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Project Management

By definition, mitigation is a strategy that involves direct action taking to solve a risk. Since this risk can be handled by the project manager, Tony has to take immediate actions by developing communication tools that are useful in communicating information. These tools may include web blogs, instant messaging service and video conferencing tools. These tools ensure that there is reliable information transfer among the team members. Therefore, the project manager has to choose the web blogging tool because the company has programmers and network specialists to do the blog creation. The estimated time for creating this tool is a week with its cost being $1000. This strategy responds to a negative risk that may have a tremendous impact on the project objectives. It is clear, that poor communication in the project development hinders the goal of the project, therefore, needs immediate responses.

Transfer strategy is a strategy respond to positive risks in an organization, which involves someone else to handle the emerging risks. Since Tony is just an aspiring project manager, he cannot introduce a system of members receiving bonuses for the good work. In this case, Tony has to allow the board consult on how the bonuses should be earned, and more so if possible depending on the company’s financial condition. This response strategy takes time since it involves negotiation between the company and the team members. Earning bonuses is a positive risk that may not warrant immediate actions. This response strategy is costly since it involves holding meetings and the eventual bonuses that the members will be awarded. Its cost estimates is $10000 and at least, a period of six months for the reviews to be made.

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