Analyse project risks and develop a range of strategies

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Reference no: EM132076950

Learning Outcomes

Critically analyse project risks and develop a range of strategies to effectively manage those risks in order to ensure expected project management outcomes.

Instructions:

This assessment has two parts: a post (Part A) and a Risk Management report (Part B)

Part A: Module 4-5 Discussion Forum

Each student will construct a post in approximately 850 words to the following questions and post on the Module discussion forums by the end of Module 5. Students will be graded individually on how students demonstrate / share theories and contribute to the general discussion of the topic within the group over weeks 7, 8 & 9.

Module 4-5 Topic: Project Status Reporting

Discuss the challenges and pitfalls of different status reports. Explain the difference between the status reports provided for teams, sponsor, and steering committee.

Output:
Module 4-5 discussion - provide a post by the end of Module 5.

Part B: Risk Management

Create a risk management report for the approved/given case study used in Assessment 1. In your report, include:

1. Risk identification and impact assessment
• Identify and critically analyse the impact of possible risks for the case study.
• Record the risks identified in a Risk Register.
• Use a risk probability and impact matrix to rate and prioritise the risks.

2. Risk management and reporting
• Develop mitigation strategies to effectively manage identified risks in the case study.
• Identify and describe how the stakeholders will be apprised of the project's ongoing risk management activities.
The written portion of your Risk Management Plan should consist of 1000 words/student.

For students' reference, an example of a Probability and Impact Matrix is illustrated in the PMBOK Guide.

*Note: Need only part B

Word count:1000

Verified Expert

The assignment comprises of several risk management content that describes a seamless and preface delivery of projects. Mitigation strategies and risk reduction programs along with all the possible ways of completing a successful project has been stated within this project.

Reference no: EM132076950

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Reviews

inf2076950

11/5/2018 2:18:09 AM

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len2076950

8/5/2018 10:56:00 PM

Is well-written and adheres to the academic genre (e.g. with introduction, conclusion or summary). Demonstrates consistent use of high quality, credible and relevant research sources to support and develop ideas. There are no mistakes in using the APA style. Is very well-written and adheres to the academic genre. Consistently demonstrates expert use of good quality, credible and relevant research sources to support and develop appropriate arguments and statements. Shows evidence of reading beyond the key reading There are no mistakes in using the APA style. Expertly written and adheres to the academic genre. Demonstrates expert use of high-quality, credible and relevant research sources to support and develop arguments and position statements. Shows extensive evidence of reading beyond the key reading There are no mistakes in using the APA Style.

len2076950

8/5/2018 10:55:53 PM

Use of academic and discipline conventions and sources of evidence 10% Poorly written with errors in spelling, grammar. Demonstrates inconsistent use of good quality, credible and relevant research sources to support and develop ideas. There are mistakes in using the APA style. Is written according to academic genre (e.g. with introduction, conclusion or summary) and has accurate spelling, grammar, sentence and paragraph construction. Demonstrates consistent use of credible and relevant research sources to support and develop ideas, but these are not always explicit or well developed.

len2076950

8/5/2018 10:55:44 PM

Reporting and stakeholder communication 45% Limited knowledge, skill and/or experience in stakeholders and communication management. Difficult to understand for audience, no logical/clear structure, poor flow of ideas, argument lacks supporting evidence. Understands stakeholders and communication management principles and processes. Information, arguments and evidence are presented in a way that is not always clear and logical. Identifies key stakeholders and communication processes. Information, arguments and evidence are well presented, mostly clear flow of ideas and arguments. Identifies key stakeholders and communication processes. Articulates appropriate strategies to communicate project risk analysis result with key stakeholders. Information, arguments and evidence are very well presented; the Performs high level of communication and stakeholder analysis. Clearly demonstrates effective strategies to communicate results of the project risk analysis with a range of key stakeholders. Expertly presented; the presentation is logical, persuasive, and well supported by evidence,

len2076950

8/5/2018 10:55:38 PM

Assessment Attributes Fail (0-49) Pass (50-64) Credit (65-74) Distinction (75-84) High Distinction (85-100) Critical analysis of project risks and development of a range of strategies to manage those risks 45% Fails to analyse project risks and/or develop strategies to manage those risks Minimal analysis of project risks and development of strategies to manage those risks Demonstrates limited awareness of risks and risk management strategies Analyses project risks and develops strategies to manage those risks Demonstrates a capacity to explain risks and risk management strategies Presents a coherent and detailed analysis of project risks and develops a range of strategies to manage those risks Well demonstrated capacity to explain risks and risk management strategies Critically analyses and evaluates project risks and formulate a range of strategies to effectively manage those risks Mastery of risks and risk management strategies and application to further learning

len2076950

8/5/2018 10:55:21 PM

Effective communication is a key factor for managing project execution. However, project managers may face challenges as they communicate with their teams and other project stakeholders. Other factors such as developing, leading and managing project team members are also critical for successfully achieving project goals. Heldman, K. (2013). PMP Project Management Professional Exam Study Guide (7th ed.). Indianapolis, IN: Wiley. • Chapter 6: Risk Planning (Read from ‘Quantifying Risk’ to ‘Summary’) • Chapter 10: Measuring and Controlling Project Performance • Chapter 11: Controlling Work Results (Read the section on ‘Monitoring and Controlling Risk’)

len2076950

8/5/2018 10:55:06 PM

As project work is executed, project managers make certain that quality assurance is conducted and quality is controlled. Quality assurance consists of the activities that are undertaken to ensure that a project uses the processes needed to meet quality requirements. Meanwhile, quality control entails monitoring specific project results to determine whether they meet relevant quality standards, which have been defined with the project scope. Planning for risk management involves determining how to approach, plan and execute the various activities required for managing project risks. Because new risks may be introduced at any point in the project management life cycle, risk management is a continuous process. It begins at the project-planning phase and continues throughout the project-execution phase.

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