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Introduction to Unit 6
- 1. Introduction to Unit 6 Project Challenge: Controls
- 8. Risk Impact
- 10. Risk Probability
Editor's Notes
- In Unit Six, as a quick summary of what we will be doing in this unit: We will continue to address the project challenges a greater degree than in Unit Five In addition, you will have the first of three leadership opportunities to reflect on your own experiences working as a virtual team, and, in Unit Nine, you'll write a paper on Leadership Reflection. Also, in Unit Six, we will be sharing information with our project team on risks that have been identified in the project as well as providing feedback to the team on the initial reactions and key issues from stakeholders and key sponsors on the project in the 360-degree Feedback Question Guide in the Courseroom. This will be accomplished as an assignment consisting of a 1-2 page paper that you will write and post in Assignments area as the second assignment for the unit.
- As you recall, unit five dealt primarily with the control mechanisms we identified to measure and monitor the project key variables. We also explored working with virtual teams on a virtual team project in Unit Five and, of course, we will continue to pursue the virtual team project environment in Unit Six and in subsequent units throughout the course.
- In Unit Five, we created that Project Charter as an assignment for the week and we delivered that project charter to the key sponsors and stakeholders of the project for several reasons, not the least important of which was to obtain the approval of those key sponsors and stakeholders on initiating the project. The project charter also included the scope of the project, its purpose, the complement of the team and its project manager, the timeline for the completion of the project, the proposed budget for the project and other essential elements that comprise the overall framework of the project itself.
- Now, in Unit Six, we are going to create the Risk Management Plan for the project, which you will be posting in the Assignments area of the courseroom as the first assignment.
- Please be sure you consult the Business Case Description and Scoring Rubric that is located in the Resource section of the Assignments area before you being developing the Risk Management Plan so that you can tailor the plan to the Business Case that you will be presenting as a deliverable in Unit Ten.
- The Risk Management Plan that you're writing for this unit should accomplish two specific objectives: first, this document will provide a systematic plan for identifying and analyzing the uncertainties that might present themselves within your project
- And, second, the Risk Management Plan is the plan for minimizing and containing those undesirable events that might occur and adversely impact the project
- When developing the Risk Management Plan, you should take a two-pronged approach. First, you should take the list of risks that your team has identified and classify those risks from an "impact" perspective according to the chart that I've shown here. These risks should be categorized as having an impact from 1 to 5 that reflects those having "Very Low" to "Very High" risk impact, respectively. As you can see from the chart, the level of impact has a direct correlation to schedule slippage and cost increases within the project as well as the scope and quality of the project.
- Next, the second approach is to classify each of the risks your team has identified from the standpoint of the probability of the risk occurring in the project. As you can see from the chart that I've shown here, you should classify the risk probability from 1 to 5, where 1 represents a "Very Low" probability and 5 represents a "Very High" probability of the risk event occurring. As you can see, the likelihood of the risk event is directly correlated to the risk event probability and to the response strategy difficulty that will be needed in addressing the risk
- The purpose of this exercise is to ultimately place your risks into the "Risk Impact Grid," which is an easy way of quickly identifying which risks your team has identified for your project have the greatest potential impact on the project. In the chart presented here, those risks that fall in the "red zone" of the chart would present the highest risk to the project, and these risks would be the ones that should be closely monitored and a strategy should be developed early on to deal with the events if and when they occur
- As i mentioned earlier, we will be reporting on the status of the project in Assignment Two. This will be your opportunity to take a leadership role in the team to provide needed feedback to your team regarding concerns from the key sponsors and stakeholders of the project as well as other team members
- The Project Status Report serves two purposes: (1) It serves as a communications link between the project team and the sponsors/stakeholders; and
- (1b) Shared issues that project sponsors or stakeholders need to help your team to resolve
- (2) The report provides a reminder to the team of the key deliverables of the project
- You will be writing your Project Status Report as a 1 - 2 page document in the Assignments area and will be presenting it as you would a face-to-face delivery of the document to the stakeholders and key sponsors of the project in a board room setting where your team members would necessarily be present for the presentation. The emphasis here on this assignment is that it is an opportunity for you to show everyone the degree of leadership skills you have in identifying the current status of the project and then presenting that status in a report format to a group setting [This ends the presentation] Next slide