Eagle Project Risk Analysis

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.

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.

Risk management is a process for identifying, assessing and prioritizing risks of different kinds. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies is available, depending on the type of risk and the type of business. There are a number of risk management standards including those developed by the Project Management Institute the International Organization for Standardization the National Institute of Science and Technology and actuarial societies. Organizations uses different strategies in proper management of future events such as risk assumption, risk avoidance,

It is used as a means of input to the risk management plan processes (Heldman, 2005). It usually helps the project managers and the project team to recognize the components of a project that are at risk or certain risks that are unique to a specific area of the project than compared to a risk that is commonly found throughout the project. There also various qualitative analysis that can be used to in identifying and analyzing risk in a project. The method of qualitative risk analysis involves the assignment of a numeric value to the scales. This risk analysis is normally used for projects that are larger and that risks have a greater and more significant impact (Heldman, 2005). There are various software tools and methods that can be used, an example would be the use of Monte Carlo analysis for calculating values for projects that are large and difficult. There are various values that are assigned to the magnitude or intensity of the risk, for example, High-.80, Medimum-.50, Low-.10; these are used to rate and prioritize the risks (Heldman, 2005). A risk registry is also an essential documentation that can be used analyze the quantitative aspect related to risk and threats that are found throughout the project. The Risk Breakdown Structure is created to identify the various risks categories in the project so that they can be in the prioritized response plan (Heldman,

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.

You must identify potential risks to a specific project planed develop a risk plan to monitor and control risks effectively, identifying preventative and contingent actions to prevent the risk from occurring or reduce its impact, to increase the chances of achieving project success.

Simon Wallace. (2007). Risk Management: Assessing risks at the start of a project. Retrieved from http://www.epmbook.com/risk.htm

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

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.

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.

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:

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

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.

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.