Complete the introduction of the risk management plan by analyzing and defining the plan’s goals and objectives as they relate to the evaluation of risks for y
Complete the introduction of the risk management plan by analyzing and defining the plan's goals and objectives as they relate to the evaluation of risks for your chosen case study. Include the company background information as well.
How does a project manager recognize risks to a project and apply risk management techniques to help minimize them? It is important to be able to first identify the risks and then understand their impact on an organization.
As a project manager, you will want to select the techniques that work the best for the project and the project team, such as brainstorming or a cause-and-eff€ect diagram. Risk management techniques help provide the project manager with an idea of possible areas of the project that could be affected, and which ones may need a risk evaluation.
Research risk management planning and the eff€ect of the choice of methods on the overall predictability and assessment of risk. There are necessary steps when preparing an organization to assess risk. These include accepting a new cultural approach to incorporating risk management into all aspects of the company. A new cultural approach may involve meeting with stakeholders and discussing the need to change and modify existing culture to mitigate and eliminate risks. As a project manager, you must be able to lead the risk management process. You must analyze the organization's current position, including its objectives and goals, and determine the direction required for prioritizing the risks for an organization. Typically, you would include key stakeholders, because they will impact the business decisions and assist in the evaluation of key areas in the management of risk for the company,
Preparation
For this course, follow the instructions provided through the links below to download and install software or register for an account, as required.
Microsoft Software
- If you have a Capella MS Imagine account, go to Step 2. Otherwise, see the instructions for registering an account at MS Imagine: Registration.
- Log into the Capella Microsoft Imagine WebStore.
- Identify the version of MS Visio 2016 and Project Professional 2016 that is compatible with your operating system.
- Download and install.
If you encounter any difficulties in the download and installation process, post a detailed question in the Ask Your Faculty Discussion in the menu dropdown when you click the image of your faculty.
Microsoft Project is the recommended software tool for this course due to its wide industry acceptance and its use in many project management professional roles. This is provided to you through MS Imagine.
Using Project in this course helps prepare you for future professional PM roles and responsibilities. Please use Project for tasks the software supports. If you have other software you would like to use, please check with your instructor to be sure it meets the requirements for this course.
Case Study
Choose a case study to use for this course. You will use the same case study for the entire course so as to present a coherent risk management plan by the end. For either option, you will assume the role of project manager.
- Option A: Choose a case study from the resource activity that follows this assessment, or use the Capella University Library to find your own.
- Option B: Choose an actual work project from your place of employment. If you do so, carefully follow the instructions in the Choose Your Own Project Instructions [PDF]. Before choosing a company, read the instructions thoroughly to ensure:
- The company fits the course requirements.
- You have access to the documents listed in the Choose Your Own Project Instructions. Include this information in the appendix for instructor reference.
- You can distribute the data without disclosing confidential company information.
Contact your instructor with questions.
Introduction
Project risks arise anytime there is a project to manage. It is important for project managers to be able to determine project risks for all types of projects. This includes projects large and small. Project risks can be mitigated by thorough planning and adapting risk analysis techniques. The assessments in this course provide you with hands-on experience in the analysis and evaluation of project risks. You will integrate various aspects of project risk planning, analysis, and evaluation. Note: Developing a risk management plan for a project requires specific steps in sequence. Complete the assessments in this course in the order in which they are presented.
You will be using the Risk Management Plan Template [DOCX] to develop a risk management plan. Note: Submit the updated template for each assessment; as indicated in the instructions for each assessment.
The final product for this course will be the complete Risk Management Plan. Your completed plan could be used as evidence of your learning for a job interview or an annual employment review. Read the template before beginning this assessment.
It is critical to identify risks and evaluate both their qualitative and quantitative aspects in the risk management evaluation process.
Section 1 – Introduction to the Plan
You will fill out different sections of the Risk Management Plan Template for each assessment.
Use the Risk Management Plan Template to record your analysis for Section 1 – Introduction to the Plan. Your analysis of the project objectives, in relation to the evaluation of risks, must include the following sections. Refer to the template for directions on what to put in each.
- 1.1 Benefits of Risk Management.
- 1.2 Project Goals and Objectives.
- 1.3 Company Background.
- 1.4 Risk Identification.
It may be helpful to read "Understanding Project Risk Exposure Using the Two-Dimensional Risk Breakdown Matrix," linked in the Resources, which is about the importance of being proactive in risk assessment and risk evaluation. You will also learn about the risk breakdown structure (RBS). Both of these subjects apply to your plan.
Deliverable Format
- References: Use scholarly or academic sources where applicable. There is no set number of references required for this assessment.
