Introduction to project management/IPM103/Risk/Control

Contingencies: A Contingency is the planned allotment of time and cost for unforeseeable elements with a project. Including contingencies will increase the confidence of the overall project.

Video

Once risks have been identified and assessed, a project manager must decide what is the appropriate response. Can the probability be reduced or the impact mitigated?

Controlling Risks (7:05)

Reading

1. Read the the sections Risk Mitigation and Contingency Plan in the prescribed textbook (Web | PDF), Chapter 15 (pages 145 and 146 in the PDF version).
2. Ensure you understand the differences between the four mitigation approaches.
3. Using the risks previously identified, determine the mitigation approaches you would use.
4. For the high risks you have identified, estimate the cost. Should a contingency budget be allocated for the risk? Why?

WEnote

For a project that you are aware of identify ONE high risk, and describe the mitigation approach you would use. Detail the reason for allocating or not allocating a contingency budget. Post your comment below and then look on the course feed page to see what others have posted.

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