Project Management II

Project Risk Identification and Assessment, 2 assignments, I will do the title pages

Outcomes addressed in this activity:

Unit Outcomes:

Identify project risks.
Perform qualitative risk analysis.
Plan project risk responses.
Course Outcome:

IT401-4: Create project artifacts to effectively manage project execution.

GEL 1.02: Demonstrate college-level communication through the composition of original materials in Standard English.

Purpose

Unit 8 is an individual assignment, and there are two assignments. The first assignment is to create a risk register for the Garage Apartment Project, which includes identifying, assessing, and planning risk responses. The second assignment is a three-page essay on what you have learned in IT401.

Assignment Instructions

This is an individual assignment and has one deliverable to the Dropbox. Review the Garage Apartment Project case. The Garage Apartment Project covers building a two-car garage with an apartment/office on the second floor on your existing lot in accordance with applicable building codes. Prepare the following for the Garage Apartment Project:

• Risk Register

You will create a risk register that identifies ten risks for the Garage Apartment case. Risks should be covered in the categories of scope, time, cost, and quality. For each risk a probability % and an impact rating of 1-5 (1 being low and 5 high) will be determined as well as a risk score (probability x impact). Complete the risk register using the Risk Register Template. Complete a risk response of accept, mitigate, transfer, or avoid, identify the trigger (the cause of the risk) and assign an owner for each risk.

Assignment Requirements

Risk Register:

• Identify 10 risks across the categories of scope, time, cost, and quality.

• Complete an assessment by assigning an impact, probability, and calculate a score.

• Define a risk response and trigger for each risk.

• Assign a risk owner.

Directions for Submitting Your Assignment

Name your Assignment document according to this convention: NAME_assignmentUnit8 (use your own name of course). Submit your completed Assignment to the Unit 8 Dropbox by the deadline.

Assignment 2

Based on the knowledge you have achieved thus far in the class, compose a minimum of a three page double-spaced expository essay detailing what you have learned in this course. Describe how you will use this knowledge with any other class, your present or future career, or your own personal life. Refer to class readings and other course content that you found particularly useful when appropriate, including citations as needed.

Your paper needs to include a title page and follow Standard English conventions, which includes correct grammar, punctuation, and spelling. You should establish and sustain a clear viewpoint and purpose in your essay. In addition, your writing should be well ordered, logical and unified, as well as original and insightful. Your composition should also adhere to APA citation and formatting style. For more assistance with APA, please visit the Writing Center in the library.

Directions for Submitting Assignment 2

Compose your Assignment in a Microsoft Word document and save it as Username-IT301 Assignment2-Unit#.doc (Example: TAllen- IT301_Assignment2-Unit8.doc). Submit your file by selecting the Unit 8: Dropbox by the end of Unit 8.

Parameters/Expectations:

Include a title page; No reference page is needed.
Font size 10 or 12 Times New Roman
At least 3 double-spaced pages in length, not counting the title page
Includes a highly-developed viewpoint, purpose, and exceptional content
Demonstrates superior organization, is well ordered, logical, and unified
Free of grammar and spelling errors
No evidence of plagiarism
APA citation and formatting style included

 

 

 

Personal Reflection of Lessons Learnt in IT401

 

 

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Personal Reflection of Lessons Learnt in IT401

Risk assessment

A risk is any event or condition that may occasion delays in the implementation of a project. The risk may not necessarily be negative.  In the cause of implementing the project, an easier way of performing tasks may be discovered. In other instances, the cost of materials may be lower than previously budgeted for.  These are opportunities but they are handled like risks. Risks will even the most meticulously planned projects. For instance, the impact of coronavirus has been felt worldwide and a majority of projects are experiencing delays.

Risks can be mitigated in four ways

Avoid

This is the best remedy to mitigate risk. Walking away. If you can prevent something from hurting your project its best to avoid it. For instance, you can avoid theft of equipment by employees by having an elaborate security protocol

Mitigate

When it is impossible to avoid the risk, you can take measures to reduce its impact. For instance, when a project is facing timeline delays, the working hours can be increased to mitigate the delays. A project can be worked on day and night

Transfer

An ideal way to deal with risk is to transfer the risk to another person. To transfer, we pay another entity to shoulder the risk on our behalf. This is the case with insurance. When the risk occurs they assume full responsibility. An example is an insurance against a hurricane

Accept

In some instances, we cannot avoid, mitigate, or transfer. The only alternative is to accept. For example, when a project faces legal challenges and it’s temporarily stopped, the project owners have little choice but to accept the resolution of the dispute through the same court system.

Risk Management Process

This is a process that involves the assessment of the risk and the formulating of a mitigation strategy.   During the process of risk basement, the potential risk is identified in addition to the potential impact of the risks evaluated. The risk mitigation strategy’s purpose is to reduce or eliminate the impact of the risk. It is a brainstorming process that involves the identification of these scenarios.

Risk Identification

This is a more structured process that involves the use of a checklist to evaluate a set of potential risks ever happening.  These checklists may be developed by an industry or a company based on their previous experiences. The checklist can have categories like weather, financial, people, environmental, and people just to mention a few. Risks that have been identified are categorized to form a risk breakdown structure. This approach ensures that the organization has a better understanding of where the majority of the risks lay. Although it is fairly thorough, this approach can omit a unique risk that is found in a particular business due to difference in organizational culture.

Risk Evaluation

Once the risks have been identified, the project team establishes the probability of each risk occurring. Risks are not all equivalent and the timelines differ too. In this process, the severity of the risk is evaluated too. The impact of the risk on the project is also identified. Some risks can increase the cost of the project. Risks that are very likely to occur and having the greatest impact on the projected are mitigated first. It is important to understand that the process of risk mitigation is highly perceptive. Different individuals will view different situations differently. (Sodhi and Tang, 2012) The process of risk evaluation is best handled in a committee process.  The committee my need to involve the use of statistical and analytical models to when gauging potential impacts.

Risk Mitigation

Risk mitigation aims to lay down mechanisms that will significantly lower the impact of the risk. Risk is mitigated through avoidance, transfer, acceptance, or reduction. This was discussed earlier.

Contingency Plan

The risk evaluation team also comes up with alternative ways to get the project fulfilled should the conventional approach fail. For instance, a trucking company can move cargo for its customers via train or subletting the services of competitors should its employees go on strike. Contingency plans are expensive but necessary. (Covello, 1987) Contingency budgets can be set aside especially for projects that are risk-prone.  A contingency plan and its budget are typically a function of the risk evaluation and management process.

Project implementation phase.

During the implementation of the project, a lot of information becomes available.  As the number of tasks gets completed, the degree of potential risk significantly reduces.  The risk plan also needs to be regularly updated.  Some risks will be checked off while others will be updated. Risk evaluation is thus an ongoing process that requires proactive managers.

Project Phase out

Once a project has been completed, it is important for the data gathered to be analyzed. Ideally, it should be analyzed in comparison to situations that had been modeled, simulated anticipated. The reason for this for the risk evaluation and management team to pick valuable lessons. These lessons will be important during the evaluation of future records. A final risk assessment document should form part of the project documentation

 

References

Covello, V., (1987). Uncertainty In Risk Assesment, Risk Management, And Decision

Making.New York London: Plenum Press.

Sodhi, M. and Tang, C., (2012). Managing Supply Chain Risk. Boston, MA: Springer US.