NR 631 Week 7 Risk Management and Human Resource Management Plans - Chamberlain College of Nursing/Already Graded A

NR 631 Week 7 Risk Management and Human Resource Management Plans - Chamberlain College of Nursing/Already Graded A 1 Risk Management and Human Resource Management Plans Chamberlain College of Nursing NR 631 Nurse Executive Concluding Graduated Experience 1 2 Risk Management and Human Resource Management Plans The assignment aims to utilize the risk register tool and the responsible, accountable, consulted, informed (RACI) chart. These tools assist with the understanding of risk management and the importance of knowing your human resources. Identifying your risks and efficiently managing your resources is vital to the success of a project. Risk management involves planning, identifying, and controlling risks throughout the entire process of the project. Updates are necessary during the lifecycle of any project [ CITATION Gal17 l 1033 ]. The organization is crucial, and utilizing the most appropriate tools will assist with a project's success. The risk register and RACI chart are valuable tools needed when tracking risks and resources. This paper will address these tools and highlight the key features of each. Responsible, Accountable, Consulted, Informed, (RACI) Chart The Responsible, Accountable, Consulted, Informed (RACI) chart lays out each stakeholder's roles and responsibilities. Understanding the meaning of each component is necessary before delegating to the stakeholders. Responsibility is the stakeholder that will complete the task. Accountability is who will answer for the job, whether they are successful or not. The consulting role is the supportive personal and is known for the skills needed to complete the task. The informed component is the stakeholders that will be notified but not consulted for knowledge [ CITATION Lee l 1033 ]. The RACI template clearly defined the stakeholders' roles and responsibilities and how to report and receive valuable information as the project progresses. The RACI chart is a helpful checklist that may require updating as the project progresses but should be formed appropriately to prevent any delays in the project. Developing the RACI chart early on is a straightforward way to map the process and communication flow from all the stakeholders. 3 Risk Register Understanding the risk involved in any project comes to light as you develop a risk register. The risk register should be developed in the early stages of project management to highlight potential risks and manage risks before becoming a threat to the project's success. The risk register is considered a snapshot of risks that are involved in the project. Reviewing the risk register tool throughout the project can reduce known risks and allow for time to mitigate and maintain costs and timelines [ CITATION Gal17 l 1033 ]. Most risks are considered to have a negative impact on the outcome of the project. Denney (2020) notes that all risks are not adverse. Some risks are opportunities and could have a positive effect on the project. Evaluating the risks, ranking them to register their probability to impact the project, and preparing for alternatives is vital for the project manager's preparedness. A project manager must anticipate all problems and have an action plan to deal with all known risks [ CITATION Hub16 l 1033 ]. Having a clear understanding of all the risks that could affect the outcome of your project is vital. Remembering you are also a team member, it is crucial to meet with all your team members in the early stages of development and gain input from everyone regarding potential risks. Brainstorming with team members from various areas will allow for insight across the spectrum and identify more potential risks than if the project manager develops the risk register singlehandedly. Conclusion The development of the risk register and the RACI chart are vital tools in any project's early stages. A project manager should develop these tools to have a clear understanding of who is responsible for specific tasks and potential risks that could delay the project. The RACI chart is a visual snapshot of all the stakeholders and their involvement in the project. The RACI chart 4 helps with communication, roles, and responsibilities. The risk register is a visual snapshot of potential threats, ranked by their probability and who is accountable for the risk. Having these tools readily available is vital for the project manager to manage stakeholders and risks quickly and, hopefully, preventable fashion