Eagle Project Risk Analysis

The course text discusses AS/NZS 4360 approach, which consists of a 5-phase process to manage and control risk. According to the text the risk management process phases are establish context, identify, establish and treat risk while continuously communicating, monitoring and reviewing risk (Cooper, 2005). The premise of risk management is to uncover and understand as much as possible about risks as early in the project as possible. The more one knows about risks the easier it is to make decisions for correct responses. The alternative to risk management is crises management, which in many instances is more costly, and more time consuming. Clements & Gido define a project as “an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resource “(Gido 4). I had many opportunities to develop a Military Retirement Ceremony, so I decided to approach it as a project risk management plan. At the time I did not know it but we were using the project risk management approach discussed in the text to address the risk associated with the event. The Military Retirement Ceremony project planning began the same as most projects do by determining the objectives. The objectives are described in terms of deliverable, schedule and budget. The sponsor and the customer must agree upon the scope of any project. In this project I worked along side the sponsors.

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

We will use risk management tools for formal risk analysis to uncovered several barriers organizations face when trying to implement these probabilistic approaches, including a lack of organizational support, a lack of procedures, a lack of technical expertise to implement and interpret outputs, and a lack of transparency amongst stakeholders. By focusing on overcoming these barriers through training employees will adopt the

Gray, C. F. & Larson, E. W. (2008). _Project Management: The Managerial Process_. Boston, MA: McGraw-Hills Companies, Inc.

This paper discusses three risk analysis methodologies, specifically, MSRAM, OCTAVE, and CRAMM and provides a detailed description of each and how they incorporate risk into a platform for decision makers to use in their endeavors to prevent, protect, mitigate, respond, and in recovery measures as part of the risk assessment and management processes.

In order to perform project risk management effectively, the organization or the department must know the meaning of the risk clearly. With regards to a project, the management must focus on the potential effects on the objectives of the project, for example, cost and time (Loosemore, Raftery and Reilly, 2006). Risk is a vulnerability that really matters; it can influence the objectives of the project

The risk management tool that I would like to discuss is the cost management plan. The definition according to PMBOK is “a document that sets out the format and establishes the activities and criteria for planning, structuring, and controlling the project costs”. The cost management plan is often packaged inside of a larger project management plan which will demonstrate how to effectively control and execute the overall strategy. The cost management plan may be formal or informal, extremely detailed or loosely framed depending on what the project needs. An effective cost management plan can establish the following:

Second, risk assessments helped all through the wolftech organization better comprehend risks to business operations, stay away from risky practices, for example, realizing passwords or other important data and be ready for suspicious occasions.

Prior to the project, I had limited exposure to writing risk assessments, as I have already completed some in science. During the course of this project, we expanded on my existing knowledge and I leaned about the content of risk assessments and how to write one correctly. They were useful because after writing a risk assessment for the spot welder I was able to identify all the hazards and dangers associated with that piece of equipment. I then felt confident with using it safely.

Risk items come up on every IT project. Recognizing issues as risks when they arise is a talent, and it is one that the Project Manager and the delivery team need to acquire to help ensure project

This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below.

A risk is an event or condition that, if it occurs, could have a positive or negative effect on a project’s objectives. A project risk is an event which have a positive and negative impact on a project objectives. Risk Management is the process of identifying, assessing, responding to, monitoring, and reporting risks. A Project risk management plan is critical in identifying, monitoring and reporting risks. This Risk Management Plan defines how risks associated with ten story-building project will be identified, analyzed, and managed. It presents the outlines for risk activities how to perform, recorded and controlled throughout the project lifecycle. how risk management activities will be performed, recorded, and monitored throughout

The study aims at learning the techniques involved to manage the various types of risks, various methodologies undertaken. The application of the techniques involves us to gain an insight into the following aspects:

When dealing with new technologies, historical information may not serve as a primary evaluation tool since completely new risks will likely arise. It is still important to review the existing information and the lessons learned, since they will provide first hand guidance on the company’s risk tolerance, effective responses used and the past project resources familiar and experienced with risk management practices. This information is important when selecting the project team members; all team members should be prepared, know what to do when a crisis occurs and provide an agile response in accordance to the project risk management plan.

Understanding the risks involved in our plan will enable us to develop mitigation or contingencies plan towards our budgets. Examples of means of assessing risk are through FICO score, credit risk assessment, or demanding of collateral.