Answer the following question carefully :
1 Assignment Objectives
Q1: Introduction to Project Risk Management
Q2: Explain how risk management is integrated as a component into the total project management approach.
(word limit is 400 words)
1. Risks can occur as a result of both known risks, such as for newer tasks there may be a learning curve that causes delays in the delivery of a task, and unknown risks, such as events like an earthquake or tsunami. Also, some suggest that they take calculated risks, where careful consideration is taken before taking on a challenge. Risk management, in essence, is doing the same thing in a more formalized process. The discussion assignment for this week will be an evaluation of how risk management can be a contributor versus an inhibitor to a project.
The following Discussion Board task will assist you in evaluating various types of risk. Research at least 2 sources (which may include your textbook) to support your response.
Q1.Describe a project that you were involved with, or are familiar with, and the types of risks (at least 5) that occurred.
Q2.How were these risks handled or mitigated?
Q3.When the risk occurred, what impact did it have on the overall project, such as from a cost and schedule-deadline perspective?
Q4.If a risk management process was not in place, explain why it may have helped. If a process was in place, did it help, and why?
Write 2 more paragraphs that are an introduction and conclusion to this topic. Be sure to include your references, and format your submission in APA format.
2 Assignment Objectives
1.Introduction to Project Risk Management
2. Explain how risk management is integrated as a component into the total project management approach 1,100 Words, including many empty sections, in a Word document
Risks fall in a few categories, known and unknown. It is extremely important in any project to effectively plan for both with a contingency budget and resources because some will happen. In this class, you are asked to develop a Risk Management Strategy and Plan that identifies potential risks, ranks them by impact and likeliness, contains mitigation strategies, and includes a way to control and communicate them. You will select a project that you may have developed in a previous class or a known project in your organization to create this strategy and plan for.
Throughout this course, you will be working on developing several components of a final Key Assignment. Additional information and the deliverables for each Individual Project will be provided in the assignment description for this project.
In this first Individual Project, you are asked to develop the outline of the sections that will be included in the “Risk Management Strategy and Plan” document and a draft of a proposal to submit to your instructor. The other information you will include is a high-level description of the project you will be conducting the risk analysis on.
You will also be setting up the final Key Assignment outline that you will add to each week. The combined Individual Project (IP) assignments will be your final Key Assignment deliverable.
Project Selection:
The first step will be to select a project that you to develop a risk management strategy and plan for. This project will be used as the basis for each of the assignments throughout the course and should conform to the following guidelines:
1.Nontrivial: The selected project candidate should reflect a real-life project that has at least the major milestones identified.
2.Domain Knowledge: You will be applying knowledge of this project to address assignments related to identifying and analyzing risks.
Select a project that fits these requirements, and submit your proposal to your instructor before proceeding further with the assignments in the course. Approval should be sought within the first few days of the course. Your instructor will tell you how to submit this proposal and what notification will be given for project approval.
Assignment:
Your first task in this process will be to select a project to use as the basis of your Key Assignment. You will also create the shell document for the final project Key Assignment document deliverable that you will be working on throughout the course. As you proceed through each project phase, you will add content to each section of the final document to gradually complete the final project delivery, which is the Risk Management Strategy and Plan.
The following project deliverables:
1.Submit project proposal to instructor for approval
2.Risk Management Strategy and Plan Document Shell ?Use Microsoft Word
a.Title Page
b. Project name
c. Student name
3.Section Headings (create each heading on a new page with TBD as content except for sections listed under "New Content" below)
i.Project Outline
ii.Risk Management Justification
iii.Project Risks Identification
iv.Project Risks Assessment
v.Project Risks Responses Strategy
vi.Project Risks Responsibility Plan
vii.Project Risks Monitoring & Control Plan
viii.Project Risks WBS & Budget Updates
ix.Project Risks Communications Plan
4.New Content to be Inserted in Above Shell ?Project Outline i.Brief description of the project.
ii.The milestones and/or WBS for the project.
iii.Material can be taken from approved proposal submitted to the instructor, and this will serve as the draft for the proposal.
iv.Be sure this project is approved by the instructor.
5.Risk Management Justification
i.Discuss why risk management is so important to the success of the selected project in a letter to the project sponsor.
ii.Describe the steps that will be used to develop the Risk Management Plan.
iii.Represent this process in a flow diagram as well.
1.Project Risks Identification i.Start brainstorming, at a high level, on some categories where risk could occur in this project (Note: you will continue this brainstorming activity in the next week with specifics, likelihood, and impact).
