I’m studying for my Business class and don’t understand how to answer this. Can you help me study?
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.