Part 1 400–600 words and references Project Risk Management
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.
a project that you were involved with, or are familiar with, and the types
of risks (at least 5) that occurred.
were these risks handled or mitigated?
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
Part 2 Project Risk Management 2,500–4,000 words, including many empty sections, in a
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.
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.
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.
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:
project proposal to instructor for approval
Management Strategy and Plan Document Shell
number and name
Use auto-generated TOC
Maximum of three levels deep
Be sure to update the fields of the TOC
so it is up-to-date before submitting your project.
Headings (create each heading on a new page with TBD as content except for
sections listed under "New Content" below)
Risk Management Justification
Project Risks Identification
Project Risks Assessment
Project Risks Responses Strategy
Project Risks Management Plan
Project Risks Monitoring & Control
Project Risks WBS & Budget Updates
Project Risks Communications Plan
Content to be Inserted in Above Shell
Brief description of the project.
The milestones and/or WBS for the
Material can be taken from approved
proposal submitted to the instructor, and this will serve as the draft for the
Be sure this project is approved by the
Discuss why risk management is so
important to the success of the selected project in a letter to the project
Describe the steps that will be used to
develop the Risk Management Plan.
Represent this process in a flow diagram
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
Name the document yourname_MPM344_IP1.doc, and submit the
document for grading.