Strategies for Risk Management in Organizations

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Questions and Answers

Which of the following strategies is recommended to address organizational financial problems?

  • Replace potentially defective components with bought-in components of known reliability.
  • Alert customer to potential difficulties and the possibility of delays; investigate buying-in components.
  • Reorganize team so that there is more overlap of work and people therefore understand each other's jobs.
  • Prepare a briefing document for senior management showing how the project is making a very important contribution to the goals of the business and presenting reasons why cuts to the project budget would not be cost-effective. (correct)

What is the recommended strategy for addressing recruitment problems?

  • Alert customer to potential difficulties and the possibility of delays; investigate buying-in components. (correct)
  • Reorganize team so that there is more overlap of work and people therefore understand each other's jobs.
  • Replace potentially defective components with bought-in components of known reliability.
  • Prepare a briefing document for senior management showing how the project is making a very important contribution to the goals of the business.

How should a team be reorganized to address staff illness?

  • Replace potentially defective components with bought-in components of known reliability.
  • Reorganize team so that there is more overlap of work and people therefore understand each other's jobs. (correct)
  • Prepare a briefing document for senior management showing how the project is making a very important contribution to the goals of the business.
  • Alert customer to potential difficulties and the possibility of delays; investigate buying-in components.

What is the recommended strategy for addressing defective components?

<p>Replace potentially defective components with bought-in components of known reliability. (A)</p> Signup and view all the answers

How should requirements changes be addressed?

<p>Derive traceability information to assess requirements change impact. (A)</p> Signup and view all the answers

What is the recommended strategy for addressing organizational restructuring?

<p>Prepare a briefing document for senior management showing how the project is making a very important contribution to the goals of the business. (B)</p> Signup and view all the answers

What should be done to address database performance issues?

<p>Investigate the possibility of buying a higher-performance database. (C)</p> Signup and view all the answers

How should underestimated development time be addressed?

<p>Investigate buying-in components; investigate use of a program generator. (A)</p> Signup and view all the answers

What is the recommended approach for risk monitoring?

<p>Assess each identified risks regularly to decide whether it is becoming less or more probable, and also assess whether the effects of the risk have changed. (D)</p> Signup and view all the answers

Which of the following is NOT a recommended risk management strategy mentioned in the text?

<p>Increase project budget to account for unexpected costs. (A)</p> Signup and view all the answers

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