Project Risk Assessment
Running Head: Project Risk Assessment
ITP-5 Project Risk Assessment
Executive Summary
Purpose
The purpose of incorporating the Project Risk Register into the project plan is to identify and understand the nature of the risks that and organization may face. It also brings about the awareness of the extent of the possible risks. A risk register allows a project manager to also: identify both the level of risk that the organization’s management is willing to accept and the level of risk that the organization itself is willing to accept. Recognize its ability to control and reduce risk. Report the risk status at any point in time. Have in place risk event “early warning” factors and upward reporting thresholds. The risk register will help the organization record the following risk management information: Type of risk, who raised it and how it could affect the organization. Likelihood of the risk occurring and its potential impact to the organization. Risk priority, based on its effect on the organization. Actions taken to prevent the risk from happening. Risk mitigation/reduction actions taken in case the risk does occur.
Assignment Questions
1. Which risks (and associated tasks) would be the most threatening to the success of the project and why? This discussion should be very specific to tasks and their associated risks.
2. Which top THREE mitigations (and associated tasks) and risk handling plans should be implemented, and why? Remember that mitigation actions will affect cost, schedule and/or scope – so discuss what can you AFFORD to do based on the likelihood and impact of the risk?
3. What are the TOTAL impacts on cost, schedule and scope for the project if the recommended risk controls and mitigation actions are taken? If you use costs, how did you calculate the cost? Will the risk handling improve things or make them worse? That is, will the project cost more and/or be less successful because of risk handling, or will it cost less and/or be more successful because of risk handling? How so? Explain.
4. How did you determine those costs and impacts? Please describe. What is the benefit of mitigating risks that are identified for mitigation?
5. If your project could only afford $20,000 for mitigation actions, which risks (identify associated tasks) would be implemented?
6. If your project could only tolerate a 5 day delay related to mitigation actions, which risks (identify associated tasks) would be implemented?
7. What would be the most expensive (time and or schedule) contingency action/plan? Identify the associated task and explain why this contingency would be the most expensive in terms of time or schedule.
8. How did you determine those costs and impacts? Please describe.
References
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Cascio, W.F. and Boudreau, J.W. (2011) Investing in People: Financial Impact of Human Resource Initiatives, 2nd edn, Pearson Education, Upper Saddle River, NJ
Westland, J. (2011, June 23). Project Management: 4 Ways to Manage Your Budget. Retrieved November 1, 2015 from CIO: http://www.cio.com/article/2406862/project-management/project-management–4-ways-to-manage-your-budget.html
Freeman, P. (2013, October 28). Tips for Managing Project Finances to Avoid Delays. Retrieved November 1, 2015 from Construction Executive: http://enewsletters.constructionexec.com/riskmanagement/2013/10/tips-for-managing-project-finances-to-avoid-delays/
Rossi, B. (2015, July 20). 6 Reasons Why So Many IT Programmes Fail. Retrieved November 1, 2015 from Information Age: http://www.information-age.com/it-management/finance-and-project-management/123459856/6-reasons-why-so-many-it-programmes-fail
Method 123. (2009, April 28). Empowering Manager to Succeed: How to Manage Your Project Finances Retrieved November 1, 2015 from http://blog.method123.com/2009/04/29/financial-plan-template/
PMI (Project Management Institute), A Guide to the Project Management Body of Knowledge ‘‘PMBOK’’, fifth ed., Project Management Institute Inc., Pennsylvania, 2013.
PMI (Project Management Institute), The Standard for Program Management, third ed., Project Management Institute Inc., Pennsylvania, 2013.
Amazon.com: Online Shopping for Electronics, Apparel, Computers, Books, DVDs & more. (n.d.). Retrieved November 1, 2015, from http://www.amazon.com/
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The post 1. Which risks (and associated tasks) would be the most threatening to the success of the project and why? This discussion should be very specific to tasks and their associated risks. 2. Which top THREE mitigations (and associated tasks) and risk handling plans should be implemented, and why? Remember that mitigation actions will affect cost, schedule and/or scope – so discuss what can you AFFORD to do based on the likelihood and impact of the risk? 3. What are the TOTAL impacts on cost, schedule and scope for the project if the recommended risk controls and mitigation actions are taken? If you use costs, how did you calculat first appeared on essaypanel.com.
