That's right. So once you've now assessed the risks -- and it's always a good thing to maybe have some options available. So you wouldn't necessarily always go into straight away treating every risk or reducing every risk that you identify. You have other options available. So again, if we turn back to Janet's project, let's assume that the securing of the supply and the tiles was deemed to be of a high risk, Janet then might make the decision that she needs to respond to that risk by doing something.
She might need to contact the supplier much earlier on and then engage with the supplier to ensure that the tiles that she would like have been procured and are actually sitting in the store ready to go. So that's a particular way of, I guess, responding or reducing the risk that she's identified. So that's looking for a broad coverage of the risks using some sort of aide-memoire, some sort of classification scale to assist in that. And I think we recall from Anne's project, that once the risks have been identified, we then move into assessing those risks, started to consider the likelihood and consequence, and coming up with is this a high risk, is this a moderate risk, or a low risk? I guess then it would be then moving to what's going to be our response? So what are some of the things that we'd need to think about when considering how we would then respond to the risks that we've identified and assessed.
Right, so our risk response is part of our strategy, our business strategy in terms of dealing with these risks. And typically there are four responses to risks or risk responses. We can, of course, accept the risk. In Janet's case, for instance, she's aware that she hasn't done this before, she's taking a fair bit of pride that she's going to lay these tiles as a one person project, and she's prepared to accept that risk. I think she seems to be pretty switched on, so she'll go and do her research to ensure that she polishes up on that, but she's prepared to accept the fact she hasn't done this before and she'll accept the technical challenge in terms of that.
Other than accepting the risk, risks can be transferred. In Peter's case, for instance, he's part of a larger organisation. He's dropped into this thing in the planning phase. He needs to manage a wide range of stakeholders. He may decide to tap one of his colleagues on the shoulder, someone else in his organisation who specifically deals with stakeholder management, and transfer the risk onto this person in order to reduce the risk to himself, in terms of dealing with that. Beyond that, risks could be avoided. It may just be a case that in a project where the risk is simply just too high to continue with. And it would then be an option to say, it's too hard, we're not going ahead, the risk will be avoided. So actually Peter is in a pretty tight spot where he is. He was just handed this project. He wasn't part of the initiation phase, and he's just been given this project and he's got to run with it. So this is a unique situation for him to be in.
Yeah, absolutely. And I guess now the expectation is that he has to now deliver on this particular project and meet the objectives. And as you say, perhaps he didn't have a lot of involvement in that early part of it. So I guess one of the challenges that we've picked up when you're in that situation and you have to do this in addition to business as usual is to actually seek some sort of formal recognition of the project internally within the organisation. And that again is identifying the internal stakeholders, the key internal stakeholders to make that happen.
Right. So I think the overarching message really here in terms of risk is that it's an ongoing process. And it needs to be monitored and reviewed. And particularly in Peter's case, these risks may change. JOHN SING: So in terms of the process, it's a flexible process. We'd certainly be suggesting applying it to the project setting, bringing it early on in the project life cycle. And you could see through Anne's project, Janet's project, and Peter's project the application of that. But we would certainly be suggesting that it's beneficial to apply this process in all projects, regardless of the size, the nature, and the type of that project. It's certainly going to be beneficial to your project manager in achieving the outcomes for the project.
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