Share
Explore BrainMass

Differentiate between two types of risk events

Phillips, J. (2010) differentiates between two types of risk events: secondary risk event is when a risk response creates a whole new risk event, and residual risks are usually tiny risk events that are created as the result of a risk event.

Do you think that secondary risks should be given more attention?
From my point of view, I believe that the quantity of risk events (secondary or residual) is a very important factor that should be accounted for. So it's not only the quality of type of the risk event, it's also the quantity of risk events.

What do you think?

Reference:

Phillips, J. (2010) PMP Project Management Professional Lab Manual. New York: McGraw-Hill/Osborne.

Solution Preview

Risk Events:

The planning of future happening that will develop projects can be met with challenges. These are what we term as risk events. They are the unknown future events holding either positive or negative effects on the development rates of the set projects. With the understanding that risk events are unplanned, all projects should have measures in place that will safeguard the development plans of the project. In the case a risk event occurs in the midst of the project phases, it is imperative that the project manager assesses the situation at hand. This will ensure that the type and the quality of risk event are ascertained and the proper modes to counter with the problems created. The exposure rates of the project will determine the risk events that will occur in the project development phases. This will be included in the risk management plan of the project. Through this, the project will be safeguarded from unnecessary destruction that might slow down the development of the project's development (Kohrell, 2011).

The Secondary Risk Event:

This is the type of risk that occurs when a risk response has created a whole new risk event. The secondary risk event therefore occurs due to the response of the reaction to another risk. This risk event emerges ...

Solution Summary

This solution provides a detailed discussion of the given business analysis question.

$2.19