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.
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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 ...
The solution discusses risk identification and contingency planning.