Proj 595 Course Project Part Ii Essay

5787 Words Nov 8th, 2014 24 Pages
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Course Project Part II

Military Retirement Ceremony

Keller Graduate School of Management

PROJ 595 – Project Risk Management

Phillip Thatcher

October 24, 2014

Edward Yerington

TABLE OF CONTENTS

Project Risks for Planning a Military Retirement Ceremony

Course Project Part I ………………………………………………………………………………………….3,4,5,6,7,8,9

Introduction……………………………………………………………………………………………………………………………10

Decision Tree Analysis……………………………………………………………………………………………………………11

Discussion of Decision Tree…………………………………………………………………………………………………..12

Fault Tree……………………………………………………………………………………………………………………………….13

Discussion of Fault Tree………………………………………………………………………………………………………..14
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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.
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