Assignment Part 1 - Prioritize Project RisksInstructionsThis.docx

•Download as DOCX, PDF•

0 likes•2 views

Assignment Part 1 - Prioritize Project Risks Instructions This assignment has two parts. In the first part, prepare and submit an Excel spreadsheet in which you quantitatively rate the project risks you identified in the Week 2 assignment, calculate a Risk Factor for each risk, and then sort the risks from highest to lowest Risk Factor. Be sure to use a scale of 1-10 for the Likelihood (with 1 being not very likely and 10 being practically certain) and a scale of 1-10 for the Impact (or Consequence) (with 1 being negligible and 10 being catastrophic). Use the RF = P X C method for calculating the Risk Factor for each risk and use a formula in Excel so that if the Likelihood or Impact rating changed, the Risk Factor would automatically change. You must sort all of the risks in your Excel spreadsheet from highest Risk Factor to lowest Risk Factor. Assignment Part 2 – Summarize a Quantitative Risk Analysis Method Instructions The second part of this assignment requires you to write a paper that summarizes any four quantitative risk analysis methods described in Part III of the Cooper et. al. (2014) text and pages 333 to 341 of the PMBOK® Guide (2013). Support your paper with a minimum of three (3) external resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included. Length: 6 pages not including title and reference pages Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Resources PMBOK Read pages 333-341 (attached) Project manager's spotlight on risk management. Read pages 136-143 (attached) Video: Edureka, (2014). Understanding quantitative risk analysis [Video file]. https://www.youtube.com/watch?v=fk9CSZZon6E ...

Education

ideas and concepts presented in the course by providing new
thoughts and insights relating directly to this topic. Your
response should reflect scholarly writing and current APA
standards.
Resources
PMBOK
Read pages 333-341 (attached)
Project manager's spotlight on risk management.
Read pages 136-143 (attached)
Video:
Edureka, (2014). Understanding quantitative risk analysis
[Video file].
https://www.youtube.com/watch?v=fk9CSZZon6E

Project Risk Management (Project Name) Student Name Walden University Date Table of Contents Project Risk Management Approach1 Project Risk Identification1 Project Risk Assessment (Qualitative)1 Project Risk Assessment (Quantitative)1 Project Risk Response1 Risk Monitoring & Control2 Risk Register3 ©2018 Walden University 2 Project Risk Management Approach Project risk management planning involves deciding how risk management activities will be conducted over the life of a project. The output of project risk management planning is the project risk management plan. Risk management is an iterative process. The risk management plan should be updated when any substantial changes to the project are made and/or when a risk event occurs. · Explain how risk management will be approached for the project. (3–4 paragraphs)Project Risk Identification Once the approach and process for managing project risk have been determined, it is time to identify potential project risks and document them in a risk register. It is helpful to think about possible sources or categories of project risk as a way to organize the risk list. It may not be possible to identify every risk that could occur during the project but risk management is an iterative process. Over the life of the project, risks will be reviewed often and the risk register will be updated as needed. · Describe the process you will use to identify risks. Who will you include? When will you conduct these activities? How will you document the results? (3-4 paragraphs) · Describe the source of project risks that you plan to use, such as weather, vendor, staffing, technology, etc. (2-3 paragraphs) · Document project risks in the risk register in columns A-F. Project Risk Assessment (Qualitative) Once project risks have been identified, the project team must analyze them to try to determine the likelihood (probability) of occurrence and the effect to the project (impact) should a given risk event occur. All risk analysis begins with qualitative analysis. To ensure accuracy and completeness, the project team should study both the risk event itself and the interactions between risk events. · Explain how risk measurement scales will be developed. Will you use a standard organizational set of measurements or define your own? (2–3 paragraphs) · Explain how risks will be prioritized based on the defined qualitative measurement scales. (2–3 paragraphs) · Document risk measurement scales and their meaning in the project risk register (in columns H–J). For example: · What does a “2” mean for probability? Is that 20% or 20–40%? · What does a “4” mean for impact? Is it (a) Project fails to meet one objective, or (b) Project exceeds budget or timeline by 20%? Project Risk Assessment (Quantitative) Once project risks have been qualitatively assessed, the project team must review those with the highest risk factor scores (probability x impact) and further analyze them using quantitative risk analysis methods. ...