3 Assignment Objectives
Identifying & Analyzing Project Risks(word limit is 400 words)
The following Discussion Board research will assist you in developing your Individual Project. Research at least 2 sources (which may include your textbook) to support your response.
a. List the project team members and stakeholders (at least 4) that can be utilized to assist in identifying risks.
b. What risk identification techniques will you utilize, and why do you believe that these will work best for your Key Assignment project?
c. What diagramming techniques will you use to fully explore specific types of risks?
d. Risks can be prioritized utilizing impact analysis. Identify the impact scales that you intend to use for both the impact to the major project objectives and the likelihood.
Write two more paragraphs that are an introduction and conclusion to this topic. Be sure to include your references and format your submission in APA format.
4 Assignment:
Identifying & Analyzing Project Risks(word limit is 800 words)
You will use what you identified as your approach in this week’s Discussion Board to identify and assess all of the risks that are associated with your project. You should identify a minimum of 8 risks then assess them by employing the techniques that you selected in the Discussion Board assignment.
For the compilation of your risk assessment component, you may use a table similar to the following:
a. Risk name
b. Risk description
c. Likelihood (using a scale)
d. Impact (use both as a scale and description)
Leave room to append more information later to show your mitigation strategy.
The following is an example of ranking the risks using a 2x2 risk matrix approach:
In this sample 2x2 ranking matrix, the risks that should receive the highest priority are the risks that are in quadrant 1, and the risks that will receive the least attention are in quadrant 4.
Deliverables:
The overall project deliverables are the following:
a. Update the Key Assignment Document title page with a new date and project name.
b. Update previously completed sections based on instructor feedback.
c. Complete the New Content below, and copy it under the sections in Key Assignment Document called "Project Risks Identification" and "Project Risks Assessment": ?New Content
1. Project Risks Identification
2. Use the project risk categories that you brainstormed during the previous week to categorize the risks that you have determined for this assignment.
3. Show a list of stakeholders and project teams that you utilized to identify risks.
4. Thoroughly describe each project risk (at least 8), which includes the source for identifying the risk.
5.Identify and show the specific technique that you used to identify the risks, such as cause and effect, a fishbone diagram, a SWOT analysis, interview notes, and an assumption list.
6. Project Risks Assessment
7. Create a table similar to the sample above, or use another method to list the risk, the likelihood of occurrence, and the overall severity of impact if it occurs.
8. Fill in the table with the information from the project identification utilizing the 2 scales that you determined as a part of your Discussion Board assignment. Be sure to consider both the cost and schedule impact as you determine the overall impact.
9 Rank your risks based on both the likelihood and impact using a technique, such as 2x2 matrix as shown in the assignment description section.
Assignment Objectives
Mitigating Project Risks(word limit is 400 words)
The following Discussion Board research will assist you in determining the correct responses. Research at least 2 sources (which may include your textbook) to support your response.
a. The vendor that you hired is not performing. Identify the risk response that is the most appropriate for this risk (avoid, transfer, mitigate, or accept), and write a full description of the contingency plan to go along with the selected response.
b. The equipment that you ordered for this project is now a month late. Identify the risk response that is the most appropriate for this risk (avoid, transfer, mitigate, or accept), and write a full description of the contingency plan to go along with the selected response.
c. The location where the project is being developed has hurricanes that come through the area a few times a year. Identify the risk response that is the most appropriate for this risk (avoid, transfer, mitigate, or accept), and write a full description of the contingency plan to go along with the selected response.
d. The task effort that was initially estimated is actually going to take three times as long because there is a learning curve involved. Identify the risk response that is the most appropriate for this risk (avoid, transfer, mitigate, or accept), and write a full description of the contingency plan to go along with the selected response.
Write 2 more paragraphs that are an introduction and conclusion to this topic. You should follow the APA format:
6 Assignment:
a. Mitigating Project Risks(word limit is 800 words)
1. Explain how risk management is integrated as a component into the total project management approach.
Apply the PMBOK 3 process approach to project risk assessment to produce and present a risk management plan from a given or chosen project scenario. and present a risk management plan from a given or chosen project scenario.
You will utilize some of the same decision processes and responses that you gave for the Discussion Board assignment to determine a response for each of the risks that you have already identified in the previous weeks. For the higher priority risks, make sure the responses minimize the risks as much as possible.
Deliverables:
The overall project deliverables are the following:
1.Update the Key Assignment Document title page with a new date and project name.
2.Update previously completed sections based on instructor feedback.
3.Complete "New Content" below, and copy it under the section in the Key Assignment Document that is called "Project Risks Responses Strategy." ?New Content
a. Project Risks Responses Strategy
b. Determine the type of response for each identified risk (avoid, transfer, mitigate, or accept).
c. Thoroughly describe what the specific response will be, including any additional tasks to the project plan or a contingency budget where appropriate.
d. Update the table or matrix that you have been summarizing the risks in to include identification of the response (see example in the assignment section).
7 Assignment Objectives
1. Explain how risk management is integrated as a component into the total project management approach.
2. Controlling Project Risk
3. demonstrate basic competency in qualitative and quantitative risk analysis.
