Project Management Paper

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Business Finance

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Continue using the organization you have selected in Week 2.

Your organization has determined that more resources are required to complete the project's risk management process for the expansion into China or another country approved by your instructor. Your team has been asked to perform a risk analysis, develop risk responses, and determine how the project will monitor and control risks.

Resource: Risk Breakdown Structure from Part I and University of Phoenix Material: Risk Project Log

Write a 1,050- to 1,400-word paper in which you do the following: 

  • Identify the risks associated with the supplier expansion. Document those risks in the Risk Project Log template. 
  • Perform a qualitative risk analysis using risk probability and impact analysis. 
  • Perform quantitative risk analysis. 
  • Determine and document the criteria used to determine which risks will have a risk response plan. 
  • Outline the timing--when and how often--of the risk management process in the project life cycle, including risk monitoring and controlling processes.

    • Risk reassessment
    • Risk audits
    • Status meetings 

Format your paper and presentation consistent with APA guidelines. Plagiarism 5% only spelling and grammar check completed.

.risk_management_project week2 individual.doc

risk_project_log.doc

risk_management_paper_grading_guide_week3.doc

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Running Head: PROJECT RISK MANAGEMENT Project Risk Management Name Institutional Affiliation 1 PROJECT RISK MANAGEMENT 2 Darden Computers and Software Company Objectives and goals for effective risk management Darden Computers and Software Company wishes to expand its supply base into China. The company anticipates increasing the supply base of computers and the related software into other markets like China. Before the organization can identify the risk management goals and objectives, it should have a shared vision and mission for the accomplishment of the project on the supply base expansion in China. This must be articulated then the goals and objectives defined. The goals and the objectives for effective risk management must be described in very simple terms that are to be accomplished by the project management team. The objectives and goals for effective risk management therefore must be consistent with the strategies and the overall goals of the company so that this can be achieved in line with the mission and the vision of the organization. Through this, Darden Computers and Software Company will be in a position to target the markets and the geographies of China where the company wishes to expand its supply base. Darden Computers and Software Company will also be in a position to stipulate the products and services that are suitable for the expansion of the supplier chain ensuring that they are made accessible into the specified markets (Hillson & Simon, 2012). The goals and objectives for effective risk management include the execution of a global business management process. This is essential as it will be in a position to integrate the business risk management with the formulation of the business strategy and planning of the processes that will enable Darden Computers and Software Company to increase its supply base in China. Darden Computers and Software Company should be in a position to make an execution of a global process. This is what will be anticipated to monitor and assess the risk profile while PROJECT RISK MANAGEMENT 3 identifying the gaps that needs to be filled by the management. This will also be based upon the changes in the environment of the targeted market for the expansion of the supply chain. Other goals and objectives for effective risk management include the continuous monitoring of the information that is provided to the people who make decisions. This will help them to make decisions regarding the management of the key risks (Hillson & Simon, 2012). Tools and techniques, and organizational roles for effective risk management for the project It will be essential for Darden Computers and Software Company to have the right tools and techniques that will assist in the effective risk management for the expansion of the supply base. Darden Computers and Software Company should therefore apply the risk identification tools and techniques. These should be suited to its objectives and goals that should be in line with the mission and the vision of the organization. Organizational roles are also essential for effective risk management for the project. The tools and the techniques should be in a position to help in the accomplishment of the tasks and the execution of the organizational roles. Some of the organizational roles will require the use of some supporting software in order to be in a position to manage the business tasks (Chapman, 2013). The risk management tools and techniques should ensemble the type of the management style for Darden Computers and Software Company so that the project on expansion of the supply base will be successful. PERT is a tool and a technique that defines the risk management tasks that can be performed simultaneously. This is an essential tool and technique as it will assist the Darden Computers and Software Company to be in a position to improve on its organizational roles like the improvement in the activities of the company that involves the PROJECT RISK MANAGEMENT 4 planning and also the scheduling. The will also help in the estimate of the resource requirements. Other organizational roles include the rescheduling of the project activities so that the management will be in a position to make a reflection of the inter project dependencies and also the resources that are scarce and limited while making also sure that the rules are followed in priority (Chapman, 2013). Information sources that are used by the project team for risk