Assignment 5: Managing Risk – The Human Factor

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Business Finance

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  • Assignment 5: Managing Risk – The Human Factor Due Week 10 and worth 200 pointsEvaluate the project you identified in Week 10, Discussion 1, in more detail by completing the tasks listed below. Note that you will need to conduct further research on the project using the Internet as a resource in order to address all aspects of this assignment.Write a six to eight (6-8) page paper in which you:
    1. Evaluate the project scope.
    2. Determine the two (2) major risks associated with the project. Explain each of the identified risks.
    3. Examine the levels of uncertainty and complexity for the project.
    4. Analyze the type of project learning that is addressed. Justify your response.
    5. Examine the organizational mind-set and explain its impact on the project.
    6. Propose changes you would recommend to the infrastructure for lessons learned.
    7. Use at least three (3) quality references. Note: Wikipedia and other Websites do not quality as academic resources.
    Your assignment must follow these formatting requirements:
    • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
    • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
    The specific course learning outcomes associated with this assignment are:
    • Analyze the project risk identification and assessment processes.
    • Examine the various types of project risks.
    • Analyze the process for diagnosing uncertainty and complexity in projects.
    • Evaluate the types of learning in projects.
    • Evaluate the organizational infrastructure for managing high-uncertainty projects.
    • Use technology and information resources to research issues in managing project risk.
    • Write clearly and concisely about managing project risk using proper writing mechanics.
    Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using this rubric.


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So I have talked about the self-driving cars before. I think that would be a good fit for this discussion because it's pretty risky. Oftentimes, senior management gives the PM some control and becomes hands-off. But, when senior management doesn't take an active role in the project, they can quickly become out of touch. In example the PM may need additional authorization for certain project modifications, but they have to go through approval processes versus the senior management being proactive and approving what the PM needs. Another issue that can arise is strict or shorter than anticipated deadlines, but no extra budget or people to make it happen. The CEO for Munich Re America, Tony Kuczinski, a risk assessment group working with Tesla is taking a dynamic approach. In a recent study, McKinsey & Co. found that consumers' primary transportation could be self-driving cars as soon as 2050. Kuczinski calls for companies to work together citing security being a major risk as the "smart" technology in these cars could be a target for hackers. With the technology rapidly evolving, and some of the self-driving cars even being on the road as we speak, the deadline for a risk management plan for all involved is around the corner. This includes parties working together such as the agencies working on smart highways and the connected devices inside the car, insurance companies, and car manufacturers. Organization capabilities is about getting the right people to do the job and having a solid infrastructure. Sometimes in projects, this is where issues begin. Upper management may have someone in mind, but there may be other candidates more qualified for the job at hand as demonstrated through their experience and previous performances. It can become political. With the self-driving cars being incredibly risky, including peoples' lives being on the line, car manufacturers will need to have a very dynamic team for a project like this. It will also involve heavily working with other agencies. So team members that are able to communicate effectively will be key. Also acquiring team members that may have some working knowledge or experience with the other agencies involved would be advantageous.
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Anonymous
This is great! Exactly what I wanted.

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