Developing the Risk Management Strategy, management homework help

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Based off the attached work already completed

  • List the project team members and stakeholders (at least 4) that can be utilized to assist in identifying risks.
  • What risk identification techniques will you utilize, and why do you believe that these will work best for your project?
  • What diagramming techniques will you use to fully explore specific types of risks?
  • Risks can be prioritized utilizing impact analysis. Identify the impact scales that you intend to use for both the impact to the major project objectives and the likelihood.

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Colorado Technical University MPM344-1702B-02 Project Risk Management Project Risk Management Student: Seth Holley 24 May 2017 Contents Project Outline .............................................................................................................................................. 3 Risk Management Justification ..................................................................................................................... 4 Project Risk Assessment................................................................................................................................ 7 Project Risk Responses Strategy ................................................................................................................... 8 Project Risk Responsibility Plan .................................................................................................................... 9 Project Risk Monitoring & Control Plan ...................................................................................................... 10 Project Risk WBS & Budget Updates ........................................................................................................... 11 Project Risk Communications Plan.............................................................................................................. 12 References .................................................................................................................................................. 13 Project Outline The project involves designing a beach house in the Atlantic City. The plan is to make a 3bedroomed house with two baths with a perfect view of the ocean. Within six to sixteen weeks, a custom design will be carried out at the beach house. The beach house will be considered as a 3-bedroomed house, 1000 square feet with one bathroom. The stock plan without modifications will take one week since there are no changes. The stock plan with modifications will take a maximum of four weeks. Risk Management Justification Risk management is critical to help in the success of a project as there are many possible risks which could lead to failure of this project. A project manager will have to identify and recognize the causes of risks and trace them through the entire project and their consequences. This is the only way to help achieve the project’s objectives. Managing the risks in this project is a critical and necessary process to achieve goals of the project regarding safety, cost, time, quality and environmental suitability. The effectiveness of the risk management process allows one to identify the projects weaknesses and strengths. This helps to plan for any unexpected events and be ready. Risk management strategies contribute to establishing internal and external risks. It includes any identifiable hazards, occurrence probability, potential impact, and actions. This provides for minimizing and eliminating adverse risks that will lead to in time project completion. This leads to decreased expenses on any activities that do not return investments. Hence, the success of the project is almost inevitable without a risk management plan. ii) Steps to develop a risk management plan 1. Identify the risk- It involves identifying risks that may affect the project or the outcome of the project. 2. Analyzing the risk- It consists of determining the likelihood and possible consequence of each risk. The nature of the risk is understood and its possible potential to affect the goals and objectives of the project. 3. Evaluating the risk- The risk is ranked regarding risk magnitude. Whether the menace is acceptable or needs to be taken care of. 4. Treating the risk-The highest ranked risk are set aside, and a plan is developed to modify the risks to achieve the least possible risk levels. Here, risk mitigation strategies are finalized, contingency and preventive plans and measures of risk treatment. 5. Monitor and review the risk- The risks are monitored, tracked and evaluated. iii) Represent this process in a flow diagram Identify the risks Analyzing the risk Evaluating the risk Treating the eff risk New risk Monitoring and reviewing the risk Project Risks Identification Risk can happen at any time during the project from the early stages where decisions such as selection of methods of construction and other choices can be subjective. Hence, risk management use is necessary from the beginning. Several risks could lead to failure of the project. The categories where risk could occur in this project include technical, environmental or external. A technical risk is the effect changes could have on the project when an implementation does not work as anticipated. Failing to identify the threat could lead to increased maintenance time, technical debt and degraded performance. In environmental risks, the home-owners in beach areas are prone to storm seasons, rising sea levels and other effects of climate change. The real estate industry is aware of the need to consider the risks of climate change that may lead to catastrophic damage due to storms and rising seas. With a higher risk of climate change comes in the high insurance premiums. External risks are risks that cannot be measured by the project team. They are tough to predict and control. They include catastrophic hazards and economic changes in the country. Project Risk Assessment Project Risk Responses Strategy Project Risk Responsibility Plan Project Risk Monitoring & Control Plan Project Risk WBS & Budget Updates Project Risk Communications Plan References 1. Tara.D, smallbusiness.chron.com/risk-management-important-project-success56920.html .2015 2. Enamul, H. www.daily-sun.com/printversion/details/225156/Marine-driveway---Amilestone-project- 2017
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Running heading: Developing the risk management strategy

Project Management – developing the risk management strategy
Name
Institution
Professor’s name
Date

1

Project Management Risk Assessment

2

Project stakeholders
Risk identification in project analysis is an essential part of project management. It
involves many stakeholders that can jointly be utilized to identify these risks. These project team
members and stallholders may include the following: the project manager, creditors, suppliers of
material and the employees. All of these stockholders form part of a large group that can give
details on where the project is likely to give face risks.
Risk identificati...


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