risk management week 4 reply 2
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Dec 6, 2023
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Uploaded by AgentStar116984
Alpha, it was a pleasure reading your discussion post this week.
Your qualitative and
quantitative risk assessment matrices were very informative. It is crucial that risks that have a
higher weight take priority as they are the ones that will most likely have a greater impact on the
project. In the case of RPO construction it would appear that both assessments can work so as to
quickly identify the risks and prioritizing them. The quantitative assessment provided a deep
preview of the risks in terms of quantifying the information . Garrido Martins et al., (2023),
noted that construction projects generally experience more risks when they are faced with the
decision of delivering a project within the scheduled time and on budget and for this reason it is
pertinent that they perform quantitative assessments so as to help them to make decisions that are
well informed and based on data rather than opinions. This way they will be able to prioritize
resources and set strategies in place to deal with the risks that will have the most impact. “The
beginning of wisdom is this: Get wisdom. Though it costs all you have, get understanding" (
New
International Version
, Proverbs 4:71973-78/2011). This verse teaches us that seeking wisdom
and understanding is crucial in making decisions and managing projects. It is important that
project managers have a clear picture of what is going on so that they can manage the risks in the
best way possible.
References
Garrido Martins, C., Bogus, S. M., & Valentin, V. (2023). Quantitative risk assessment model
and optimization in infrastructure fast-track construction projects.
Infrastructures
,
8
(4),
78. https://doi.org/10.3390/infrastructures8040078
New International Version. (2011)
New International Version Online
,
https://www.New
International Version/. (Original published 1973-78)
It is important for organizations to build risk assessment matrices. These can be used to help
the organization be proactive and eliminate potential issues. How did you determine the weights
for each risk?
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