Chapter 11, Problem 7DQ

Your team represents the ERP Design and Development Project for a XYZ hospital. Your company's senior management has requested that you prepare a risk management plan that identifies potential risks and identifies risk management strategies. From the course content and readings, you know that the overall purpose of risk planning is to anticipate possible risk events and be ready to take appropriate action when risk events occur, to eliminate or reduce negative impacts on the project. Following features must be addressed in your risk management strategy:• Realistic Assumptions based on the scenario• Risk identification (Risk item checklist)• Risk projection (developing a risk table and Assessing risk impact)• Risk Mitigation and Monitoring plan

Please provide a concise explanation for each of the five different risk-control techniques.

A recommended approach is that the people assigned to implement a risk management program should begin by studying the models presented earlier in this chapter and identifying what each offers to the envisioned process. Once the organization understands what each risk management model offers, it can adapt one that is a good fit for the specific needs at hand. Which risk control strategy would you consider the most effective and why? When should the strategy be used and why should it not be used for all risks?