Risk Management, please develop a Risk Management Portfolio and Risk Management Summary Graph for your class project.
Please submit a copy of your Risk Mangement homework input by attaching a copy of your file ( by clicking the "Browse My Computer" button displayed below this message ). Your submission will allow the MyLMUConnect system to acknowledge / record your submittal to support class grading.
The attached file provides sample templates as well as a copy of the example that we developed during our recent class session.
You are free to use these templates or to use templates of your choice that present similar content that would demonstrate your proficiency in developing a Risk Management portfolio for your project.
The following provides additional information in support of this assignment:
In general, risks differ from issues....in that risks may be predicted, assesssed, and mitigation strategies may be developed / executed.
Different firms utilize various approaches to categorizing risks. For our purposes, we will use the following risk categories: External - Predictable Risks, Internal Non-Technical Risks, Internal Technical Risks, and Legal Risks.
Depending on the nature of your project, it may be helpful to develop risks using these categories for Project Risks and Operational Risks. Vis a vis...Project Risks being risks that may be experienced in the course of developing the product or service anticipated by your class project....and Operational Risks being risks that might occur once the non-recurring project has been completed and you are downstream from the project completion / project launch.
Risks may be assessed by assessing the probability of occurance of the risk (ie. likelihood that this risk may actually occur)...and the potential impact that the risk portends. In general, the judgement on these parameters are up to you. It is noteworthy that you will not be graded on the accuracy of these predictions.....given that this assignment speaks to familiarizing you with the Risk Management process vice actual risk predictions.
Once a risk has been identified, you should determine an approach for mitigating the risk. This input may include actions to avoid the risk and/or to minimize the impact of a risk if it should actually occur.
You should also be able to assess what would cause the risk to be come into play with your project. In other words what "precedent" or "trip wire" would cause you to have to actually employ a risk mitigation strategy.
Risk Management includes periodic reviews of your Risk Portfolio Summary. Basically, this is a simple graph that reflects a summary of the current status of a project's Risk Portfolo elements. Risk status may be communicated via status colors...(e.g. red for a critical risk, yellow for a watch item, green for a managed risk, clear for a closed risk that has been mitigated). It is noteworthy that new risks may be added to the Risk Portfolio as new risks may be identified over the course of a project.