Complete the second part of Section 2 – Risk Scope, Components, and Value of the risk management plan by applying qualitative and quantitative processes to identify sources of risk and the corresponding potential impact on project outcomes for your chosen case study or work project.
Risk identification includes qualitative and quantitative analysis to identify, evaluate, and assess risk. These processes support the examination and evaluation of risks. Other methods and processes—such as sensitivity analysis, expected monetary analysis, decision tree analysis, Monte Carlo simulation, and PERT tree analysis—provide unique approaches to evaluating and assessing risks.
Analyzing risk begins with identifying risks and recording them in your risk matrix or risk register.
The next step is to conduct a qualitative risk analysis to prioritize and rank the risks in your matrix. This can save time and effort, because you will be able to focus on the typical 20 percent of the risks that often generate 80 percent of the threats to your project's success. Next, each identified individual risk is evaluated based on the probability and potential impact to the project. Following the qualitative analysis, a quantitative analysis may be performed for each high-priority risk, using various tools, such as a monetary or time analysis to assign a dollar amount or a number of days to the risk probability.
Microsoft Project is the recommended software tool for this course due to its wide industry acceptance and its use in many project management professional roles. This is provided to you through MS Imagine.
If you encounter any difficulties in the download and installation process, post a detailed question in the Ask Your Faculty Discussion in the menu dropdown when you click the image of your faculty.
This assessment includes developing the risk identification in a risk management plan. Review the Risk Management Plan Template before beginning this assessment. Note: Developing a risk management plan for a project requires speciﬁc steps in sequence. Complete the assessments in this course in the order in which they are presented.
Not all methods may work for a certain situation. It is beneﬁcial to evaluate them, based on the types of risks, and determine which is most useful for speciﬁc risk assessments.
Microsoft Project is the recommended software tool for this assessment.
Use the Risk Management Plan template you started in Assessment 1 to record the second part of your analysis for Section 2 – Risk Scope, Components, and Value. You must include the following sections. Refer to the template for directions on what to put in each.
By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
Your course instructor will use the scoring guide to review your deliverable as if they were your immediate supervisor. Review the scoring guide prior to developing and submitting your assignmen
The following resources provide information about risk management.
• Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.
• Anonymous. (2013). Weak project management increases risk, experts say. The Controller's Report, 1, 14.
• Bowers, J., & Khorakian, A. (2014). Integrating risk management in the innovation project. European Journal of Innovation Management, 17(1), 25–40.
• Hillson, D. (2009). Managing risk in projects. Farnham, England: Ashgate.
• Kendrick, T. (2009). Identifying and managing project risk: Essential tools for failure-proofing your project (2nd ed.). New York, NY: AMACOM Books.
• Kerzner, H. (2013). Project management best practices: Achieving global excellence (3rd ed.). Hoboken, NJ: John Wiley & Sons.
• Kerzner, H. R. (2017). Project management: A systems approach to planning, scheduling, and controlling (12th ed.). Hoboken, NJ: John Wiley & Sons.
• Raydugin, Y. (2013). Project risk management: Essential methods for project teams and decision makers. Hoboken, NJ: John Wiley & Sons.
• Teller, J., Kock, A., & Gemünden, H. G. (2014). Risk management in project portfolios is more than managing project risks: A contingency perspective on risk management. Project Management Journal, 45(4), 67– 80.
• Ward, S., & Chapman, C.. (2011). How to manage
project opportunity and risk: Why uncertainty management can be a much better approach than risk management (2nd ed.). Hoboken, NJ: John Wiley & Sons.
The following resources provide information about risk identification.
• Pritchard, C. L. (2015). Risk management: Concepts and guidance (5th ed.). Boca Raton, FL: CRC Press. ◦ Chapter 22, "Network Analysis (Excluding PERT),"
pages 225–234. ◦ Chapter 23, "PERT," pages 235–243. ◦ Chapter 24, "Other Diagramming Techniques,"
pages 245–254. • Project Management Institute. Guide to the Project
Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.
• Part 1: Section 11.2, "Identify Risks," pages 409– 418.
• Part 2: Section 3.19, “Identify Risks," pages 586– 587.
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