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Effective risk management

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Reference Style: Harvard Referencing At least 4 Harvard references including at least one website Harvard reference. Must include in-text citation for all the references 800-1000 Words For effective risk management, it is not enough to merely identify potential risks to a project. While this is better than nothing, in order to fully realise the benefit of risk management processes, you need to also analyse (and document) how each risk identified may impact a project. Moreover, it is also prudent to identify the causes of risks in order to better develop mitigation strategies should said risks come to pass. With respect given to these points, consider the following scenarios: 1. The project could fail because the cost of a key component has increased and we could build a product that does not achieve its production cost target. 2. We may not be able to maximise employee sales efforts since their morale toward the new product is so low. 3. We have no experience in applying for an export license. 4. We might go significantly over budget because we have no formal change management system in place to track the costs of changes in the scope of work agreed upon between the customer and the supplier. 5. There could be an early major snowstorm when we are planning to lay the foundation. 6. The testing phase will need to be extended because the supplier does not do design reviews. 7. If the city planners are late as they usually are, we will not be able to get the permits in time to start excavation. 8. With their holiday bonuses, we know that the majority of the carpenters will probably take time off before the New Year. 9. We might be late because the materials could be delivered to the site out of sequence. 10. Our policy is to accept the lowest-cost bidder. This always leads to rework, dissatisfied customers and delays in delivery. For this Assignment, your challenge is to identify the cause, the risk and the effect of at least three of the given scenarios. Using this information, you must develop and recommend a risk mitigation strategy for each scenario you select. To complete this Assignment: Submit a paper in which you address at least three of the 10 given scenarios. State which scenarios you selected and identify the top risk of each scenario, as well as the root cause of that risk. Furthermore, analyse each of these risks in terms of how they will impact each associated scenario as well as why your identified causes produced said risks. Use your analyses to develop mitigation strategies for your identified risks and explain how and why these strategies will be effective. If a given statement you selected does not accommodate the identification of a risk, cause, effect and mitigation strategy, expand the statement so that it does.

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