identification Information that is of good quality is very crucial and in that case it should be made available for the project team in order to identify risks. An organization should start from the historical data from its background also other similar organizations so that the stakeholders can be in a position to identify the possible risks that may be experienced by the similar institution. SWOT analysis is also a potential information source that can be used to identify risks in the Darden Computers and Software Company. The weaknesses and the threats form the SWOT analysis will be in a position to offer an insight on the potential risks that could face the company. Similar institutions also can be benchmarked in order to produce the gaps between the organizations in order to be in a position to identify those risks that it may be exposed to bearing in mind that the organizations are in the same industry. Interviews are also essential information sources where the project team can identify risks that may pose a threat to the success of the project on the expansion of the supply base in China for Darden Computers and Software Company. Risk identification information can also be derived from the flow charts on the project on supply base expansion in China. Flow charts are very crucial as they will help the company to have a comprehension of the source and the impact of the risks that the company may be exposed to (Kendrick, 2009). PROJECT RISK MANAGEMENT 5 Risk management documentation During risk identification from the various sources of information, it is very crucial for the Darden Computers and Software Company to document the risks that were identified. A risk register will be essential for the documentation process. A risk register will have a description of the risks and the sources and the impacts that come with the risks. A risk register will also document the internal controls that are already present in the company. These internal controls are very essential as they will reduce the probability of the occurrence of the risks that were identified. The risk register will be used by the project management team to account for the key risks through out the project on the supply expansion base in China. Risk register is also crucial in prioritizing the risks and then focus on the ones that require quick response (Kendrick, 2009). Role of risk management in the project planning process Risks are the main reasons behind the uncertainties in any organization and therefore it is important for organizations to effectively manage risks in the initial stage of project management which is the project planning process. This will help the organization to effectively manage risks so that uncertainties may be eliminated. Effective risk management in the project planning process will help the Darden Computers and Software Company to be in a position to increase its competitive advantage in the execution of the project on the expansion of the supply base in China. Without risk management in the company, it will not be in a position to define the objectives and goals of the supply base expansion project. And at the same time, if the company identifies the objectives and goals without taking into details the risks that it may be posed to, the company will eventually lose direction and fail to succeed on the project. Since risk management PROJECT RISK MANAGEMENT 6 involves the risk identification process, it is very crucial since the management will be aware of the possible threats that it may be exposed to (Royer, 2011). The project management team will be in a position to improve the performance while taking into consideration the objectives and goals of the organization project. This is possible for Darden Computers and Software Company since there will be fewer unwelcome surprises since risks have already been identified. The company will also have been put in place the effective and efficient utilization of resources such that it can be able to effectively execute the project. Effective risk management will also ensure that the company manages both the contingent and the maintenance of the activities that pertains to the supply base expansion project. The company will only focus more on the effective strategies for the execution of the project. Effective risk management can also result to the improved innovation for the expansion project on supply base in China. Effective risk management in the project planning process is key to ensuring the company’s stability. This will be possible through the protection of the company against any serious losses and losses that are not anticipated by the company (Royer, 2011). Risk break down structure A risk breakdown structure (RBS) helps the project team to look at many sources from which project risk may arise in a risk identification exercise (Chapman, 2013). PROJECT RISK MANAGEMENT 7 Project Risks Project risks are the overall risks that may affect the prospects of the attainment of the project objectives. This may arise from the business itself. They may also arise from poor contract relationships with the target customers and also the suppliers such that they are not in a position to achieve the objective of expansion of the supply base in China. There may also be risks that come up due to political issues in the target market like china (Chapman, 2013). Organizational risks Organizational risks occur at the organizational administration level. This is the totality of the risk concerns that affect the budgets and the investment that will be required for the supply PROJECT RISK MANAGEMENT 8 base expansion project. In establishing a supply base in China, there might be legal liability risks that come with such responsibility of extending beyond country borders (Chapman, 2013). Project management risks Project management risks may arise due to the changes that may take place from the first phase of project management to the last phase. This might be risks that that re associated with the cost and schedule