Answer to Question #196699 in Management for tsige E

Question

Risk identification and management

A. How did EID handle their risks? Was this effective? What might they have done?

B. List Woody’s actual surprises and add other possible surprises. What was or should have been done to prepare for and respond to them?

C. Were there changes? What were the impacts?

Answer 1

a. EID handled risks by integrating a well planned strategy that could allow for contingencies that had set money to respond to identified risks appropriately. This approach was effective in dealing with prevailing issue. However, it did not respond effectively to the unidentified ones

b. Woody realized encountered the following surprises

• excessive expenditure
• Project incompleteness

In response to the issues, the firm could add funds to the project to ensure

that the project was complete despite exceeding the timeframe. In regards to the control of increasing costs, the organization should determine the baseline of its expenditure and estimate the initial costs of the project. This will enable it to create a profile of expenditure that is flexible enough to allow some changes without affecting the budget.