Risks fall in a few categories, known and
unknown. It is extremely important in any project to effectively plan for both
with a contingency budget and resources because some will happen. In this
class, you are asked to develop a Risk Management Strategy and Plan that
identifies potential risks, ranks them by impact and likeliness, contains
mitigation strategies, and includes a way to control and communicate them. You
will select a project that you may have developed in a previous class or a
known project in your organization to create this strategy and plan for.
Throughout this course, you will be working on
developing several components of a final Key Assignment. Additional information
and the deliverables for each Individual Project will be provided in the
assignment description for this project.
In this first Individual Project, you are asked
to develop the outline of the sections that will be included in the “Risk
Management Strategy and Plan” document and a draft of a proposal to submit to
your instructor. The other information you will include is a high-level
description of the project you will be conducting the risk analysis on.
You will also be setting up the final Key
Assignment outline that you will add to each week. The combined Individual
Project (IP) assignments will be your final Key Assignment deliverable.
Project Selection:
The first step will be to select a project that
you to develop a risk management strategy and plan for. This project will be
used as the basis for each of the assignments throughout the course and should
conform to the following guidelines:
1. Nontrivial: The
selected project candidate should reflect a real-life project that has at least
the major milestones identified.
2. Domain
Knowledge: You will be applying knowledge of this project to address
assignments related to identifying and analyzing risks.
Select a project that fits these requirements,
and submit your proposal to your instructor before proceeding further with the
assignments in the course. Approval should be sought within the first few days
of the course. Your instructor will tell you how to submit this proposal and
what notification will be given for project approval.
Assignment:
Your first task in this process will be to
select a project to use as the basis of your Key Assignment. You will also
create the shell document for the final project Key Assignment document
deliverable that you will be working on throughout the course. As you proceed
through each project phase, you will add content to each section of the final
document to gradually complete the final project delivery, which is the Risk
Management Strategy and Plan.
The following project deliverables:
1. Submit project
proposal to instructor for approval
2. Risk
Management Strategy and Plan Document Shell
o Use
Microsoft Word
o Title
Page
1. Course
number and name
2. Project
name
3. Student
name
4. Date
o Table of
Contents
i.
Use auto-generated TOC
ii.
Separate page
iii.
Maximum of three levels deep
iv.
Be sure to update the fields of the TOC so it is up-to-date before
submitting your project.
Section Headings (create each heading on a new page with TBD as
content except for sections listed under "New Content" below)
.
Project Outline
i.
Risk Management Justification
ii.
Project Risks Identification
iii.
Project Risks Assessment
iv.
Project Risks Responses Strategy
v.
Project Risks Management Plan
vi.
Project Risks Monitoring & Control Plan
vii.
Project Risks WBS & Budget Updates
viii.
Project Risks Communications Plan
New Content to be Inserted in Above Shell
o Project
Outline
.
Brief description of the project.
i.
The milestones and/or WBS for the project.
ii.
Material can be taken from approved proposal submitted to the
instructor, and this will serve as the draft for the proposal.
iii.
Be sure this project is approved by the instructor.
Risk Management Justification
.
Discuss why risk management is so important to the success of the
selected project in a letter to the project sponsor.
i.
Describe the steps that will be used to develop the Risk Management
Plan.
ii.
Represent this process in a flow diagram as well.
1. Project
Risks Identification
.
Start brainstorming, at a high level, on some categories where
risk could occur in this project (Note: you will continue this brainstorming
activity in the next week with specifics, likelihood, and impact).
Name the document yourname_MPM344_IP1.doc, and
submit the document for grading.
Due Date: 4/19/2014
1,000–2,500 words of new
content
For this assignment, you will use what you
identified as your approach in this week’s Discussion Board to identify and
assess all of the risks that are associated with your project. You should
identify a minimum of 8 risks then assess them by employing the techniques
that you selected in the Discussion Board assignment.
For the compilation of your risk assessment
component, you may use a table similar to the following:
Note: This is just a sample, and you may choose
to represent it in a different format as long as you have all of the pertinent
risk-related information, including the following:
·
Risk name
·
Risk description
·
Likelihood (using a scale)
·
Impact (use both as a scale and description)
Leave room to append more information later to
show your mitigation strategy.
The following is an example of ranking the risks
using a 2x2 risk matrix approach:
In this sample 2x2 ranking matrix, the risks
that should receive the highest priority are the risks that are in
quadrant 1, and the risks that will receive the least attention are in quadrant
4.
Deliverables:
The overall project deliverables are the
following:
·
Update the Key Assignment Document title page with a new date and
project name.
·
Update previously completed sections based on instructor feedback.
·
Complete the New Content below, and copy it under the sections in
Key Assignment Document called "Project Risks Identification" and
"Project Risks Assessment":
o New
Content
§ Project
Risks Identification
§ Use the
project risk categories that you brainstormed during the previous
week to categorize the risks that you have determined for this assignment.
§ Show
a list of stakeholders and project teams that you utilized to
identify risks.
§ Thoroughly
describe each project risk (at least 8), which includes the source for
identifying the risk.
§ Identify
and show the specific technique that you used to identify the risks, such as
cause and effect, a fishbone diagram, a SWOT analysis, interview notes,
and an assumption list.
§ Project
Risks Assessment
§ Create a
table similar to the sample above, or use another method to list the risk, the
likelihood of occurrence, and the overall severity of impact if it occurs.
§ Fill in
the table with the information from the project identification
utilizing the 2 scales that you determined as a part of your
Discussion Board assignment. Be sure to consider both the cost and schedule
impact as you determine the overall impact.
