You are the project manager of GHT project.
You identified a risk of noncompliance with regulations due to missing of a number of relatively simple procedures.
The response requires creating the missing procedures and implementing them.
In which of the following risk response prioritization should this case be categorized?
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A. B. C. D.B.
This is categorized as a "quick win" because the allocation of existing resources or a minor resource investment provides measurable benefits.
Quick win is very effective and efficient response that addresses medium to high risk.
Incorrect Answers: A: "Business case to be made" requires careful analysis and management decisions on investments that are more expensive or difficult risk responses to medium to high risk.
Here in this scenario, there is only minor investment that is why, it is not "business case to be made"
C: Risk avoidance is a type of risk response and not risk response prioritization option.
D: Deferral addresses costly risk response to a low risk, and hence in this specified scenario it is not used.
The most appropriate risk response prioritization for the identified risk of noncompliance with regulations due to missing procedures is "Quick win."
Quick win is a risk response strategy that aims to implement the risk response immediately and with minimal effort and cost. This strategy is appropriate for risks that are low to medium in severity, have a high probability of occurring, and require simple and straightforward responses.
In this case, the risk is relatively simple, and the response required is to create and implement the missing procedures. Since the risk of noncompliance with regulations is high, implementing the response quickly would reduce the likelihood of the risk occurring.
Business case to be made is a risk response strategy that aims to weigh the cost-benefit of the response before implementing it. This strategy is appropriate for risks that are high in severity, require significant investment, and have a low probability of occurring.
Risk avoidance is a risk response strategy that aims to eliminate the risk by changing the project plan or avoiding the activities that create the risk. This strategy is appropriate for risks that are high in severity and have a high probability of occurring.
Deferrals is a risk response strategy that aims to delay the response to the risk until a later date or transfer the risk to another party. This strategy is appropriate for risks that are low in severity and have a low probability of occurring.
Therefore, the most appropriate risk response prioritization for the identified risk of noncompliance with regulations due to missing procedures is "Quick win."