02 Jul THE PROJECT MANAGEMENT INSTITUTE (PROJECT MANAGEMENT INSTITUTE, 2013) DIVIDES RISK INTO SIX (6) CATEGORIES:
The Project Management Institute (Project Management Institute, 2013) divides risk into six (6) categories:
1. Risk Management Planning
2. Risk Identification
3. Qualitative Risk Management
4. Quantitative Risk Management
5. Risk Response Development
6. Risk Monitoring and Control
Your knowledge of each of these risks through should be illustrated in the creation of a risk report. Select which industry you would like to focus on for this report, your options are: environmental, information technology, human resources, or financial. Its recommended that you select an industry that has some interest for you and/or that you would potentially like to work in after you graduate.
The article Risk Management of Large-Scale Development Projects in Developing Countries: Cases from MDIs Projects , by Mohammad Baydoun will be downloaded upon completion of payment.
Consider and discuss needs of your specific industry, the information in Baydouns article, the course materials, and the citation of at least five outside sources to develop a risk report.
Risk Management Planning (1-2 Pages)
In developing a risk management plan it is imperative that the scope of the project be defined. How big is the project? What deliverable (aka product, service, or result) will be delivered and when?
What factors could contribute to risks? For example, if youre working on an environmental project, are you trying to build during monsoon season? Have you thought about the result the new product will have on landfills? As another example for the technical field, does the technical expertise exist within the organization to build a 3D video game for EA Sports?
Finally youll need to create a generic timeline for the project. Project risks only exist within projects so when will the risk(s) be an issue (beginning, middle, or end of the project)?
Risk Identification (1-2 Pages)
Risk identification requires creating a statement of the perceived risk is and its possible detriment or benefit to the project. Each of the four industries is going to have different risks. Read your industrys case study carefully and thoroughly explain your thought process for selecting/identifying each risk.
Qualitative/Quantitative Risk Management (1-2 Pages)
This is where you can exhibit your analytical skills. Some industries are going to have more of a quantitative bent than others. This section will allow you to demonstrate that you know when to use a quantitative approach and when to use a qualitative approach. Who (what pseudo group or person) on the project is doing what and why? Use statistical measurements to create statements of probability when possible. What categories are the risks associated with and why? Be sure to reference which set of categories you are using, as Pinto has different categories than Kendrick.
Risk Response Development (1-2 Pages)
What are the specifics of the risk? In other words, what specifically will you do if and when the risk occurs? What triggers determine when the risk is over or has expired? How will you determine if no new risks were created as a result of your actions?
Risk Monitoring and Control (1-2 Pages)
As the specific risk occurs, how will you track, monitor, and report its actual impact in comparison to the perceived impact in the plan? What strategy did you use to determine the risk life cycle and overall impact (if any) on the plan or project scope? Where did you document the risk and with whom did you share the information?
The final paper should demonstrate your critical thinking abilities, knowledge of risk management systems and your ability to apply risk management practices and tools. Your paper should include at least five cited outside references, in addition to the course textbook and in APA format.
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