Please respond to the following:
- Debate whether the cost of utilizing ATOM for large projects is justified when an organization has limited resources to dedicate to risk management efforts. Provide a description that you would present to your managers to persuade them to see matters your way.
Be sure to respond to at least one of your classmates’ posts.
Respond to student below
4:10pm Sep 10 at 4:10pm
The answer cost of whether or not utilization of ATOM for large projects is justified when an organization has limited resources to dedicate to risk management efforts is difficult to provide a clear answer. From a business perspective, the cost of ATOM for large projects is justified because larger projects correlate with a more intricate ATOM methodology (ATOM-risk.com, 2023). Therefore, whenever there is greater complexity with a business process or function, it is expected that costs will be higher .
From the perspective of the smaller business or the business with fewer available resources, the cost of utilizing ATOM for a large project is likely not justified. The reason for this is that the cost for larger projects, as mentioned above, is higher. A smaller company or a company with fewer resources likely cannot afford it (ATOM-risk.com, 2023). From this perspective, the cost would not be justified.
A description that I would present to your managers to persuade them to see matters your way is the following: for larger projects, the ATOM methodology is associated with higher costs because of the increased size of the project. Because of this, the ATOM cost for larger projects also increases (ATOM-risk.com, 2023) . However, with that being said, the data or findings generated through the ATOM with respect to risk management can help companies to save an incredible amount of money in avoiding or better mitigating risks. Therefore, the cost savings create a significant and positive return on the investment that the company spends on the ATOM methodology being used, which makes the investment more than beneficial for the company it in the long run.
ATOM-risk.com. (2023). THe ATOM methodology. ATOM Risk. Retreived from https://atom-risk.com/atom-methodology/#1600443752039-c5ac53ca-1b1d