1 Assignment Objectives Introduction to Project Risk Managemen.docx

honey725342

1 Assignment Objectives Introduction to Project Risk Management Explain how risk management is integrated as a component into the total project management approach. 400 Words Risks can occur as a result of both known risks, such as for newer tasks there may be a learning curve that causes delays in the delivery of a task, and unknown risks, such as events like an earthquake or tsunami. Also, some suggest that they take calculated risks, where careful consideration is taken before taking on a challenge. Risk management, in essence, is doing the same thing in a more formalized process. The discussion assignment for this week will be an evaluation of how risk management can be a contributor versus an inhibitor to a project. The following Discussion Board task will assist you in evaluating various types of risk. Research at least 2 sources (which may include your textbook) to support your response. 1.Describe a project that you were involved with, or are familiar with, and the types of risks (at least 5) that occurred. 2.How were these risks handled or mitigated? 3.When the risk occurred, what impact did it have on the overall project, such as from a cost and schedule-deadline perspective? 4.If a risk management process was not in place, explain why it may have helped. If a process was in place, did it help, and why? Write 2 more paragraphs that are an introduction and conclusion to this topic. Be sure to include your references, and format your submission in APA format. 2 Assignment Objectives Introduction to Project Risk Management Explain how risk management is integrated as a component into the total project management approach 1,100 Words, including many empty sections, in a Word document Risks fall in a few categories, known and unknown. It is extremely important in any project to effectively plan for both with a contingency budget and resources because some will happen. In this class, you are asked to develop a Risk Management Strategy and Plan that identifies potential risks, ranks them by impact and likeliness, contains mitigation strategies, and includes a way to control and communicate them. You will select a project that you may have developed in a previous class or a known project in your organization to create this strategy and plan for. Throughout this course, you will be working on developing several components of a final Key Assignment. Additional information and the deliverables for each Individual Project will be provided in the assignment description for this project. In this first Individual Project, you are asked to develop the outline of the sections that will be included in the “Risk Management Strategy and Plan” document and a draft of a proposal to submit to your instructor. The other information you will include is a high-level description of the project you will be conducting the risk analysis on. You will also be setting up the final Key Assignment outline that you will add to each week. The combined In ...

Managing Risk – The Human FactorEvaluate the project you identifie.docx

drennanmicah

Managing Risk – The Human Factor Evaluate the project you identified in Week 10, Discussion 2, in more detail by completing the tasks listed below. Note that you will need to conduct further research on the project using the Internet as a resource in order to address all aspects of this assignment. Write a four to five (4-5) page paper in which you: Evaluate the project scope. Determine the two (2) major risks associated with the project. Explain each of the identified risks. Examine the levels of uncertainty and complexity for the project. Analyze the type of project learning that is addressed. Justify your response. Examine the organizational mind-set and explain its impact on the project. Propose changes you would recommend to the infrastructure for lessons learned. Use at least three (3) quality references. Note: Wikipedia and other Websites do not quality as academic resources. .

PM 584 Invent Yourself /newtonhelp.com

lechenau98

PM 584 STUDY Education Your Life / pm584study.com

kopiko19

Pm 584 studyPM 584 STUDY Education Counseling--pm584study.com

venkat60043

PM 584 STUDY Redefined Education--pm584study.com

kopiko185

PM 584 Inspiring Innovation/tutorialrank.com

jonhson150

Unit IV Assignment Hazard Analysis and Risk Assessment Project Select a serious workplace hazard with which you are familiar, or use Steps 1 and 2 of the Hazard Analysis and Risk Assessment Guide on page 114 of the course textbook to help you select one. Use Steps 3-10 of the guide to evaluate the hazard and its associated risks, and then click here to access the Unit IV Hazard Analysis/Risk Analysis Project Form. Please note that you will have to save a copy in order to fill out the form using the “Add Text” tool. To complete the Initial Risk Assessment and Post Control Risk Assessment sections, use the following codes based on the Risk Assessment Matrix in Table 11 of the textbook: SEVERITY: 1 – Catastrophic 2 – Critical 3 – Marginal 4 – Negligible PROBABILITY (Likelihood of Occurrence): A – Frequent B – Probable C – Occasional D – Remote E – Improbable RISK CODE: H – High S – Serious M – Medium L – Low All sections of the form must be completed. Note that the Post Control Risk Assessment Measures section reflects the risk assessment AFTER applying the Additional Control Measures. In a paragraph of at least 500 words, explain the reasoning behind how you filled out each section of the form. Insert the completed form into the same Word document with your paragraph, using APA formatting for the paper format as well as for all references and in-text citations. BOS 3651— Unit IV Hazard Analysis/Risk Analysis Project Student Name _ ______________________________________ Hazard Description Exposure Interval Type of Hazard Initial Risk Assessment Hazard Target(s) Severity Probability Risk Code [check all applicable] [worst credible] [for exposure interval] [from matrix] (with existing planned/designed-in countermeasures) Personnel Equipment Downtime Environment Product Date Activity Additional Control Measures Post-Control Measure Risk Assessment Hazard Target(s) Severity Probability Risk Code [check all applicable] [worst credible] [for exposure interval] [from matrix] Personnel Equipment Downtime Environment Product Code Each Risk Assessment: Comments SEVERITY: 1 – Catastrophic 2 – Critical 3 – Marginal 4 – Negligible PROBABILITY (Likelihood of Occurrence): A – Frequent B – Probable C – Occasional D – Remote E – Improbable RISK CODE: H – High S – Serious M – Medium L – Low ...