§ Rank your
risks based on both the likelihood and impact using a technique, such as 2x2
matrix as shown in the assignment description section.
·
Be sure to update your table of contents before submission.
·
Name the document "yourname_MPM344_IP2.doc."
Due Date: 4/26/2014
1,500–2,500 words of new
content
For this assignment, you will utilize some of
the same decision processes and responses that you gave for the Discussion
Board assignment to determine a response for each of the risks that you have
already identified in the previous weeks. For the higher priority risks, make
sure the responses minimize the risks as much as possible.
You will be adding columns to your table
(similar to this example) that you started in Week 2.
Deliverables:
The overall project deliverables are the
following:
1. Update
the Key Assignment Document title page with a new date and project name.
2. Update
previously completed sections based on instructor feedback.
3. Complete
"New Content" below, and copy it under the section in the Key
Assignment Document that is called "Project Risks Responses
Strategy."
o New
Content
§ Project
Risks Responses Strategy
§ Determine
the type of response for each identified risk (avoid, transfer, mitigate, or
accept).
§ Thoroughly
describe what the specific response will be, including any additional tasks to
the project plan or a contingency budget where appropriate.
§ Update
the table or matrix that you have been summarizing the risks in to include identification
of the response (see example in the assignment section).
4. Be sure
to update your table of contents before submission.
5. Name the
document "yourname_MPM344_IP3.doc."
Due Date: 5/4/2014
2,000–3,500 words of new
content
For this assignment, you will determine how you
will monitor the risks that you have projected, as well as the unknown
risks that occur during the course of the project. You will also formulate a
control plan once a risk has been identified during the monitoring process.
As part of the monitoring and control process,
you will need to identify who plays what role in this process, also known as
the risks responsibility plan. One method is to construct a RASI
matrix that is similar to the following example:
Please note that the risk categories and names
are very general in this example, and you will have more specific risk
categories that are based on Weeks 1 and 2's work.
Deliverables:
The overall project deliverables are the
following:
1. Update
the Key Assignment Document title page with a new date and project name.
2. Update
previously completed sections based on instructor feedback.
3. Complete
New Content below and copy it under the sections in the Key Assignment Document
that are called "Project Risks Responsibility Plan" and "Project
Risks Monitoring and Control Plan."
o New
Content
§ Project
Risks Responsibility Plan
§ Include a
responsibility matrix listing the stakeholders and project team members, with
risk actions (or category of actions) along the top.
§ Next,
fill in the table using the following letters, and refer to the examples in the
Assignments section as "R" if they are responsible for monitoring and
controlling the risk, "A" if they are the approver for taking action
to respond to the risk, "S" if they have a support role in responding
to the risk, and "I" if they only need to be informed. This is
also known as a RASI chart.
§ Project
Risks Monitoring and Control Plan
§ Include a
detailed description of the overall monitoring process, including the
techniques that will be used to monitor the existence and impact of individual
risks.
§ Include a
detailed description of the control process when a risk occurs.
§ Include a
diagram flowchart to depict the steps in the control process from risk
discovery through risk response.
4. Be sure
to update your table of contents before submission.
5. Name the
document "yourname_MPM344_IP4.doc."
Due Date: 5/11/2014
4,000–8,000 words,
including the deliverables from previous weeks.
In previous weeks, you selected a project around
which to develop your Risk Management Strategy and Plan Key Assignment. In
Week 1, you crafted a letter to the project sponsor explaining the importance
of project risk management. You also determined the high-level steps for
conducting risk assessment and brainstormed on some of the risk categories. In
Week 2, you fully identified the individual project risks and analyzed them by
determining their likelihood and impact. In Week 3, you determined the
mitigation strategies, which might include prevention, control, or
ignoring the risk. In Week 4, you developed a project risks matrix with all of
the information that you gathered in Weeks 2 and 3, and you developed a risk
monitoring and control approach and plan.
Now you are ready to embark on adding all of the
risk management tasks to the overall project plan, as well as producing a
well-thought-out communications plan. In the final week, you will also
revise the Key Assignment draft document based on feedback from your instructor
and peers. Under the last sections, which are not filled in, you will develop a
very detailed WBS, contingency budget, and communications plan.
Deliverables:
The overall project deliverables are the
following:
1. Update
previously completed sections based on instructor feedback.
2. Complete
"New Content" below, and copy it under the appropriate sections in
Key Assignment Document called "Project Risks WBS and Budget
Updates" and "Project Risks Communication Plan."
o New
Content
§ Project
Risks WBS and Budget Updates
§ Identify
the additional tasks that are associated with planning, monitoring, and
controlling risks.
§ Put this
in a WBS structure so that they can be added to an existing plan.
§ Determine
a contingency budget to mitigate the risks that are most likely to occur.
§ Determine
additions to the project plan budget to monitor and control risks.
o Project
Risks Communications Plan
§ Identify
the stakeholders that communications should go to.
§ Determine
the frequency of communications.
§ Construct
the types of reports and how they will be delivered.
§ Discuss
how this might be integrated into the change management process.
§ Define
who has the final authority for sign-off to extract from the contingency
budget to mitigate risks.
3. Update
the Key Assignment title page with a new date and project name.
4. Update
previously completed sections based on instructor feedback.
5. Be sure
to update your table of contents before submission.
6. Name the
document "yourname_MPM344_IP5.doc."
7. Submit
the final Key Assignment document for grading.
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