Running head: PROJECT MANAGEMENT 1

Project Management;

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Project Risk Strategies

Five common project risk strategies are threats to the project. They include: Avoid,

Transfer, Mitigate, Accept, and research.

Avoid strategies. These are strategies that focus on tacking risks that are threats to the

project. Examples of these strategies include; changing the project plan and scope, improving

project communication, and deciding not to take on the project.

Transfer strategies. They also tackle threat risks. Some of the approaches of these

strategies include: taking on an insurance cover, fixed-price contract strategies, and hiring

experts in the project team.

Mitigate strategies. They are taken in response to project threats as well. The approaches

of these strategies include: lowering the probability or impact of the threats, building a

redundancy schedule, and using more reliable methods.

Accept strategies. They are taken to tackle risks that are both threats and opportunities.

These strategies include; dealing with the risk if and when it happens, establishing triggers and

updating it frequently, and defining time and cost contingencies.

Research strategies. This approach is aimed at educating the project team; it is both a

threat and an opportunity risk strategy. Methods include: seeking more and better information

and verifying the assumptions made during planning.

Prioritizing approaches to the risk events

Project risk assessment is always performed at the beginning of all the stakeholders

taking part. Risks are prioritized for tackling based on their level of impact on the project. Any

item that poses a potential threat is considered a high priority. The following steps are taken to

reduce the effects of risks on the project: recognizing, prioritizing, and controlling the risks.
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Recognizing the risks. This is done by looking at the lessons learned from previous

projects. Any items that had not been considered during the last project are taken into

consideration as potential risks to the current project. Experience with working with different

stakeholders will enable the project team to identify the risks quickly.

Prioritizing the risks. Every project is unique, and every chance will, therefore, be unique.

Previous potential hazards are listed before any assessment can begin. The likely hood of

occurrence of the identified risks is established through probability assessment techniques. The

impacts of the potential risks are identified. The risks with a high probability of occurrence and

severe effects on the risks are prioritized. The overall calculated risks are identified and tackled

from above.

Controlling the risks. After the risks have been prioritized, a risk matrix of developed.

The risk matrix is managed and monitored regularly. Funds are allocated for contingency

measures.

Characteristics of a high performing project team

The features of a high-performing project team are the values learned by the project team

members as the team works together. The following are some of the characteristics that are

displayed by a performing project team:

The behavior of the entire team. The project team has the right mix of skills that are

needed for the project. The team members always help each other. They are always focused on

improving their way of working and are effective time managers.

The mode of communication of the project team. They share information freely and

widely. They informally discuss most of their topics to allow for bonding. They solve many of

their conflicts in a civilized manner and discourage personal disputes.

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They have articulated project management methods. They agree on common goals and

develop the project plan together. They work together to accomplish those activities and

proactively identify and solve problems.

They have developed appropriate feelings for each other through discussions of an

informal setup, the project team bonds. The team members are free to discuss their issues with

those they trust. They always understand, recognize, and appreciate each other's contributions.

Conflict resolution process and its benefits in project management

Conflict resolution is the recognizing and handling of disputes in a rational manner.

Project managers in resolving conflicts apply the following three procedures: Preparing for

negotiations, determining your walk-away point(s), and clarifying the interests of both parties.

Preparing for negotiations. The project manager should be aware of what he or she wants

from the talks and who exactly to negotiate with. This will allow him or she save time for other

activities.

Determining your walk-away points. When preparing for the negotiation, the project

manager should know in advance the minimum amount of benefit he or she should acquire from

a negotiation. Once this goal has been achieved, it will be necessary to end the negotiation.

Clarifying the interests of both parties. The project manager should aim at knowing what

the other party wants and share his interests as well. The project manager should focus on the

merits rather than demerits to create a serene environment for negotiation.

The importance of conflict resolution in project management is that it allows the teams to

go on with their respective duties without much interference. When issues are resolved early, the

project at hand is completed in good time.

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References

Shahtaheri, Y., Rausch, C., West, J., Haas, C., & Nahangi, M. (2017). Managing risk in modular

construction using dimensional and geometric tolerance strategies. Automation in

construction, 83, 303-315.

Zhang, Y. (2016). Selecting risk response strategies considering project risk interdependence.

International Journal of Project Management, 34(5), 819-830.