Proj 420 Entire Course Project Risk Management Essay

Congratulations! You have just completed the project charter, scope statement and WBS. Now that you know what needs to be done, as the Project Manager, you are now ready to begin planning your project.

Review the Course Project Milestone 2: Interviewee Guide and Questions guidelines and grading rubric in Doc Sharing (Assignments) prior to completing this form. Review the document in Doc Sharing entitled, NR391 Question Tips. Refer to Appendix A in your text and select five categories upon which you will concentrate for your interview guide and questions.

These teaching materials should be helpful and supportive to facilitate students completing their tasks and assignment on time. This information are from the school’s training assessment strategies and tools, policies and procedures.

• Prepare a 1,400- to 1,750-word paper that adds to the project begun last week. Check to ensure the project’s triple constrains are still valid. Address the following items in your paper: o Phase I – Update SOWa. • Using the SOW from last week, review and update it based on course material acquired during the last week. Include in the update the SMART requirements for the project. 1) • Identify the specific tasks required to complete each item listed on the SOW. Identify the resources required to accomplish each task.2) o Phase II – Project Schedule and Budget Update b. • Arrange the tasks into a schedule that takes into consideration the required dependencies between tasks. Computerized project management software is required. 1) • Present the schedule in either PERT or Gantt chart format. Identify the critical path through the network. 2) • Review the network results and compare to the project’s triple constraint. Specifically compare the following: 3) o Timing o Budget o Project specifications (scope and SMART)

To begin the project implementation a thorough risk management system will need to be put in place in order to be able to mitigate any possible downtime due to any unforeseen issues that could potentially bring the project to a halt. In order for us to accurately assess and process a usable risk management system, the project manager will need to have a good understanding of all areas of the project, meet with stakeholders, developers, the project team, and any other parties involved to work out defined requirements and any limitations that the new software will not be able to deliver. In addition to this plan all relevant documents to the project should be reviewed for errors, and any contingency plans that need to be made will be discussed also. It is important for all parties involved in the project have at least one representative present during the risk

Identify one or two risks your project is encountering and strategies that might mitigate them

The Manchester United Soccer Tournament project team (Review Manchester United case at the end of Chapter 4) has identified the following potential risks to their project: How would you recommend that they respond (i.e., avoid, accept,) to these risks and why? Create a table or chart.

Note: Additional tutorials with video files on how to work with MS Project are given in the Student CD that came with your textbook and are also on the publisher’s website. Worth watching!

This task will be completed using the Risk Management Process this process has the following headings which will be elaborated on during the final project. Background Planning, Asset Analysis, Threat Analysis, vulnerability Analysis, Risk Identification, Risk Analysis, Risk Treatment, Monitoring Risk.

3. What should Strider have done to better manage project risks, by applying the methods and techniques described in our text?

For all the risks identified, one of the following five risk mitigation strategies will be used. The strategy used depends on the overall risk rating and the risk management decision made by the project team.

Risk Assessment: List the risks associated with the successful completion of your project, your assessment of their severity and likely effects and your suggestions for their mitigation.

Risk Management Systems are designed to do more than just identify the risk. The system must also be able to quantify the risk and predict the impact of the risk on the project. The outcome is therefore a risk that is either acceptable or unacceptable. The acceptance or non-acceptance of a risk is usually dependent on the project manager’s tolerance level for risk.

When the PM has identified the risk, she or he should reduce the risk using the following strategies: "reduce the likelihood the event will occur and or reduce the impact that the adverse event would have on the project" (Gray & Larson, 2006, p. 215). There are numerous risks to any project but only four risks will be listed since they have been considered priority in the success of this project. Those risks are:

It also identifies the important risks associated with the project that must be managed if the project is approved [1].