{"id":5265,"date":"2023-02-27T02:24:51","date_gmt":"2023-02-27T02:24:51","guid":{"rendered":"https:\/\/course.oeru.org\/ipm103\/?page_id=5265"},"modified":"2023-02-27T02:24:51","modified_gmt":"2023-02-27T02:24:51","slug":"control-risk","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/ipm103\/learning-pathways\/risk\/control-risk\/","title":{"rendered":"Control risk"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<p><b>Contingencies<\/b>: A Contingency is the planned allotment of time and cost for unforeseeable elements with a project. Including contingencies will increase the confidence of the overall project.<sup id=\"cite_ref-1\" class=\"reference\"><a href=\"#cite_note-1\">[1]<\/a><\/sup>\n<\/p>\n<p>\n<\/p>\n<div id=\"Video\" class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"media\" src=\"https:\/\/course.oeru.org\/ipm103\/wp-content\/themes\/oeru_course\/idevices\/Icon_multimedia.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Video<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<p>Once risks have been identified and assessed, a project manager must decide what is the appropriate response. Can the probability be reduced or the impact mitigated?\n<\/p>\n<p>\n<\/p>\n<p>\n<div data-mode=\"normal\" data-oembed=\"1\" data-provider=\"youtube\" id=\"arve-youtube-jfk69b0pgu8\" style=\"max-width:400px;\" class=\"arve aligncenter\">\n\t<div class=\"arve-inner\">\n\t\t<div style=\"aspect-ratio:500\/281\" class=\"arve-embed arve-embed--has-aspect-ratio\">\n\t\t\t<div class=\"arve-ar\" style=\"padding-top:56.200000%\"><\/div>\n\t\t\t<iframe allow=\"accelerometer &apos;none&apos;;autoplay &apos;none&apos;;bluetooth &apos;none&apos;;browsing-topics &apos;none&apos;;camera &apos;none&apos;;clipboard-read &apos;none&apos;;clipboard-write;display-capture &apos;none&apos;;encrypted-media &apos;none&apos;;gamepad &apos;none&apos;;geolocation &apos;none&apos;;gyroscope &apos;none&apos;;hid &apos;none&apos;;identity-credentials-get &apos;none&apos;;idle-detection &apos;none&apos;;keyboard-map &apos;none&apos;;local-fonts;magnetometer &apos;none&apos;;microphone &apos;none&apos;;midi &apos;none&apos;;otp-credentials &apos;none&apos;;payment &apos;none&apos;;picture-in-picture;publickey-credentials-create &apos;none&apos;;publickey-credentials-get &apos;none&apos;;screen-wake-lock &apos;none&apos;;serial &apos;none&apos;;summarizer &apos;none&apos;;sync-xhr;usb &apos;none&apos;;web-share;window-management &apos;none&apos;;xr-spatial-tracking &apos;none&apos;;\" allowfullscreen=\"\" class=\"arve-iframe fitvidsignore\" credentialless data-arve=\"arve-youtube-jfk69b0pgu8\" data-lenis-prevent=\"\" data-src-no-ap=\"https:\/\/www.youtube-nocookie.com\/embed\/jFk69b0pGU8?feature=oembed&amp;iv_load_policy=3&amp;modestbranding=1&amp;rel=0&amp;autohide=1&amp;playsinline=0&amp;autoplay=0\" frameborder=\"0\" height=\"224.8\" loading=\"lazy\" name=\"\" referrerpolicy=\"strict-origin-when-cross-origin\" sandbox=\"allow-scripts allow-same-origin allow-presentation allow-popups allow-popups-to-escape-sandbox\" scrolling=\"no\" src=\"https:\/\/www.youtube-nocookie.com\/embed\/jFk69b0pGU8?feature=oembed&#038;iv_load_policy=3&#038;modestbranding=1&#038;rel=0&#038;autohide=1&#038;playsinline=0&#038;autoplay=0\" title=\"Controlling Risks (7:05)\" width=\"400\"><\/iframe>\n\t\t\t\n\t\t<\/div>\n\t\t\n\t<\/div>\n\t\n\t\n\t<script type=\"application\/ld+json\">{\"@context\":\"http:\\\/\\\/schema.org\\\/\",\"@id\":\"https:\\\/\\\/course.oeru.org\\\/ipm103\\\/learning-pathways\\\/risk\\\/control-risk\\\/#arve-youtube-jfk69b0pgu8\",\"type\":\"VideoObject\",\"embedURL\":\"https:\\\/\\\/www.youtube-nocookie.com\\\/embed\\\/jFk69b0pGU8?feature=oembed&iv_load_policy=3&modestbranding=1&rel=0&autohide=1&playsinline=0&autoplay=0\",\"name\":\"Controlling Risks (7:05)\"}<\/script>\n\t\n<div class=\"arve-error\"><p><small><abbr title=\"Advanced Responsive Video Embedder\">ARVE<\/abbr> error: maxwidth: <code>560px<\/code> is not valid<\/small><\/p><\/div>\n<\/div><\/p>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p>\n<\/p>\n<div id=\"Reading\" class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"reading\" src=\"https:\/\/course.oeru.org\/ipm103\/wp-content\/themes\/oeru_course\/idevices\/Icon_reading.