Employ the techniques for monitoring, communicating, and controlling risks to demonstrate an understanding of the concepts and purpose of risk management.
8 Assignment Objectives(word limit is 1200 words)
1. Controlling Project Risk
2. Explain how risk management is integrated as a component into the total project management approach.
3. Demonstrate basic competency in qualitative and quantitative risk analysis.
4. Employ the techniques for monitoring, communicating, and controlling risks to demonstrate an understanding of the concepts and purpose of risk management.
For this assignment, you will determine how you will monitor the risks that you have projected, as well as the unknown risks that occur during the course of the project. You will also formulate a control plan once a risk has been identified during the monitoring process.
As part of the monitoring and control process, you will need to identify who plays what role in this process, also known as the risks responsibility plan. One method is to construct a RASI matrix that is similar to the following example:
Deliverables:
The overall project deliverables are the following:
a. Update the Key Assignment Document title page with a new date and project name.
b. Update previously completed sections based on instructor feedback.
c. Complete New Content below and copy it under the sections in the Key Assignment Document that are called "Project Risks Responsibility Plan" and "Project Risks Monitoring and Control Plan." ?New Content
1. Project Risks Responsibility Plan
2. Include a responsibility matrix listing the stakeholders and project team members, with risk actions (or category of actions) along the top.
3. Next, fill in the table using the following letters, and refer to the examples in the Assignments section as "R" if they are responsible for monitoring and controlling the risk, "A" if they are the approver for taking action to respond to the risk, "S" if they have a support role in responding to the risk, and "I" if they only need to be informed. This is also known as a RASI chart.
4.Project Risks Monitoring and Control Plan
a. Include a detailed description of the overall monitoring process, including the techniques that will be used to monitor the existence and impact of individual risks.
b. Include a detailed description of the control process when a risk occurs.
c. Include a diagram flowchart to depict the steps in the control process from risk discovery through risk response.
9 Summative Discussion Board
Assignment Objectives
1. Demonstrate basic competency in qualitative and quantitative risk analysis.
2. Employ the techniques for monitoring, communicating, and controlling risks to demonstrate an understanding of the concepts and purpose of risk management.
3. Identify team and problem-solving skills to collaborate on a project.
4. Communicating Project Risks(word limit is 400 words)
Review and reflect on the knowledge that you have gained from this course. Based on your review and reflection, write at least 3 paragraphs on the following:
1. What were the most compelling topics that you learned in this course?
2. How did participating in discussions help your understanding of the subject matter? Is anything still unclear that could be clarified?
3. What approaches could have yielded additional valuable information?
10 Assignment:
Assignment Objectives
1. Employ the techniques for monitoring, communicating, and controlling risks to demonstrate an understanding of the concepts and purpose of risk management.
2. Communicating Project Risks
a. Identify team and problem-solving skills to collaborate on a project.
b. In previous weeks, you selected a project around which to develop your Risk Management Strategy and Plan Key Assignment. In Week 1, you crafted a letter to the project sponsor explaining the importance of project risk management. You also determined the high-level steps for conducting risk assessment and brainstormed on some of the risk categories. In Week 2, you fully identified the individual project risks and analyzed them by determining their likelihood and impact. In Week 3, you determined the mitigation strategies, which might include prevention, control, or ignoring the risk. In Week 4, you developed a project risks matrix with all of the information that you gathered in Weeks 2 and 3, and you developed a risk monitoring and control approach and plan.
Now you are ready to embark on adding all of the risk management tasks to the overall project plan, as well as producing a well-thought-out communications plan. In the final week, you will also revise the Key Assignment draft document based on feedback from your instructor and peers. Under the last sections, which are not filled in, you will develop a very detailed WBS, contingency budget, and communications plan.
Deliverables:
The overall project deliverables are the following:
1.Update previously completed sections based on instructor feedback.
2.Complete "New Content" below, and copy it under the appropriate sections in Key Assignment Document called "Project Risks WBS and Budget Updates" and "Project Risks Communication Plan." ?New Content
a. Project Risks WBS and Budget Updates
b. Identify the additional tasks that are associated with planning, monitoring, and controlling risks.
c. Put this in a WBS structure so that they can be added to an existing plan.
d. Determine a contingency budget to mitigate the risks that are most likely to occur.
e. Determine additions to the project plan budget to monitor and control risks.
Project Risks Communications Plan
a. Identify the stakeholders that communications should go to.
b. Determine the frequency of communications.
c. Construct the types of reports and how they will be delivered.
d. Discuss how this might be integrated into the change management process.
e.Define who has the final authority for sign-off to extract from the contingency budget to mitigate risks.
1. Update the Key Assignment title page with a new date and project name.
2. Update previously completed sections based on instructor feedback.
3. Be sure to update your table of contents before submission.