Proj 420 (Project Risk Management) Final Exam Answers

Develop and submit a risk register based on the 10 risks you have assessed within the project you selected. Your register should have four sections.

Arnold, M. (2012, October). The Seven Habits of Highly Effective Risk Managers. Risk Management, 59(8), 6+. Retrieved from http://www.questia.com.

2. What is the business reason(s) for completing this project? How are they compelling for the improvement team and the management team? How are they tied to strategy?

Defining Risk Management. Without directly referring to your text, construct a definition (as you understand it) of at least 3 of the following:

An assisted fall is when a staff member witnesses a patient's fall and attempts to minimize the impact of descend. Many patient falls occurring during hospital encounters may cause little or no harm but some can result in serious and even possibly life-threatening consequences for many patients such as hip fractures and head trauma. Even when a fall does not lead to death, it can require prolonged hospitalization. Some could suffer disability, loss of function, and lose their independence or premature death. “Patient falls in hospitals are a common and often preventable adverse event. Nurses routinely conduct fall risk assessment on all patients, but communication of fall risk status and tailored interventions to prevent falls is variable at best.” (Hurley,

Therefore, the risk process places a high emphasis on risk workshops, initial risks, and how risks are identified throughout the course of the project. The next two sections describe different methods of identifying risks.

Teams are an integral component of organizational success. They take on many forms and functions and can have various structures. Teams also conduct a wide variety of projects with goals of innovation or mitigation. An example, from my experience, of a project that required the execution from a team was the establishment of a finished goods inventory program within a paper manufacturing company. A project of this magnitude required that a diverse and multifaceted team be assembled.

As such, our company’s people resources pose the greatest risk for security breach. Our way to help mitigate risk in this area is to keep communication lines open in this area and to continually mandate security knowledge training, with mandatory updates on a regular basis. When the employees are informed of company policy when facing a security matter, they are better equipped to act in the best or right way. In this way knowledge is power – or at least empowerment to act in the best interest of the company’s information security.

Risk #4: Lack of clarity - The lack of clear and concise goals and or confusion about the goal of the scope.

1. Analyze how the Critical Success Factors (CSFs) apply to the facts of the case study. Provide examples to support your analysis.

The completion of any project depends on the execution of various parameters mostly set at the beginning of the project. In order to complete the project to satisfactory levels, the project must be completed within the stipulated timelines, fall within the approximate budget and be of the required quality standards. However, most of the projects are affected by adverse changes and unforeseen events that occur during the execution period. Research shows that the magnitude of change is dependent on the size of the project, with large projects experiencing more uncertainties due to several factors including; planning and design complexity, interest groups having deferring opinions, resource availability, Economic and political climate and statutory regulations, which may necessitate change of plan. Most of the uncertainties are known to occur in the concept phase and if not intervened, they may affect the entire project. The burden falls on the management of such risk as some managers choose to ignore the uncertainties since they call for additional costs. Other inherent risks may go unnoticed and therefore remain unsolved,

Instructions: This paper has three parts. You must use complete sentences and not point form. Remember that you must cite and reference your work. See the Writing Guide on the course site for more assistance.

For any corporate risk management program, there are a number of factors whose absence signals an increased likelihood of failure for the risk management program and whose presence greatly increases the chance for success of the program (Hillson and Simon, 2012). These factors, called Critical Success Factors (CSF), include the following:

Discuss the risk management process presented in the course text (Page 8 of session 1). Apply it to a specific risk present in your own workplace and pay particular attention to any secondary risks that may be introduced.

Identify and describe the critical success factors, goals or objectives for areas in included in scope -