create a comprehensive report to the CIO of the project organization that covers
ID: 3863478 • Letter: C
Question
create a comprehensive report to the CIO of the project organization that covers the following:
Introduce your paper by telling the reader what the high-level topics are that will be covered within it and providing some historical perspective for how the information within the paper was collected.
Explain the components of assessing risk that were used to evaluate the risk profile of the organization.
Describe the specific risks that have been identified within the organization including the likelihood and impact that of those risks.
Describe recommendations for the appropriate strategy the organization should follow to mitigate those risks, including support for why these recommendations are optimal.
Create a detailed summary that highlights the important aspects of the report and the areas on which the reader should focus attention. Include support for why these are the most important areas of concern.
Use proper APA (6th edition) style and formatting for all references and citations.
Explanation / Answer
(1)The components of assessing risk used to evaluate risk profile. (2)The risk that has been identified & impact of those risks. (3)How to mitigate the risk
All these are important areas of concern,,These information has been collected through online survey
(1)Four components of risk management are identification assessment and prioritization of risks along with the subsequent efforts to minimise, monitor and control the probability and impact of losses.Based on the priority risks identified management decides on the appropriate risk response,there are four categories Avoid,Accept,Reduce,and Share ,the organisation first decides whether to accept or reject a risk based on an assessment of whether risk is desirable or undesirable, If an organization chooses to accept risk,it can accept it at its present level,reduce its severity and its likelihood of occurrence,or share it with a financially capable, independent party,
(2)Having identified and evaluated the risks ,the next step involves the identification of alternative appropriate action to managing those risks,since risks may have varying impact on the organisation,,not all risks carry the prospect is loss or damage,types of risk with positive impact are; (A) starting or continuing an activity likely to create PR maintain the positive outcome,(B) modifying the likelihood of the risk,to increase possible beneficial out comes, (C) trying to manipulate possible consequence, to increase the expected gains,(D) sharing the risk with other parties which could increase the likelihood of the opportunity, Manegment options for risks having negative outcomes look similar to those for risks with positive ondecisionsRisk mitigation planning is the process of developing options and actions to enhance opportunities and reduce threats to project objectives,, Risk mitigation implementation is the process of executing risk mitigation actions,it includes tracking,identified risks,identifying new risks,ands evaluating risk process effectiveness throughout. There are different strategies followed by the organisation,
(1)Determine the appropriate risk manager: he/she responsible for identifying and implementing the risk mitigation plan. (2) Develop a high level mitigation strategy: This is an overall approach to reduce the risk impact severity and probability of occurrence (3)Right actions that needs to be taken,look for evaluation,proof,and validation of met criteria, for example,metrics or test events, Include all stakeholders relevant to the step,action,or decisions. Determine the actions time to be completed. Backward planning,Forward planning,,develop a contingency plan .
These are all the important areas of concern for any organisation,, since every organisation is faced with risk,so risk management plays a vital growth for organisation by evaluating the risk,,mitigation of those risks.
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