MGMT 412 Week 3 ChatManaging Project Risks and Opport

MGMT 412 Week 3 Chat
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Managing Project Risks and Opportunities
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Scenario
*The design manager and the engineering manager were
discussing with you the software tool they normally use for
their design and engineering work.
It is critical to their process, but there are some defects in the
software that result in errors in the designs.

Scenario
*The team knows how to find the errors and correct them, but it
takes additional time during the design and engineering
timeline.
The managers just received an e-mail from the software vendor
stating that a new version of the tool will be available right as
the design tasks are expected to begin.
Scenario
*Historically, the vendor is known to deliver the software about
four weeks later than announced.
The upgrade corrects the defects that the team knows about, as
well as provides some new functionality that will make some of
the engineering tasks faster.
Scenario
*The vendor is strongly encouraging training for the design and
engineering teams to use this new version.
As the project manager, you must decide whether or not the

team will use this new version of the software.
The vendor is offering a 50% discount on the training if people
are signed up within the next ten days.
Scenario
*Answer the following questions:What risks does this use of
technology introduce to the project? What is the impact of each
risk?What is the probability of each risk?Based on your
understanding of the risks, will you tell the managers whether
or not they should sign up their people for training?
What risks does this use of technology introduce to the project?
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Software Risks
*A list of potential software risks include:Database
complexityDevelopment requiredManagement abilitySoftware
complexitySoftware maturitySystem sizeTelecommunication
aspects
Suppliers & Sub-contractors Risks

*Ability to deliver, skills, and quality of the
softwareAccreditationAlternative suppliers and/or sub-
contractorsAvailabilityClaims and variationsCommercial
termsQuality of goods and services providedReliability of
supplierSafety attitudeSpecial considerations
Suppliers & Sub-contractors Risks (cont.)
*Control and supervisionCost of goods and services
providedDelivery of goods and services providedFailure of a
critical supplier and/or sub-contractorFlow-on conditions from
prime contractLead times for ordersLimited number of suppliers
or producersNew or existing sub-contractOverseas versus local
sub-contractors
Suppliers & Sub-contractors Risks (cont.)
*Stability of joint ventures and/or
partnershipsTimelinessTransferability of warrantees and/or
guaranteesWarranty of goods and services provided
Technology Risks
*A list of technology risks include:Availability of key
componentsFailure ratesLack of technical
knowledgeMaintenanceNeed for further developmentNew or

non-standard performanceQuality requirements
Technology Risks (cont.)
*ObsolescenceReliability, availability, maintainabilitySpare
parts and supportSpecification does not reflect client
needsSpecification incomplete or misleadingTechnical standards
or regulations changeTechnical standards or regulations
unclearTechnological changeTechnology not available
What is the impact of each risk?
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Cost, Schedule, and Performance Factors
*Cost, schedule, and performance are what is impacted by
risk.The impact probabilities include:0.1 = Insignificant0.3 =
Low 0.5 = Medium0.7 = Very High0.9 = Catastrophic
0.1 = Insignificant
*Cost FactorSchedule FactorPerformance FactorBudget
estimates not exceeded, some transfer of moneyNe gligible

impact, slight schedule change compensated by available
schedule slackMinimal or unimportant performance impacts
0.3 = Low
*Cost FactorSchedule FactorPerformance FactorProject costs
exceed budget by 1% to 5%Minor slip in project schedule, less
than 1 monthSmall reduction in performance
0.5 = Moderate
*Cost FactorSchedule FactorPerformance FactorProject cost
estimates increased by 5% to 10%Small slip in project schedule
from 1 to 3 monthsSome reduction in performance

0.7 = Very High
MGMT 412 Week 3Chat
*Cost FactorSchedule FactorPerformance FactorProject cost
estimates increased by 10% to 20%Project schedule slip from 3
to 6 monthsSignificant reduction in performance
MGMT 412 Week 3Chat
0.9 = Catastrophic
*Cost FactorSchedule FactorPerformance FactorProject costs
increased by more than 20%Large project schedule slip, key
milestones not achievedKey performance criteria cannot be
achieved

Cost, Schedule, and Performance Factors
*For each risk you will need to determine the
following:Whether it is a cost, schedule, or performance
factorWhether the impact is insignificant, low, moderate, very
high, or catastrophicRead the number that ranges from 0 to 1
from the appropriate table, and then use that number in the
succeeding calculations
What is the probability of each risk?
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Probability Factors
*They include:Maturity factorsComplexity factorsIntegration,
interfacing, and dependency factorsCommercial risk and
management process factors
Probability Factors

*Here are the actual probabilities that you will employ:0.1 =
Rare0.3 = Unlikely0.5 = Possible0.7 = Likely0.8 = Highly
likely0.9 = Almost certain
Impact & Probability Factors
*First, you will need to figure out which of the four (4) impact
probabilities listed in the previous slides applies.Second, you
will need to decide which one of the other six (6) probabilities
to assign.Once you have made these two decisions, you have
just about answered the question.In the last part of the question,
will need to justify your selections.
Based on your understanding of the risks, how will you tell the
managers whether or not they should sign up their people for
training.
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Risk Priority Matrix
*
Recommended Formula

*there are two formulas that can be used to calculate the risk
factor.The recommended equation is:
RF = P + C – (P*C)
where
P = the selected probability and
C = the selected consequence or
impact value.
Recommendation
*All you need to do is substitute the probability and impact
factors selected into the equation on the previous slide, perform
the calculation, and calculate the result.This will tell you
whether or not the team members should or should not sign up
for the training.
Example
*It is obvious that the impact is an interfacing factor.
Suppose that you believe that it is unlikely that there will be
only minor interfacing problems.
Then, the probability value is 0.3, which is read off from the
first column of the Table on slide 24 .

Example
*Next, you will need to decide the impact factor.
Since going to training may impact the budget, create a minor
slip in the schedule with possibly a small reduction in
performance, the impact factor is 0.5.
The last step is to substitute these two values into the equation.
Example
*Here is the calculation:
RF = P + C – (P * C)
= 0.3 + 0.5 – (0.3 * 0.5)
= 0.8 – 0.15
= 0.65
Example
*With a 0.65 probability of the training affecting the project
schedule, you may come to the conclusion that the training is
not worthwhile.This is not an unreasonable conclusion, and so
you see how to address this discussion board question.
Caveat
*Please note that your selection of probabilities may be

different from my selection.
I encourage you to review the example carefully, specify your
own values, and then reach your own conclusions.
Then you will have answered the question, and understand how
to deal with this elusive issue called risk.
Research Methods Literature Review
Prior to beginning work on this assignment, review the
qualitative and quantitative research designs encountered so far.
For your literature review, you will select one design from each
of the following categories.
Category: Designs
Non-experimental Designs: Descriptive, Archival.
Observational, Correlational, Survey research
Quantitative experimental Designs: Pretest-posttest control
group, Posttest-only control group
Solomon four-group
Qualitative Designs: Ethnography,
Phenomenology, Grounded theory, Narrative, Participatory
action research (PAR)
Mixed methods Designs: Explanatory,
Exploratory, Triangulation, Parallel
Visit the Research Methods research guide in the databases for
a minimum of one peer-reviewed journal article published
within the last 10 years about each of the research designs you
selected. The articles must not be research studies using the
designs. Instead, they must be about how to conduct a study
using the design. Examples of acceptable articles for this
assignment are listed at the Suggested Articles tab in the
Research Methods research guide.
In your paper, briefly outline the topic you selected (CHOSEN
TOPIC IS DEPRESSION) for your Final Research Proposal in
Week One and apply the scientific method by suggesting both a
specific research question and a hypothesis for the topic.
Evaluate your chosen peer-reviewed articles summarizing each

and explaining how the research design described could be
useful for designing original research on your topic. Compare
and contrast the paradigms or worldviews inherent in the
methodology associated with each research design. Apply
professional standards and situate yourself as a researcher by
identifying which of these approaches best fits with your
worldview.
The Research Methods Literature Review
Must be four double-spaced pages in length (not including title
and reference pages) and formatted per APA style
Must include a separate title page with the following:
Title of paper
Student’s name
Course name and number
Instructor’s name
Date submitted
Must use at least four peer-reviewed sources published within
the last 10 years.
Must document all sources in APA style
Must include a separate reference page that is formatted per
APA style
COURSE MATERIAL
E-Books
Frost, N. (2011). Qualitative research methods in psychology.
New York, NY: McGraw-Hill.
Hesse-Biber, S. N. (2010). Mixed methods research: Merging
theory with practice. New York, NY: Guilford Press.
Martin, W. E., & Bridgmon, K. D. (2012). Research methods for
the social sciences, Volume 42: Quantitative and statistical
research methods: From hypothesis to results. Somerset, NJ:
John Wiley & Sons.
Articles
American Psychological Association. (2010). Ethical principles
of psychologists and code of conduct: Including 2010
amendments (Links to an external site.)Links to an external
site.. Retrieved from http://www.apa.org/ethics/code/index.aspx

Bryman, A. (2006). Integrating quantitative and qualitative
research: How is it done? Qualitative Research, 6(1), 97-113.
doi:10.1177/1468794106058877
Fetters, M. D., Curry, L. A., & Creswell, J. W. (2013).
Achieving integration in mixed methods designs – principles
and practices. Health Services Research, 48(6), 2134-2156.
doi:10.1111/1475-6773.12117
Henrich, J., Heine, S. J., & Norenzayan, A. (2010). Most people
are not WEIRD (Links to an external site.)Links to an external
site.. Nature, 466(7302), 29. doi: 10.1038/466029a
Ponterotto, J. G. (2013). Qualitative research in multicultural
psychology: Philosophical underpinnings, popular approaches,
and ethical considerations. Qualitative Psychology, 1(S), 19-32.
doi:10.1037/2326-3598.1.S.19
Skidmore, S. (2008). Experimental design and some threats to
experimental validity: A primer (Links to an external site.)Links
to an external site.. Paper presented at the Annual Meeting of
the Southwest Educational Research Association (New Orleans,
LA, February 6, 2008). Retrieved from the ERIC database in the
Ashford University Library.
Web Page
National Institutes of Health. (n.d.) Protecting human research
participants: NIH office of extramural research (Links to an
external site.)Links to an external site.. Retrieved from
https://phrp.nihtraining.com/users/login.php
Supplemental Material
Murphy, P. (2014). PSY635 Week two discussion scenario
Preview the document View in a new window [PDF]. Ashford
University: San Diego, CA.
Running Head: QUANTITATIVE & QUALITATIVE
PHILOSOPHICAL DIFFERENCES 1

QUANTITATIVE & QUALITATIVE PHILOSOPHICAL
DIFFERENCES 5
Philosophical Differences between Qualitative and Quantitative
Paradigms and Approaches
Name
Course
Tutor
Date
The most appropriate research design in this case is the
phenomenology that falls under qualitative methods.
Phenomenology works in such a way as to give an
understanding of one’s perception on an idea, event or situation.
This research design would facilitate the answers of the
additional questions of the instructors on the feeling of the
intervention and the influence this has on the students, both
within and without the classroom. The students’ interpretation
of the intervention helps the instructors understand their
students much better.
Different students giving their thoughts and views of the
influence of the intervention will help give the instructors a
general idea of the students’ experience for the sake of better
understanding. Greater focus is given to the students and their
thoughts on the matter of intervention. Their interpretations on
the same are paramount to arriving at either a solution or a
general idea that will help with how the matter is handled and to
help improve the understanding for the students included in the
research (Frost, 2011).
The philosophical paradigm behind phenomenology is
interpretivism, which is an influence or guide to the qualitative

research. It helps give an idea on the subjective thoughts and
experiences of the students, in this case. Various thoughts
shared on knowledge are all taken to be correct since there is no
right route to acquiring knowledge. Any and every theory put
forward is taken to be just as important as the next. The
instructors will judge the thoughts and theories put forward by
the students are judged greatly through how interesting they are
as opposed to whether or not they are viewed to be correct
(American Psychological Association, 2010).
The students’ thoughts and interpretations of the knowledge put
forward as well as meaning of the intervention is what counts in
this case to the instructors, given the research design and the
philosophical paradigm underlying phenomenology. The
phenomena on intervention is well understood through the
meanings that the various students assign to the intervention
that they get a feel of as well as how they view the influence of
the same.
There are various assumptions that the instructors will be
required to set aside with regard to the qualitative research
study, and in this case, phenomenology. The instructors will
have to temporarily set aside assumptions such as expecting all
the students, if not some, to end up with the same conclusion of
the view of the intervention. They will also have to give way to
ideas that had not been planned for. This is to say that new
ideas will come up given the difference in thought as well as
meaning given by different students (Bryman, 2006).
Ethical issues are bound to surface in the case of qualitative
research. On that note, these ethical issues include the ability of
the researchers or instructors to make informed decisions since
this research method does not require any analysis of statistical
data therefore, requiring them to carry out evaluation of their
observations as well as interpreting data collected through
observation. This ought to be done in order to ensure that the
results are objective.
Other ethical issues or challenges that researchers come across,
for instance, confidentiality of the researchers could be difficult

to do. The potential impact of the students on the researchers or
instructors as well as that of the instructors on the students is
another issue since it could to results being skewed. Anonymity
is another issue that is not easy to deal with when instructors or
researchers are not careful. Informed consent is the final issue
towards the instructors involved (Ponterotto, 2013).
The difference between the dismantling research design and
paradigm used before, and the phenomenology and paradigm
used is the characteristics that either holds. As for the
dismantling design, focus is on larger sample sizes while
phenomenology focuses on smaller samples like the students.
Answers expected in the dismantling research design were
objective while those in phenomenology were subjective of the
thoughts of the students. Data presented in the dismantling
research design are in statistical values while data in
phenomenology is based on observation and interpretation.
References
American Psychological Association. (2010). Ethical principles
of psychologists and code of conduct: Including 2010
amendments (Links to an external site.)Links to an external
site.. Retrieved from http://www.apa.org/ethics/code/index.aspx
Bryman, A. (2006). Integrating quantitative and qualitative
research: How is it done? Qualitative Research, 6(1), 97-113.
doi:10.1177/1468794106058877
Frost, N. (2011). Qualitative research methods in psychology.
New York, NY: McGraw-Hill.
Ponterotto, J. G. (2013). Qualitative research in multicultural
psychology: Philosophical underpinnings, popular approaches,
and ethical considerations. Qualitative Psychology, 1(S), 19-32.
doi:10.1037/2326-3598.1.S.19

MGMT 412 Week 3 ChatManaging Project Risks and Opport

MGMT 412 Week 3 ChatManaging Project Risks and Opport

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