lng 1at the 1g out rank-Jigh orma -atten-a li.docx

SHIVA101531

lng 1at the 1g out rank- Jigh/ orma - atten- a list analy - Jribed ~scan alita- fect 1g-edge 1es for e>deling rts and luanti- and course atio n 1t's 1 might if it t. The ke this lly, exam- ' s firm •ability a ted ,vith Probability (P) times Outcome = EMV P=.20 * < P=.80 $300,000 = +$60,000 -$40,000 = -$32,000 -$50,000 = -$10,000 -$ 20,000 = - $2,000 $60, 000 = $42,000 ~ * Project 2 * P= .70 Project 1 's EMV = $60,000- $32, 000 = $28, 000 Proj ect 2's EMV = -$10,000- $2,000 + $42, 000 = $30,000 FIGURE 11-7 Expected monetary value (EMV) example no reimburse ment if it is not awarded the contract. The sum of the probabilities for outcomes for each project must equal one (for Project 1, 20 percent plus 80 percent) . Probabilities are normally determined based on expert judgme nt. Cliff or other people in his firm should have some sense of their likelihood of winning certain projects. Figure 11-7 also shows probabilities and outcomes for Project 2. Suppose there is a 20 percent probability that Cliffs firm will lose $ 50,000 on Project 2, a 10 percent probability that it will lose $20,000, and a 70 percent probability that it will earn $60,000. Again, experts would ne ed to estimate these dollar amounts and probabilities. To calculate the expected monetary value (EJvfV) for each proj ect, multiply the probability by the outcome value (or each potential outcome for each project and sum the results. To calculate expected monetary value for Project 1, going from left to right, multiply the probability by the outcome for each branch and sum the results. In this example, the EMV for Proj ect 1 is $28, 000. .2($300 ,000) + .8( -$40 ,000) = $60,000- $32,000 = $28 ,000 The EMV for Project 2 is $30,000 . .2 ( -$50 ,000 ) + .1(-$20 ,000) + .7($60,000) = -$1 0 ,000-$2 ,000 + .$42,000 = $30,000 Beca use the EMV provides an estimate for the total dollar value of a decision , you wa nt to have a pos itive number; the higher the EMV, the bette r. Since the EJvfV is positive for both Projects 1 and 2 , Clift"s firm would expec t a positive outcome from eac h and could bid 0n both proj ects. If it had to choose between the two proj ects , perhaps because of limited resources , Clift"s firm should bid on Project 2 because it has a higher EMV. 443 Project Risk Management consulting costs might be expanded in the description to say that the organization might be able to negotiate lower-than-average costs for a particular consultant because the consultant really e njoys working for that company in that particular location. • The categor:y under which the risk event falls: For example, defective server might fall under the broader category of technology or hardware technology. • The root cause of the risk: The root cause of the defective server might be a defective power supply. • Triggers for each risk: Triggers are indicators or symptoms of actual risk ev ...

Symbols of culture are called artifacts. Artifacts are the most visi.docx

Assignment Part 1 - Prioritize Project RisksInstructionsThis.docx

Recommended

Recommended

More Related Content

Similar to Assignment Part 1 - Prioritize Project RisksInstructionsThis.docx

Similar to Assignment Part 1 - Prioritize Project RisksInstructionsThis.docx (7)

More from simba35

More from simba35 (20)

Recently uploaded

Recently uploaded (20)

Assignment Part 1 - Prioritize Project RisksInstructionsThis.docx