How would you communicate risks and work with stakeholders

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Reference no: EM133622050

Assignment: Business Finance - Operations Management

Part I

You identified risks and discussed possible mitigations. Once risks are identified, the next step is to determine how likely these risks are to happen, and why.

Review the tasks in Domains III: Risk Analysis and Domain IV: Risk Response, of the PMI Risk Management Professional (PMI-RMP) Examination Content Outline and Specifications.

Note: Domains III & IV start on page 11 of the PMI Examination Content Outline and Specifications.

Respond to the following in a minimum of 175 words:

Select one task from Domain III and one task from Domain IV. Explain why that task is important to the overall project risk planning. What tools or resources could assist with each task?

Part II

Given your improved understanding of natural and human risks, and ranking, classifying, and evaluating these risks, think about how you would communicate these risks and any mitigation processes to others on the project team.

You've been hired by a local business to evaluate the risks of their oceanfront restaurant and then train the project team on how to recognize these risks. Consider the natural and human risks involved.

Respond to the following in a minimum of 175 words:

Select one natural risk and one human risk this business should take into consideration. Prepare what you'd like to say to the project team. The following should be included:

Question 1. Explain each of your identified risks and how you would classify each, and why.
Question 2. What other project management principles should the team be aware of when identifying natural and human risks?

Part III

Many businesses will often work with overseas companies as a lower-cost alternative to build their products. Search for information for starting manufacturing operations overseas.

Respond to the following in a minimum of 175 words:

Question 1. As a project manager for this type of project, what takeaways can you gather?
Question 2. What risks can you identify? How would you communicate these risks and work with your stakeholders?

Part IV

As you are now aware, there are many project management tools available on the market, each with strengths and weaknesses and applicability to specific project requirements. A valuable attribute for a project manager is the ability to understand these strengths and limitations and how to maximize the value of the selected tool to ensure the success of their project.
Complete an Internet search of project risk management tools. Select three tools.
Respond to the following in a minimum of 175 words for each tool:

Question 1. Where do you see this being a limitation for an organization? Why?
Question 2. Which feature would help the most? Why?

Part V

Project management tools have features that can be used to keep team members and stakeholders aware of project status and any issues that may occur during project execution. These issues can include updates on known project risks or newly occurring project risks. However, sometimes the features in project management tools do not work in the way they are intended.

Respond to the following in a minimum of 175 words:

Question 1. What are some of the ways you can use software automation tools to communicate risk? What are some of the concerns about these tools that the authors from your textbook share? Share an experience that would have benefitted from the solution, and why.

Reference no: EM133622050

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