Peer Response

User Generated

furrxn81

Writing

Project Risk Management

Description

Need a 200 word response to colleagues post, in APA format with in-text citation and references.

Unformatted Attachment Preview

Patrick 4 Although Risk management is treated as a separate process, “all project management is risk management“ (Horine, 2013, p. 169). Is not the ultimate goal of a PM to navigate the risks to accomplish a project within the triple constraints? According to PMBOK, “the risk register is a document in which the results of risk analysis and risk response planning are recorded” (PMBOK, 2013). Although not a complicated item, at a minimum, the risk register should contain the following components: Risk ID, the risk itself and a description. The risk ID is useful for tracking and referencing risks that may seem similar or can be used to easily reference something complex (Heldman, 2005, p. 54). An example that comes to mind is when I write project closure reports. I can easily reference realized risks and the actual impact they had on the project. The “risk” column is simply the risk or type of risk (Heldman, 2005, p. 54), whereas the risk description provides enough detail to determine the impact and probability of the risk (Heldman, 2005, p. 54) Risk identification is a crucial step contributing to success in project management (Dalcher, 2011, p. 6). Risk identification is a continuous and relentless process, which should be performed throughout a project (Horine, 2013, p. 169). However, during the planning phase of a project, I personally, I find historical evidence is one of the most crucial in risk identification. Whether that is from lessons learned documentation or from speaking with people who have worked on similar projects, firsthand knowledge is invaluable to risk identification. There are many ways to gain this firsthand knowledge. Generally, my first step is to find someone who has worked on a similar project. Often the first thing that they bring up is the realized risks that influenced their project the most. However, the intent of this interview is to “derive accurate, reliable information regarding project risks that you can further analyze and prioritize” (Heldman, 2005, p. 46). Given this, keep guiding the conversation forward to identify other possible risks or risks they encountered, but mitigated through prior planning. Another tool for gather risk information is assumption analysis. “A number of project decisions are based on (conscious or unconscious) assumptions. Since each assumption could be wrong, each is a potential risk. One challenge in assumptions analysis is to try to make the unconscious assumptions visible” (Piney, 2003). I feel Heldman said it best when she said identifying the risk is only half the job, the other half is documenting it (2005, p. 53). Not only does this allow you to reference risks in the future, it also keeps them in the minds of the project members. Furthermore, you want to include a method to incorporate newly discovered risks into your tracker. Inevitably, as a project progresses, team members will encounter real or potential risks that will need to be addressed. When identifying risks, there are signs or symptoms that tell you a risk event may occur, these are called risk triggers (Heldman, 2005, p. 29). These are the indicators that a storm is on its way and action must be taken to prevent adverse project outcomes. The risk originator may not be the best one to be the risk owner. The example that Heldman gives is a customer-interface team member may identify a financial risk, however someone in accounting may be better suited to address (own) the risk (2005, p. 57). Furthermore, having the originator be the owner, may make team member reluctant to identify risks, in fear of having to own it. Lastly, the project manager should not be the owner of all risks. As the project manager, it is “your job to help identify the person with the knowledge and skills to handle the risk” (Heldman, 2005, p. 57) and have them own it.
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

...


Anonymous
Just what I was looking for! Super helpful.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags