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Please respond to both POST1: (A question from the professor) and POST2: (A peer response) in at least 250 words each.MY ORIGINAL POST:Hello Class,Scope Risks in Project Management Project management is an elaborate process thatrequires the identification and mitigation of the various risks thatare probable to ensure the successful implementation of the projectplan. One of the risks that a project manager has to deal with is ascope risk. Scope refers to the processes that are scheduled to occur toallow the proceeding of the project from one phase to the other(Bissonette, 2016). Therefore, scope risk refers to the variousunprecedented processes that may arise within the implementation of aproject plan. Identifying and mitigating these risks is key in ensuringthat the project proceeds without getting out of the financialprojections to allow profitability in the long run. There are three categories of scope risks. Oneof the most prevalent forms is scope creep. This refers to the essentialrequirements that crop up as the project proceeds (Kendrick, 2015).Fulfilling these requirements is imperative in the realization of theobjectives. Creep risk may occur as a result of poor planning in theproject planning phase. They can also result from the decisions of newstakeholders who were not involved in the initial plan. The respectiveactivities that were unplanned for and require to be fulfilled representthe other form of scope risk that is referred to as the gap (Ference,2015). The other form of scope risk is called the scope dependencies.During planning, there are the necessary inputs that are budgeted forbeforehand. However, as the project proceeds, other inputs may come up,and their presence is vital in enabling the development of the project.These inputs are the scope dependencies. Of all the above-mentioned types of scoperisks, the scope creep is the easiest to identify and mitigate. This isbecause it primarily involves processes that, if their probability ofoccurrence can be determined beforehand, mitigation would bestraightforward. To reduce this risk, you need to analyze all theproject’s stakeholders that include the project manager, third parties,and clients. Identifying the kind of changes that they can cause to theproject is key in scope creep mitigation. A Black Swan refers to an unpredictable eventbeyond the standard expectation of a situation. Usually, a Black Swanresults in severe damage to an organization (Chappelow, 2019). Inproject management, sometimes, there are unpredictable risks that mayarise in the course of a project. Since these risks are unpredictable,it is only important that the management builds robust systems toprepare for them. An example of a Black Swan is terrorist attacks thatmay leave for the closure of a premise, thus distorting operationscompletely. ReferencesBissonette, M. M. (2016l). Project risk management: a practical implementation approach. Project Management Institute.Chappelow, J. (2019). Black Swan. Retrieved from https://www.investopedia.com/terms/b/blackswan.aspFerence, S. B. (2015). Don’t let scope creep lead you out of bounds. Journal of Accountancy, 220(3), 18-19.Kendrick, T. (2015). Identifying and managing project risk: essential tools for failure-proofing your project. Amacom. POST1: (A QUESTION FROM THE PROFESSOR)xxxxx,Welcome to week three and thank you for the continued engagement.The passage above states that scope creep (out of all of the otherrisks) is the easiest to mitigate. Many of your peers also believethis. What if the scope creep is occurring due to external factors?For example, I was volunteering for the Red Cross and we had to assistwith the building of the external facilities for storm damage. Due tothe weather, our project’s timeframe and added scope were required dueto requiring more out-buildings as the storm was getting worse.POST2: (Peer Response)Hi Everyone;Scope Creep:The PRBOK Guide describes scope creep as the uncontrolled expansionto product or project scope without adjustments to time, cost, andresources is referred to as scope creep (PMI, 2017, p. 154). Change onprojects is inevitable, so the possibility for scope creep is alsoinevitable. Scope creep is a slow of gradual increase in scope beyondthe original plan. Scope creep can occur with lack of clarity to theoriginal specifications and poorly defined initial requirements. It isimportant to understand your scope of work beforehand in order to avoidadditional work later.Scope Gap This is when a requirement is not fulfilled, or delivered (Mahler,2016). An example would be if you have a certain amount of time andmoney to complete something and then the customer asks if you caninclude more, before you think about the cost, time and resources, yousay yes I can deliver. Now you are on the hook for more than what youhave time, money and resources for.Scope DependenciesScope dependencies are due to outside risks caused by externalfactors. When you have activities that are dependent one another tofinish or provide a piece of information before it starts, it poses arisk in not only your scope but your schedule as well.Scope Gap would be the easiest to mitigate because you can controlyour commitment to additional deliverables. Before you commit, make sureyou have the time, cost and resources available to deliver on yourpromise.Black Swan The term “Black Swan event” has been part of the risk managementlexicon since its coinage in 2007 by Nassim Taleb in his eponymous booktitled The Black Swan: The Impact of the Highly Improbable. Talebuses the metaphor of the black swan to describe extreme outlier eventsthat come as a surprise to the observer, and in hindsight, the observerrationalizes that they should have predicted it (Martin-Vegue, 2018).There may be something that can be done to reduce the impact (e.g.diversification of company resources in preparation for an earthquake)or perhaps nothing can be done (e.g. market or economic conditions thatcause company or sector failure). Nevertheless, risk managers would beremiss to not point this out. I have not had to experience this withinmy professional career but I feel like I would be wrong to say that Ihave not experienced this at all, my personal life, I am sure of, hashad some black swan moments.~MarnieReferencesKendrick, C. (2003, September 25). Overcoming project risk. Retrievedfromhttps://www.pmi.org/learning/library/overcoming-pr…Mahler, B. (2016, May 15). Scope Creep or Scope Gap? Retrieved fromhttps://www.linkedin.com/pulse/scope-creep-gap-bob…Martin-Vegue, T. (2018, March 19). Black Swans in Risk: Myth, Realityand Bad Metaphors. Retrieved fromhttps://www.fairinstitute.org/blog/black-swans-in-…
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