Assessing Risk in PRINCE2 – Part 4
Many projects neglect risk management, and that's a common cause of failure. Yet risk management is not hard to do, not time-consuming and the logical sequence of using PRINCE2 is a snap!
Risk Responses for PRINCE2 Opportunities
When Assessing Risk in PRINCE2, there are four responses:
Selecting the PRINCE2 Risk Responses
The PRINCE2 Manual suggests that you base a decision on the balance between the cost of taking that Particular action and the probability and impact – Or severity, of the risk.
That is absolutely correct, but it leaves out the time factor. Occasionally, the time impact on the project rather than the costs, is significant in the potential action.
When Assessing the Risk PRINCE2 responses, occasionally, the time impact on the project rather than the cost is significant in a potential action. For example, if a project proves more complicated than first thought, you may find that you do not have enough skilled staff available.
This situation is highly likely and the resulting impact is also very high. You could however consider an action of training up more specialists, but that action may not be as suitable as hiring in skilled staff.
This is not for cost reasons, training may actually be cheaper, but because of the time needed to carry out sufficient training.
Join FREE with sample lessons in all Classes
PREMIUM SUPPORT GUARANTEE
Our primary goal is to meet your needs in the most professional and efficient way possible. We believe our Online Training Classes will transform your learning life. Having easily accessible training gives you more peace of mind than you ever thought possible. We love answering training questions, and helping you with classes you are enrolled in. For a quick reply to any questions just leave a support ticket.
Ready to get Project Management Hints Tips and Free Courses?
Enter your email below to get a free 5 part mini-course, sample exam papers and access to all our free courses.
Copyright 2019 Projex Academy, all rights reserved.