Managing Risk Is An Important Task For Any Project Manager

1. Introduction Managing risk is an important task for any project manager. After s/he has determined what risks exist for the project and assessed their importance, s/he needs to choose a strategy for dealing with each risk if and when it comes into play. According to Swanson, the risk assessment is critical because it enables the person responsible for contingency planning to focus risk management efforts and resources in a prioritized manner only on the identified risks. The risk management process includes the risk assessment and determination of suitable technical, management, and operational security controls based on the level of threat the risk imposes (Swanson, 2001). Minimize the chances that the risk will occur, develop†¦show more content†¦However, after discussing about how True Crypt is not secure as it may contain unfixed security issues. I discussed with the manager and told him that when I used it for my forensic lab and noticed that the software worked intermittently on co mputer hard drives, external hard drives and USB drives. The manager decided not to proceed with using True Crypt on USB drives’ procedure is called Risk Avoidance not only because it is not an untested procedure that you’re concerned may not produce the desired project results. â€Å"Risk Transfer† is to pay someone else to assume some or all of the effect of the risk. On November 25, 2014, Chicago CBS news announced Suburban car dealer offering free cars to black Friday buyers if snow on Christmas. According to them, Bill Kay Buick GMC in Downers Grove is offering to reimburse car buyers on Black Friday and the following Saturday the full purchase price of their car if it snows six inches or more at O’Hare Airport on Christmas Day, calling it a â€Å"White Friday† sale. Regalado, the car dealer’s manager, says the sale is a gamble, but given Chicago weather, they are prepared to pay up and have bought a million dollar insurance for the sale (CBS news, 2014). The fact that the dealer bought the insurance on the sale if we have a White Christmas so the company does not have to a total loss if it snows on the 25th of December, 2014 in O’Hare airport, Chicago. To minimize the