Risk Report

Oct 22nd, 2013
Steve1995
Category:
Business & Finance
Price: $35 USD

Question description

The Project Management Institute (PMI, 2013) divides risk into six (6) categories:

1.  Risk Management Planning

2.  Risk Identification

3.  Qualitative Risk Management

4.  Quantitative Risk Management

5.  Risk Response Development

6.  Risk Monitoring and Control


You are required to demonstrate your knowledge of each of these risks through the creation of a risk report. Your options are: environmental, information technology, human resources, or financial. It’s recommended that you select an industry that has some interest for you and/or where you like to work.

Read the article Risk management of large-scale development projects in developing countries.pdf, by Mohammad Baydoun. Consider and discuss needs of your specific industry, the information in Baydoun's article, the course materials, and the citation of at least five outside sources to develop a risk report.

1. Risk Management Planning (1-2 Pages)
In developing a risk management plan it is imperative that the scope of the project be defined. How big is the project? What deliverable (aka product, service, or result) will be delivered and when? What factors could contribute to risks? For example, if you’re working on an environmental project, are you trying to build during monsoon season? Have you thought about the result the new product will have on landfills? As another example for the technical field, does the technical expertise exist within the organization to
build a 3D video game for EA Sports? Finally you’ll need to create a generic timeline for the project. Project risks only exist within projects so when will the risk(s) be an issue (beginning, middle, or end of the project)?

2. Risk Identification (1-2 Pages)
Risk identification requires creating a statement of the perceived risk is and its possible detriment or benefit to the project. Each of the four industries is going to have different risks. Read your industry’s case study carefully and thoroughly explain your thought process for selecting/identifying each risk.

3. Qualitative/Quantitative Risk Management (1-2 Pages)
This is where you can exhibit your analytical skills. Some industries are going to have more of a quantitative bent than others. This section will allow you to demonstrate that you know when to use a quantitative approach and when to use a qualitative approach. Who (what pseudo group or person) on the project is doing what and why? Use statistical measurements to create statements of probability
when possible. What categories are the risks associated with and why? Be sure to reference which set of categories you are using, as Pinto has different categories than Kendrick.

4. Risk Response Development (1-2 Pages)
What are the specifics of the risk? In other words, what specifically will you do if and when the risk occurs? What triggers determine when the risk is over or has expired? How will you determine if no new risks were created as a result of your actions?

5. Risk Monitoring and Control (1-2 Pages)
As the specific risk occurs, how will you track, monitor, and report its actual impact in comparison to the perceived impact in the plan? What strategy did you use to determine the risk life cycle and overall impact (if any) on the plan or project scope? Where did you document the risk and with whom did you share the
information? + Conclusion

The paper should be 7-10 pages in length, not including title and references pages, and include at least five outside references, in addition to the course textbook. Write your paper, and cite your sources, in APA styles.

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: UCLA
PREMIUM TUTOR

Studypool has helped 1,244,100 students

8 Reviews


Summary
Quality
Communication
On Time
Value
pmallory
Dec 4th, 2016
" Totally impressed with results!! :-) "
mixedballz
Nov 25th, 2016
" excellent work as always thanks for the help "
Five Star Tutor
Nov 23rd, 2016
" Outstanding Job!!!! "
kiln82
Nov 12th, 2016
" awesome work thanks "
darnay
Nov 3rd, 2016
" The best tutor out there!!!! "
likeplum4
Oct 29th, 2016
" Excellent work as usual "
kpcutie
Oct 7th, 2016
" Excellent job "
Joemoe
Sep 28th, 2016
" <3 it, thanks for saving me time. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1830 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors