Reference no: EM133621259

Assignment: Business & Finance- Marketing

Question I

Risk management professionals work with businesses and organizations on identifying, analyzing, and mitigating risks and determining processes for changes. According to the Project Management Institute (PMI) Risk Management Professional (PMI-RMP)® Examination Content Outline and Specifications, the following knowledge areas are essential to the successful practice of project risk management:

1. Domain 1: Risk Strategy and Planning
2. Domain 2: Risk Identifications
3. Domain 3: Risk Analysis
4. Domain 4: Risk Response
5. Domain 5: Monitor and Close Risks

Note: Domains1 & 2 start on page 8 of the PMI Examination Content Outline and Specifications.

Review the tasks under Domain 1: Risk Strategy and Planning, and Domain 2: Risk Identification.

Respond to the following in a minimum of 175 words:

Choose a task from each Domain and explain why that task is important to the overall project risk planning. What tools or resources could assist with each task?

Question II: Karlene McGivan

It serves the purpose of helping to identify potential risk that could negatively impact any project's objectives. It is also important because it assesses and manages potential objectives. Developing and planning strategically can help to minimize risks and impact project success.

Domain 1: Risk Strategy and Planning

Confirm risk thresholds based on risk appetites.

Strategy and planning should always be the main priority, especially at the highest management levels. There should always be periodic checks in preparation for if something should happen and having a plan in place instead of waiting for threats or risk to happen. "The check could be extended to deal with heuristics." (Edwards 2020)

Domain 11: Risk Identification

Develop risk register.

According to the text "Risks that are not identified cannot be managed proactively, but at best are dealt with only reactively after they have occurred." (Edwards 2020) This tool in project management is for the sake of identifying risk throughout the life of the project. It is also used to assess and manage risks.

Register risk is a great tool that can be used for both Risk Strategy and Planning & Risk Register as it identifies new risks on a regular basis and reassesses existing risks. It also helps steams to proactively identify and address risks that could impact the success of the project.

Questions III: Audrey Johnson-Moss

Domain 1: Risk Strategy and Planning
Domain 2: Risk Identifications

The chapter readings are evidence that when a project is initiated the project manager must dissect the project and make sure the project objective is carefully understood. It is planned in such a way that the objectives are met, and the project can be successful. As part of the planning process identifying the project risk is important. Risk strategy and planning are crucial for the project manager to think broadly so that they can capture all the risks. Some risks can be in the form of cultural, environmental, human, political, and economic risks. So, the manager must understand the project and know how to classify risk. For instance, I once worked on a deployment project with Hasidic Jews we knew that we could not schedule installation on Saturdays because that was their sabbath. To increase their market share it was critical to respect their religious value. Project planning is a good way to strategize and can assign owners who will evaluate the strengths, weaknesses, opportunities, and threats (SWOT). From their assignments, they can determine the probability of how likely a risk will happen and whether it is positive or negative.

One way to achieve this as a project manager is various tools like asking investigative questions coupled with brainstorming with peers and other project managers, consulting with industry experts, and conducting internal and external meetings are good ways to capture risks.

I was the project manager who organized a successful community outreach where we distributed school supplies to all school-aged children.
A sample of the risks we faced were weather conditions, whether was it going to be too hot or rainy, another was limited supplies whether we were going to hear from contacts because it is the summer months and high vacation seasons, and if the event date conflicts with other community events for the same date.

Risk Strategy and planning and risk identifications are important because they help the project manager to identify any possible risks and how to manage the risk and determine if it is an opportunity or threat to the project.