Identify and critically analyse the impact of possible risks

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Reference no: EM132091553

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.

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.

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.

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

Attachment:- Requirements.rar

Verified Expert

This report is based on the risk identification and risk mitigation plan which can be applied in the case scenario of Corwin Corporation. The risk factors have been identified from the given case study and evaluated based on likelihood and impact with the help of risk matrix. Appropriate risk mitigation strategies have been suggested in order to reduce the drivers impact of the identified risks.

Reference no: EM132091553

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Reviews

inf2091553

10/29/2018 8:28:03 PM

Good work.. Really appreciate the this service. I used ExpertsMind so many times and from the beginning to end its a really good communication and service. When talking about the assignment its wonderful and hope I will get really good mark on it. Thanks.

len2091553

8/21/2018 4:23:23 AM

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.

len2091553

8/21/2018 4:23:17 AM

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.

len2091553

8/21/2018 4:23:08 AM

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,

len2091553

8/21/2018 4:23:03 AM

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.

len2091553

8/21/2018 4:22:55 AM

Learning Rubric – Assessment 2 Part B: Risk Management 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

len2091553

8/21/2018 4:22:49 AM

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.

len2091553

8/21/2018 4:22:42 AM

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. There are no mistakes in using the APA style.

len2091553

8/21/2018 4:22:35 AM

Effective communications 30% Difficult to understand for audience, no logical/clear structure, poor flow of ideas, argument lacks supporting evidence. No effort is made to keep audience engaged, audience cannot follow the line of reasoning. Information, arguments and evidence are presented in a way that is not always clear and logical. Attempts are made to keep the audience engaged, but not always successful. Line of reasoning is often difficult to follow. Information, arguments and evidence are well presented, mostly clear flow of ideas and arguments. The audience is mostly engaged, line of reasoning is easy to follow. Information, arguments and evidence are very well presented, the presentation is logical, clear and well supported by evidence. Engages the audience, demonstrates cultural sensitivity. Expertly presented; the presentation is logical, persuasive, and well supported by evidence, demonstrating a clear flow of ideas and arguments. Engages and sustains audience’s interest in the topic, demonstrates high levels of cultural sensitivity.

len2091553

8/21/2018 4:22:26 AM

High Distinction (85-100) A sophisticated understanding of the challenges and pitfalls of traffic light reports, the difference between the status reports. Critically discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials Contribution is comprehensive and advances the class discussion.

len2091553

8/21/2018 4:22:19 AM

Credit (65-74) Distinction (75-84) Contributes to identifying the challenges and pitfalls of traffic light reports, the difference between the status reports. Shows some understanding of project status reporting. Supports personal opinion and information substantiated by evidence from the research/course materials. Demonstrates a capacity to explain and apply relevant concepts. Contributes to identifying the challenges and pitfalls of traffic light reports, the difference between the status reports. Work shows insight and thorough understanding of project status reporting. Discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials Well demonstrated capacity to explain and apply relevant concepts.

len2091553

8/21/2018 4:22:11 AM

Assessment Attributes Fail (0-49) Pass (50-64) Contribution to identifying the challenges and pitfalls of traffic light reports, the difference between the status reports 60% Fails to contribute to identifying the challenges and pitfalls of traffic light reports, the difference between the status reports. Limited knowledge of project status reporting. Contributes to identifying the challenges and pitfalls of traffic light reports, the difference between the status reports. Demonstrates limited awareness of project status reporting. Resembles a recall or summary of key ideas. Often conflates/confuses assertion of personal opinion with information substantiated by evidence from the research/course materials.

len2091553

8/21/2018 4:21:57 AM

Submission Part A: The post to be completed by end of Module 5. Part B: By 11:55pm AEST/AEDT Sunday first half of Module 6. Weighting 50% (Part A: 15%; Part B: 35%) Total Marks Part A: 15 marks Part B: 35 marks

len2091553

8/21/2018 4:21:39 AM

Need work from scratch....PMBOK 11.2, 11.3, 11.4 I talked with him on phone and he provide me some feedback: I need provide raport for Risk Managment raport for Corwin case study, introduction, back ground. Project started when they started tests -> what risk can happen (?) Problems witch schedule - we don/t have enough information about that. Poor decision making is risk not decision making. Probability of impact - impact matrix hight, low or medium risk.

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