estimates and also lack of mutual understanding in the communication of ideas (Chapman, 2013). Technical risks Technology risks may arise from the requirements of technology that may be needed for the attainment of the supply base expansion in China. The might also be advancements in the technology where the company may not be in a position to cope up with such advancements in technology (Chapman, 2013). Production risks Darden Computers and Software Company must be very innovative in order to be acceptable and increase is market share in China. The distribution or logistics may be predisposed to particular risks that should be assessed (Chapman, 2013). External risks External risks of Darden Computers and Software Company may arise due to changes in the procurement that is required to make sure that the supply base expansion project is PROJECT RISK MANAGEMENT 9 acceptable within the target market in China. Risks that pertain to the quality of the products and services might be possible to occur resulting to external risks (Chapman, 2013). PROJECT RISK MANAGEMENT 10 References Chapman, R. J. (2013). Simple tools and techniques for enterprise risk management. Hoboken, N.J: Wiley. Hillson, D., & Simon, P. (2012). Practical project risk management: The ATOM methodology. Tysons Corner, Va: Management Concepts. Kendrick, T. (2009). Identifying and managing project risk: Essential tools for failure-proofing your project. New York: AMACON. Royer, P. S. (2011). Project risk management: A proactive approach. Vienna, Virg: Management Concepts. Risk Management Paper Grading Guide CPMGT/302 Version 8 Individual Assignment: Risk Management Paper Purpose of Assignment The purpose of this assignment is to leverage the risk breakdown structure developed during Week 2 to perform both qualitative and quantitative risk analysis for the China expansion project. Students determine the criteria to properly choose risk events for a detailed risk response plan. Students also demonstrate how risks analysis can be used to determine the frequency and timing of risk monitoring and controlling processes within the project framework. Resources Required Risk Breakdown Structure from Part I and University of Phoenix Material: Risk Project Log Organization selected for the Week 2 Individual Assignment Grading Guide Content 70 Percent Met Partially Met Not Met Total Available Total Earned 8 #/8 Partially Met Not Met Comments: The student documents risks associated with the supplier expansion in the Risk Project Log template. In the paper, the student includes a qualitative risk analysis using risk probability and impact analysis. In the paper, the student includes a quantitative risk analysis. In the paper, the student documents the criteria used to determine which risks will have a risk response plan. In the paper, the student outlines the risk management process in the project life cycle, including risk monitoring and controlling processes. The paper is 1,050 to 1,400 words in length. Writing Guidelines 30 Percent Met The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are Copyright © 2014 by University of Phoenix. All rights reserved. Comments: 1 Risk Management Paper Grading Guide CPMGT/302 Version 8 present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total # Total Available Total Earned 4 #/4 12 #/12 Additional comments: Copyright © 2014 by University of Phoenix. All rights reserved. 2 Risk Project Log CPMGT/302 Version 8 University of Phoenix Material Risk Project Log Risk ID Risk category type Risk ID Total risk impact Probability of occurrence Risk description Risk owner Risk status Severity of impact Mitigation plan Copyright © 2014, 2013, 2011, 2010 by University of Phoenix. All rights reserved. Trigger for mitigation plan 1 Risk Project Log CPMGT/302 Version 8 University of Phoenix Material Risk Project Log Risk ID Risk category type Risk ID Total risk impact Probability of occurrence Risk description Risk owner Risk status Severity of impact Mitigation plan Copyright © 2014, 2013, 2011, 2010 by University of Phoenix. All rights reserved. Trigger for mitigation plan 1 Risk Management Paper Grading Guide CPMGT/302 Version 8 Individual Assignment: Risk Management Paper Purpose of Assignment The purpose of this assignment is to leverage the risk breakdown structure developed during Week 2 to perform both qualitative and quantitative risk analysis for the China expansion project. Students determine the criteria to properly choose risk events for a detailed risk response plan. Students also demonstrate how risks analysis can be used to determine the frequency and timing of risk monitoring and controlling processes within the project framework. Resources Required Risk Breakdown Structure from Part I and University of Phoenix Material: Risk Project Log Organization selected for the Week 2 Individual Assignment Grading Guide Content 70 Percent Met Partially Met Not Met Total Available Total Earned 8 #/8 Partially Met Not Met Comments: The student documents risks associated with the supplier expansion in the Risk Project Log template. In the paper, the student includes a qualitative risk analysis using risk probability and impact analysis. In the paper, the student includes a quantitative risk analysis. In the paper, the student documents the criteria used to determine which risks will have a risk response plan. In the paper, the student outlines the risk management process in the project life cycle, including risk monitoring and controlling processes. The paper is 1,050 to 1,400 words in length. Writing Guidelines 30 Percent Met The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are Copyright © 2014 by University of Phoenix. All rights reserved. Comments: 1 Risk Management Paper Grading Guide CPMGT/302 Version 8 present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total # Total Available Total Earned 4 #/4 12 #/12 Additional comments: Copyright © 2014 by University of Phoenix. All rights reserved. 2
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