Essay: Efficient risk management strategy

Sample Essay

By using this method a number of privacy issues might come up. Since all the information is put on one document to be reviewed by all departments, there might be issues in sharing financial information or employee performance details with all the departments. This problem can be easily solved by creating several Projects on a Page documents and tailor them according to the number of departments so that only the appropriate information is displayed to the appropriate department. Another method involves uploading the document on the internet with all the departments given secured access so only relevant information can be viewed. By uploading the document on the internet can be an added bonus by finding out additional information through hyperlinks. ( Hill, Gerard M. 2009, pp. 491-495)

It might be practical to cut down the administration; however it will be crucial to sustain the high standard of quality. This will initially entail creating an extensive product checklist as outlined in the methodology. This list does not have to be basic and can be as detailed as possible; all depending on the significance of meeting project results for e.g. the desired efficient and quality from the end project.

The methodology can also be tailored if a high risk situation is involved. It is highly recommended that an efficient risk management strategy along with a contingency plan is implemented. Nonetheless an inflexible risk strategy is potentially unsafe, because a project which involves a small amount of risk may find it unsuitable and a project involving high risk stage may find that it doesn’t have the detail required. Hence we can easily say that an efficient risk strategy needs to be flexible in terms of risk probabilities, impact and priority of the stage.

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