Within the Discussion Board area, write 350–500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions with your classmates. Be substantive and clear, and use examples to reinforce your ideas.
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. Describe a project that you were involved with, or are familiar with, and the types of risks (at least 5) that occurred. How were these risks handled or mitigated? When the risk occurred, what impact did it have on the overall project, such as from a cost and schedule-deadline perspective? 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.
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:
Nontrivial: The selected project candidate should reflect a real-life project that has at least the major milestones identified.
Domain Knowledge: You will be applying knowledge of this project to address assignments related to identifying and analyzing risks.
Brief description of the project.
The milestones and/or WBS for the project.
Material can be taken from approved proposal submitted to the instructor, and this will serve as the draft for the proposal.
Be sure this project is approved by the instructor.
-Risk Management Justification
Discuss why risk management is so important to the success of the selected project in a letter to the project sponsor.
Describe the steps that will be used to develop the Risk Management Plan.
Represent this process in a flow diagram as well.
-Project Risks Identification
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).
1,500-2,000 words plus at least 3 References
Project Risks Identification
Use the project risk categories that you brainstormed during the previous week to categorize the risks that you have determined for this assignment.
Show a list of stakeholders and project teams that you utilized to identify risks.
Thoroughly describe each project risk (at least 8), which includes the source for identifying the risk.
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.
Project Risks Assessment
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.
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.
Rank your risks based on both the likelihood and impact using a technique, such as 2x2 matrix as shown in the assignment description
This is just a sample, and you may choose to represent it in a different format as long as you have all of the pertinent risk-related information, including the following:
Likelihood (using a scale)
Impact (use both as a scale and description)
Leave room to append more information later to show your mitigation strategy.
1,500-2,500 word with at least 3 references
For this assignment, 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.
You will be adding columns to your table that you started in your previous assignment.
-Project Risks Responses Strategy
Determine the type of response for each identified risk (avoid, transfer, mitigate, or accept).
Thoroughly describe what the specific response will be, including any additional tasks to the project plan or a contingency budget where appropriate.
Update the table or matrix that you have been summarizing the risks in to include identification of the response
Project Risks Responsibility Plan
Include a responsibility matrix listing the stakeholders and project team members, with risk actions (or category of actions) along the top.
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.
-Project Risks Monitoring and Control Plan
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.
Include a detailed description of the control process when a risk occurs.
Include a diagram flowchart to depict the steps in the control process from risk discovery through risk response.
2,500-3,000 words including at least 2 references
-Project Risks WBS and Budget Updates
Identify the additional tasks that are associated with planning, monitoring, and controlling risks.
Put this in a WBS structure so that they can be added to an existing plan.
Determine a contingency budget to mitigate the risks that are most likely to occur.
Determine additions to the project plan budget to monitor and control risks.
-Project Risks Communications Plan
Identify the stakeholders that communications should go to.
Determine the frequency of communications.
Construct the types of reports and how they will be delivered.
Discuss how this might be integrated into the change management process.
Define who has the final authority for sign-off to extract from the contingency budget to mitigate risks.