Please respond to the following:
Using the information presented in Practical Project Risk Management in Figure 6-3, “Common Influences on Risk Perception,” determine the conscious factors, subconscious factors, and affective factors for this project. Examine how awareness of such factors influences the decision to hire outside vendors. In addition, analyze how the stated factors help improve the overall facilitation and effectiveness of the risk management.
The conscious factors that influence risk perception are:
Familiarity: The more familiar you are with a particular risk, the less likely you are to perceive it as a threat.
Manageability: The more manageable you believe a risk to be, the less likely you are to perceive it as a threat.
Proximity: The closer a risk is to you, both physically and emotionally, the more likely you are to perceive it as a threat.
Propinquity: The more likely you believe a risk to happen, the more likely you are to perceive it as a threat.
Organizational culture: The culture of your organization can also influence how you perceive risk. For example, if your organization has a culture of risk aversion, you are more likely to perceive risks as threats.
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