Towson University Project Management & Risk Management Paper

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evev11

Business Finance

Towson University

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Part 1 Instructions This week's portion of the project management plan will focus on risk management. You will produce three work products/artifacts: • Top Three Risks o While, you will identify other risks, the project manager should explicitly state the top three risks to the project. https://www.projectmanagementdocs.com/template/project-planning/riskmanagement-plan/#axzz6HzPCAEa8 • Risk Identification Table (Risk Identification.docx) o Once risks are identified it is important to determine the probability and impact of each risk in order to allow the project manager to prioritize the risk avoidance and mitigation strategy. Risks which are more likely to occur and have a significant impact on the project will be the highest priority risks while those which are more unlikely or have a low impact will be a much lower priority. This is the probability – impact matrix. Read more: https://www.projectmanagementdocs.com/template/project-planning/riskmanagement-plan/#ixzz6HzRbmBVU • Risk Mitigation and Avoidance o Once risks have been identified, project management should determine how to address those risks which have the greatest potential probability and impact on the project. There should be information explaining the considerations which must be made and the options available to the project manager while managing these risks. Read more: https://www.projectmanagementdocs.com/template/project-planning/riskmanagement-plan/#ixzz6HzShYy6J Part 2 Instructions Please complete this online survey, "How Good Are Your Management skills? https://www.mindtools.com/pages/article/newTMM_28.htm When you complete the survey, it will score you into three categories. Write a 300-500 word reflection on your results. Your should reflect on: 1. What the assessment says about you 2. Whether you agree or disagree 3. At least 2 supporting references. Class readings are preferred - for example, Schwalbe, chapters 9, includes a bibliography so you may use any references to additional articles you followed from those chapters; there are a lot of references to HR literature in the recorded lecture and slides - so any of these are recommended. If you can't find anything in the class readings, you may use outside readings. Part 3 discussion board a short paragraph 1-What are the major differences between managing negative risks vs. positive risks (opportunities)? Provide an example of a positive risk that you could possibly experience in your project. 2-Select two Golden Rules that you think are the most important. Then, explain your reasoning.
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Surname 1

Student’s Name:
Instructor’s Name:
Course Code:
Date:
Managerial Skills
After completing the online survey, “How Good Are Your Management Skills,” I was
awarded a score of 72 out of 100. The results of the assessment show that my management skills
are above average. The survey required me to fill in a questionnaire with honest answers
regardless of whether I felt it is correct or wrong. There are 20 statements in the assessment that
need to be answered to determine one’s managerial prowess. The survey suggests that I have
adequate management skills, although I need to improve. Based on the assessment, my strengths
are in communication, planning, and human resource management. I can solve or avoid conflicts
between members of my team while also helping them grow. The assessment also indicates that I
am a team player, open-minded and fairly motivated, and committed as a manager. There are
several managerial skills; hence not all are covered in the survey. Therefore, I agree with the
results of the assessment since I am willing to learn and improve my skill set.
However, I think if the survey contained different questions that test other managerial
aspects, I would have scored higher. For example, while selecting a team, I consider several
other important characteristics rather than demographic aspects. Notably, the survey does not
take into consideration my social skills and interaction with various people to determine my
response to mistakes. I tend to assess the severity of a mistake before I decide to report to the
boss or give it another chance. My decisions are not influenced by demographic factors,

Surname 2

especially when I have to put together a team. The most important considerations are knowledge,
experience, skillset, motivation, and commitment to a project (Schwalbe, 2009). It is common to
assume older people are more experienced hence I prefer to set up a team structure where each
team has a ment...


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I was having a hard time with this subject, and this was a great help.

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