Question: I need to answer this post about risk management approach: According to Kerzner (2023), risk management involves identifying, analyzing, and responding to project risks to
I need to answer this post about risk management approach: According to Kerzner (2023), risk management involves identifying, analyzing, and responding to project risks to minimize potential negative impacts on project objectives. Proactive risk management enhances decision-making, reduces uncertainty, and ensures resource optimization. As an IT project manager, I've found techniques such as risk breakdown structures (RBS), probability-impact matrices, and SWOT analysis most effective. These tools help categorize risks, evaluate their potential impact, and prioritize response strategies. Kerzner (2023) emphasizes the importance of early identification and continuous monitoring through risk registers and regular review meetings. For instance, during a cybersecurity upgrade for a classified network, a risk assessment revealed potential delays in software certification. The process of getting software certified on an unclassified network was already known to be a long process. Additionally, the elevated classification would require more steps. We initiated early coordination with cybersecurity authorities and including buffer time in the schedule, we mitigated delays and ensured on-time deployment. Heldman (2018) highlights the value of contingency planning and stakeholder communication in mitigating risk. Effective risk management not only prevents project failure but also builds trust with stakeholders and enhances overall mission effectiveness
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