As the work of your risk management team from the first disc

As the work of your risk management team (from the first discussion question) continues, the discussion of your team\'s risk management plan outline moves on and considers the following questions:

How should the risks be prioritized?

Who should do the prioritization of the project risks?

How should project risks be monitored and controlled?

Who should develop risk responses and contingency plans?

Who should own these responses and plans?

Solution

prioritization of the risk first of all deep study and deep analysis should be done and then the effect of all the risks should also be analysed. The cost – benefit is also done as the cost of mitigation of the risks should not be more than the benefits derived. Depending upon the extent of loss to the company the risks are prioritized. The manager having knowledge of deep ananlysis of risks and who can analyse the effects of all the risks on the organisation should prioritize the risks. Project risks should be monitored by continuously analysis the effect of the risk. There should be some more security on that area where there emerges some project risks. The manager or the team leader having all the required knowledge shoud own these plans.