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Reading<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<ol>\n<li>Read the the sections <i>Risk Mitigation<\/i> and <i>Contingency Plan<\/i> in the prescribed textbook (<a rel=\"nofollow\" class=\"external text\" href=\"https:\/\/opentextbc.ca\/projectmanagement\/Table-of-contents\/\">Web<\/a> | <a rel=\"nofollow\" class=\"external text\" href=\"https:\/\/opentextbc.ca\/projectmanagement\/open\/download?filename=Project-Management-1464292370&amp;type=pdf\">PDF<\/a>), Chapter 15 (pages 145 and 146 in the PDF version).\n<\/li>\n<li> Ensure you understand the differences between the four mitigation approaches.\n<\/li>\n<li> Using the risks previously identified, determine the mitigation approaches you would use.\n<\/li>\n<li> For the high risks you have identified, estimate the cost. Should a contingency budget be allocated for the risk? Why?\n<\/li>\n<\/ol>\n<p><b>WEnote<\/b>\n<\/p>\n<p>For a project that you are aware of identify ONE high risk, and describe the mitigation approach you would use. Detail the reason for allocating or not allocating a contingency budget. Post your comment below and then look on the <a href=\"\/ipm103\/interactions\/course-feed\" title=\"Introduction to project management\/IPM103\/Feed\">course feed page<\/a> to see what others have posted.\n<\/p>\n<p><\/p>\n<p><div><p>You must be logged in to post to WEnotes.<\/p><\/div><br \/>\n<i>Note: Your comment will be displayed in the <a href=\"\/ipm103\/interactions\/course-feed\" title=\"Introduction to project management\/IPM103\/Feed\">course feed<\/a>.<\/i><\/p>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p>\n<\/p>\n<ol class=\"references\">\n<li id=\"cite_note-1\"><span class=\"mw-cite-backlink\"><a href=\"#cite_ref-1\">\u2191<\/a><\/span> <span class=\"reference-text\"><a rel=\"nofollow\" class=\"external text\" href=\"http:\/\/cnx.org\/contents\/iLnEGCP5@6\/A-Glossary-of-Project-Manageme\">CNX<\/a><\/span>\n<\/li>\n<\/ol>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.060 seconds\nReal time usage: 0.068 seconds\nPreprocessor visited node count: 300\/1000000\nPreprocessor generated node count: 1304\/1000000\nPost\u2010expand include size: 6512\/2097152 bytes\nTemplate argument size: 2963\/2097152 bytes\nHighest expansion depth: 7\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:179017-0!*!0!*!*!2!* and timestamp 20230227022301 and revision id 1019223\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/ipm103\/learning-pathways\/risk\/assess-risk\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/ipm103\/learning-pathways\/risk\/start-risk-challenge\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Introduction_to_project_management\/IPM103\/Risk\/Control\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"33f54f745f8b3b1322b5dbf2e29a12f4\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Introduction_to_project_management\/IPM103\/Risk\/Control\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"33f54f745f8b3b1322b5dbf2e29a12f4\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>Contingencies: A Contingency is the planned allotment of time and cost for unforeseeable elements with a project. Including contingencies will increase the confidence of the overall project.[1] \u2191 CNX \u2190 Previous Next \u2192<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":5251,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-5265","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/pages\/5265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/comments?post=5265"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/pages\/5265\/revisions"}],"predecessor-version":[{"id":5266,"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/pages\/5265\/revisions\/5266"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/pages\/5251"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/media?parent=5265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}