Reference no: EM133128783

Creating a Risk Assessment & Risk Response Matrix

As a project manager, it will be your responsibility to develop methods for sorting through list of risks, eliminating inconsequential or redundant ones and categorize worthy ones in terms of importance and need for attention. This is what risk assessment is about and it is one of the most important process in project management.

Project Execution Phase:
Creating Change Requests

Every project manager needs a method for assessing change requests. For projects that receive very few change requests, this isn't much of an issue. However, some projects receive continual change requests and a formal system for assessing and tracking those change requests are required.

During the execution phase, adequate evaluation of a change allows change approvers to make fully informed decisions about the impact of a change on the project and its deliverables.

Who is Normally involved

Project Manager
Project Team
Project Sponsor
Customer
All other key project stakeholders
Using SIGMA case study and the newly released change management memo below, complete the following change request form at a high level (The memo includes info from the original case study)

Case Study - SIGMA Project Memo

The Project Sponsor has a couple of ideas that will significantly improve the project. She is asking for the Project Manager to analyze and provide feedback on the impact of the changes below before moving forward with the project.

• End current contract for the enterprise wide project management system to track all project information and add that functionality as part of the new intranet section. This request has the potential to add 20 days to the project schedule and will cost $ 30,000.
• Remove the need to make that section of the intranet secure. Analyze this request and decide if it could be done or not.

Assume the original timeline you developed in week # 10 and the project budget will remain the same, complete the change request form for these 2 requests at a very high level; try to analyze the impact of these changes without having to recreate the schedule. Include impact on cost, schedule, and potential risks. If one of the requests pushes your project over budget, what are your options to complete the project on budget as a PM?

Case Study Alaska Fly-Fishing Expedition

You are sitting around the fire at a lodge in Dillingham, Alaska, discussing a fishing expedition you are planning with your colleagues at Great Alaska Adventures (GAA).
Earlier in the day you received a fax from the president of BlueNote, Inc. The president wants to reward her top management team by taking them on an all-expense-paid fly-fishing adventure in Alaska. She requests that GAA organize and lead the expedition.

You have just finished a preliminary scope statement for the project (see below). You are now brainstorming potential risks associated with your event.

1. Try to identify at least 5 different risks associated with this project.
2. Use a risk assessment form similar to this example to evaluate your identified risks:
3. Develop a risk response matrix similar to this to outline how you would propose to deal with each of the risks you have identified:

PROJECT OBJECTIVE
To organize and lead a five-day fly-fishing expedition down the Tikchik River system in Alaska from June 21st to June 25th at a cost not to exceed $27,000.

DELIVERABLES
• Provide air transportation from Dillingham, Alaska, to Camp l and later from Camp ll back to Dillingham.
• Provide river transportation consisting of two eight-man drift boats with outboard motors.
• Provide three meals per day for the 5-days spent on the river.
• Provide 4-hours of fly-fishing instruction.
• Provide overnight accommodations at the Dillingham lodge plus three four-man tents with cots, bedding and lanterns.
• Provide four experienced river guides who are also fly fisherman.
• Provide fishing licenses for all guests.

Case Study - Caribbean Cruise

You're finally planning a real vacation. The plan is set; the plane tickets and cruise ship are booked. You'll be flying to Ft Lauderdale, FL and boarding the Island Queen for an 8-day cruise to the Caribbean Islands on January 5th. All you have left to do is finish your fall courses at St. Joseph's College and pack your bags.

One of your courses is Project Management and you decide to use some of the course concepts to think of your vacation as a project. Accordingly you've just finished a preliminary scope statement (see below). You are now brainstorming potential risks associated that might affect your trip.

1. Try to identify at least 5 different risks associated with this project.
2. Use a risk assessment form similar to this example to evaluate your identified risks:
3. Develop a risk response matrix similar to this to outline how you would propose to deal with each of the risks you have identified:

PROJECT OBJECTIVE
To plan and take an eight-day vacation cruise from Ft. Lauderdale Florida to the Caribbean Islands aboard the cruise liner Island Queen from January 6th to January 14th at a cost not to exceed $5,000.

DELIVERABLES
• Air transportation from NY LaGuardia, to Ft. Lauderdale and return.
• 8-Days aboard the Island Queen, visiting 5 Caribbean islands.
• Meals (including 24-hour cafeteria) and entertainment on board the ship per their brochure.
• Guided tours and activities in port as detailed in brochure.

Attachment:- SIGMA Change Request Template.rar