Reference no: EM131871582

All projects must consider the risks involved in conducting activities resulting in the project's product or service.

This starts with the product description followed by the charter, the scope statement, the cost estimates, the schedule, and the quality standards to be met. Each of these tools identify some form of constraints that can adversely affect the project's successful completion.

This Assignment is designed to evaluate your ability to research, organize, and demonstrate project data and constraint information pertaining to the development of the risk management aspects within the project planning phase.

These exercises mimic actual situations one could expect to occur between the project manager and their sponsor or key stakeholders.

Its assessments are directed toward measuring mastery in synthesis of information, proper classifications, critical thinking, attention to detail, explanations, and professional acumen.

Given the information and templates provided you for the assigned rocket assembly project (Course Resources):

• Conduct a qualitative risk analysis for the assigned rocket project utilizing the Probability-Impact method and a conditions chart with a risk register.

• Conduct a quantitative risk analysis for your assigned rocket project utilizing the Decision Tree methodology involving the Gaming Theory philosophies of either Maxi-Min or Mini-Max.

Explain your rationale for your decided choice of risk philosophy and why the alternative was not chosen. Ensure that your project documents address the criteria of the rubric below and follows the stated requirements.

1. Tool Development (Qualitative Risk Analysis) a) Identifies a minimum of five risk events having to with cost, time, scope, quality and an additional risk event of choice?

b) Builds an Impact Scales Matrix to address each of the assigned project objectives according to the matrix in PMBOK figure 11-5?

c) Applies the impact scales to where the project might go to a Probability-Impact Matrix design based on the example given in PMBOK figure 11-10?

d) Identifies each risk event's score from the P-I matrix?

e) Prioritizes five risk events from greatest threat to least threat and suggests means of mitigation or remediation for each?

2. Tool Development (Quantitative Risk Analysis)

a) Conducts a quantitative risk analysis of the effect of one of the five identified risk events using the Decision Tree methodology?

b) Identifies the decision to be made?

c) Establishes a minimum of two decision nodes with correct input and output?

d) Builds out chance nodes for each decision node with correct input and outputs?

e) Computes net path value correctly?

f) Finalizes conclusion(s) into a decision using either a Maxi-Min or Mini-Max decision philosophy and justifies decision based on expected project outcomes.

Analysis (0-9 points) Response exhibits strong higher-order critical thinking and analysis (e.g., evaluation). Paper shows original thought. 

Analysis includes proper classifications, explanations, comparisons and inferences.

Critical thinking includes appropriate judgments, conclusions and assessment based on evaluation and synthesis of information. 

Writing (0-7) points) Grammatical skills are strong with typically less than one error per page. Correct use of APA when assigned. 

Appropriate to the assignment, fresh (interesting to read), accurate, (no far-fetched, unsupported comments), precise (say what you mean), and concise (not wordy). 

Project is in 12-point font. Narrative sections are double-spaced with a double space between.

Project is free of serious errors; grammar, punctuation, and spelling help to clarify the meaning by following accepted conventions.