Purchase Solution

Contingency Planning and Risk Identification

Not what you're looking for?

Ask Custom Question

How does risk identification help with project contingency planning? Provide an example of a specific contingency plan you have ever used, and why it was necessary.

Purchase this Solution
Solution Summary

The solution discusses risk identification and contingency planning.

Solution Preview

Dear student:

Thank you for using Brainmass. I am the original author of the following. The following will help you with your studies and expand your knowledge in this area.

How does risk identification help with project contingency planning?

Contingency planning, also known as risk assessment, is of the utmost importance for any project planning. When planning for a project, the project manager must ensure that:

1) Identify the business functions that are the most critical to the business operations. This will allow for ways to minimize losses if a situation arises.

2) Risk Identification. This is also known as risk analysis. The manager must look at the risks that could greatly disturb the project itself and the overall business operations as well.

3) Prioritize the Risks. This is the most crucial of the three steps, as if the risks are not properly prioritized, the contingency plan could falter ...

Solution provided by:
Jo Ann Prevetti, MBA, PhD (IP)
Education
  • Master of Business Administration, University of Phoenix
  • Bachelor of Science in Paralegal Studies, Kaplan College
  • Business Diploma, Katharine Gibbs Business College for Women
Recent Feedback
  • "Thank you!!!"
  • "Thank you"
  • "Thank you so much "
  • "Thank you very much"
  • "Thank you so much "
Purchase this Solution
Free BrainMass Quizzes
Motivation

This tests some key elements of major motivation theories.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

Learning Lean

This quiz will help you understand the basic concepts of Lean.

View More Free Quizzes
Related BrainMass Solutions

  • Effective risk management

    This process is continuous and requires disciplined employees that are well-trained and capable of problem identification as well as impact resolution that focuses on organization, planning, budgeting, and cost control for the project.

  • Planning: Where do risk management plans fall short?

    371158 Strategic Planning: Where do risk management plans fall short? In your experience, where do risk management plans fall short? Define "risk", what constitutes a "risk event" and the details of a contingency plan for identified risk.

  • Project Management - Risk Management

    A format for identification of crisis and the contingency action is prepared in the planning stage of the project. 9. The person who is responsibility of identification of crisis is designated at the inception of the project. 10.

  • meaningfully manage risks in project management

    of risk management and monitoring/control strategy and plans, identification and rectification of deviations from the planned course of action in a proactive manner and effective leadership by the project manager.

  • Contingency Plans and Risk Analysis

    411111 MGT What is a contingency plan? What is risk analysis? 1What is a contingency plan? What is risk analysis? What similarities and differences occur in the contingency plan and a risk analysis?

  • Think Sessions in Project Management

    It is important to gauge the status of risks and create an effective management plan. Planning ahead, purchasing insurance and establishing both a contingency and fallback plan can also help a project manager monitor and control issues.

  • risk assessment

    In order to make contingency planning a part of the strategic planning process, the first step is to appoint a senior staff to lead the contingency planning process.

  • Security, Privacy, and Other AIS Issues

    A disaster recovery/contingency plan that includes the following: 1) Identification and analysis of procedures to detect vulnerabilities and security threats 2) Identification and analysis of risks and risk mitigation measures, including plans for

  • What are other kinds of project management tools other than MS Project?

    Contingency Planning Contingency Planning is the development of a management plan that uses alternative strategies to ensure project success if specified risk events occur.

View More Related Solutions