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Risk Mitigation
Risk mitigatio
To ensure that this project will not overrun the set budget, there is a need to plan properly before the project starts. Planning will minimize the risk of the project extending its set budget Glickman & Khamooshi, 2005.
Risk management is vital for this project as it identifies any problems that might occur as the project is ongoing. Identifying potential problems allows the project managers to be prepared for any eventuality. Having a laid out plan in terms of the potential risks would also ensure that when those risks occur all stakeholders are prepared, and they know how to handle the risk Royer, 2001.
Majority of projects fall behind schedule, and this is very risky for any project. A project that fails to maintain its timeline would result in increased costs and resources would be strained.
The towers that need to be upgraded...
All communications handled by these towers should be rerouted to other towers before the upgrade begins. New towers require grounds to be prepared, and this might be time consuming for the project. This is because health considerations have to be made and grounds acquired. To ensure that there will not be any risk, the project managers need to involve environmental parties Grabowski & Roberts, 1999.
This will allow the project to continue without much hindrance due to environmental issues. Having all involved parties to sign off on the agreement is vital as it ensures that all stakeholders are committed to the project. There is a risk that some representatives might not be experienced in dealing with the stakeholders. This risk can be mitigated by training and providing the representatives with ample information in regards to the investors they…
References
Glickman, T.S., & Khamooshi, H. (2005). Using Hazard Networks to Determine Risk Reduction Strategies. The Journal of the Operational Research Society, 56(11), 1265-1272. doi: 10.2307/4102079
Grabowski, M., & Roberts, K.H. (1999). Risk Mitigation in Virtual Organizations. Organization Science, 10(6), 704-721. doi: 10.2307/2640237
Menoni, S., & Margottini, C. (2011). Inside Risk: A Strategy for Sustainable Risk Mitigation. New York / Heidelberg: Springer.
Royer, P.S. (2001). Project Risk Management: A Proactive Approach. 8230 Leesburg Pike: Management Concepts.
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