularly so that any relevant updates are made. The guide enabled me to come up with an effective response and monitoring methods.
The risk is unavoidable in any business. However, with the guideline, I was able to accomplish my task with ease. Completing the risk analysis has taught me that planning for any uncertainties just as substantial as the technique used in the analysis. The PMBOK steps proved instrumental in my project as the outcome was pleasant to the client and me. Risk planning is made more comfortable with the aid of thePMBOK® Guide.
Response 1: Hoang Nguyen
Your work details multiple ways if analyzing the risks your project faced. You mentioned the matrix cube for risk mitigation.However, there is little mention of how you will apply the tool. Firstly, there is scanty information about what events would be categorized in the cells of the matrix.It would have been clearer if you had illustrated how the matrix works by filling in the negligible, marginal, critical, and catastrophic cells concerning your project. Again, you have pointed out the 5-why analysis for mitigation purposes. Just as in the first case, you did not mention what ‘whys’ the planer should be answering in the process. Comparatively, you have comprehensively covered the application of the MPBOK model. In your work, you have outlined the risks and opportunities, and a decision-making matrix. Although your work is satisfactory, it would have been more comprehensive had you expounded on the 5-why and matrix cube.
Response 2: Ann
Ann, you have detailed work. Firstly, you have pointed out the use of the pros and cons of risk analysis. It is a simple and effective technique that can apply at an individual or organizational level. Moreover, you have listed the systemic approach that your organization uses and its relevant steps. In addition, you have mentioned the way the company analyzed the risks and tabulated the results. In your firm, you have simplified the risk assessment process by merely asking what the risks could be. Although a good strategy, you have not highlighted the challenges that come with not having an established procedure. Furthermore, you have not stipulated why there is no risk management process in Habros. Although it saves time to be spontaneous, it would be better to highlight the benefits and difficulties that the approach has. Overall, your work is concise and detailed but still should incorporate the ideas I have proposed for clarity.
Lecture Notes. Risk Management. Bovard College, n.d.
Project Charter. World Cup Dome. Course Material, 2019.
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