- Format:
- Use the provided Risk Management Plan Template [DOCX].
- Insert appropriate supporting tables and other supporting information, if needed.
- Do not submit multiple files, PDF files, or ZIP files.
- Follow the Academic and Professional Document Guidelines [PDF]. Be sure to use single-spaced paragraphs.
- Use APA style and format for references and in-text citations.
- Length: No specific length requirements. Include all pertinent information.
Evaluation
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Assess project risks to mitigate threats and capitalize on opportunities to ensure project success.
- Explain the benefits of risk management in support of a project.
- Define the project goals and objectives as they relate to the evaluation of risk for a project.
- Describe the company background and identify the stakeholders, their role in the enterprise, and their impact on the project.
- Competency 2: Evaluate risk impact analysis methods for application in a project.
- Describe qualitative and quantitative risk analysis processes to determine priority and impact of project risks.
Your course instructor will use the scoring guide to review your deliverables as if they were your immediate supervisor.
Below are some case study resources you might want to use for building your risk management plan for this course.
Access the following resources by clicking the links provided. Please note that URLs change frequently. Permissions for the following links have been either granted or deemed appropriate for educational use at the time of course publication.
• American Productivity & Quality Center (APQC). (2004). Project management: Bausch & Lomb [Case study] [PDF]. Houston, TX: Author.
• Ciaramella, A. (2013). Application of project risk management and performance indices in the construction sector: A case study. Techne: Journal of Technology for Architecture and Environment, 6, 100– 108. Retrieved from https://doaj.org/article/ fdc2b9b5afce4ac682b04c4e5569c388
• Goh, C. S., Abdul-Rahman, H., & Samad, Z. A. (2013). Applying risk management workshop for a public construction project: Case study. Journal of Construction Engineering and Management, 139(5), 572–580.
• Greiman, V. A. (2013). Megaproject management: Lessons on risk and project management from the Big Dig. Hoboken, NJ: Wiley.
• Haynes, W., & Whipple, A. (2009). Transportation megaprojects: Comparing project management and oversight approaches. Public Manager, 38(2), 72–77.
• Kerzner, H. R. (2013). Project management: Case studies (4th ed.). Hoboken, NJ: John Wiley & Sons.
• Lehtiranta, L. (2013). Collaborative risk management processes: A constructive case study [PDF]. Engineering Project Organization Journal, 3(4), 198–212. Retrieved from http://www.epojournal.net/uploads/53/2696_pdf.pdf
• Liu, J., Meng, F., & Fellows, R. (2015). An exploratory study of understanding project risk management from the perspective of national culture. International Journal of Project Management, 33(3), 564–575.
• Milošević, D. Z., Patanakul, P., & Srivannaboon, S. (2010). Case studies in project, program, and organizational project management. Hoboken, NJ: John Wiley & Sons.
• Regueira, J., Jr. (2016). A case study exploration of risk identification and risk management in a virtual project team setting. Dissertation: ProQuest ID 10179214.
• Wearne, S. H., & White-Hunt, K., (2016). Managing the urgent and unexpected: Twelve project cases and a commentary. Burlington, VT: Gower.
The following resources provide information about project risk management.
• Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.
• Anonymous. (2013). Weak project management increases risk, experts say. The Controller's Report, 1, 14.
• Hillson, D. (2009). Managing risk in projects. Farnham, England: Ashgate.
• Jordan, A,. (2013). Risk management for project driven organizations: A strategic guide to portfolio, program and PMO success. Plantation, FL: J. Ross Publishing.
• Kerzner, H. (2013). Project management best practices: Achieving global excellence (3rd ed.). Hoboken, NJ: John
Wiley & Sons. • Kerzner, H. R. (2017). Project management: A systems
approach to planning, scheduling, and controlling (12th ed.). Hoboken, NJ: John Wiley & Sons.
• Kutsch, E., Browning, T. R., & Hall, M. (2014). Bridging the risk gap: The failure of risk management in information systems projects. Research Technology Management, 57(2), 26–32.
• Rafele, C., Hillson, D., & Grimaldi, S. (2005). Understanding project risk exposure using the two-dimensional risk breakdown matrix [PDF]. Retrieved from http://www.risk-doctor.com/pdf-files/pmi-e- rbmpaper.pdf
• You will read about the importance of being proactive in risk assessment and risk evaluation. You will also learn about the risk breakdown structure (RBS). Both of these apply to your course project.
• Mars and Beyond.
Course Library Guide A Capella University library guide has been created specifically for your use in this course. You are encouraged to refer to the resources in the PM-FPX5334 Library Guide to help direct your research.
The following resources provide information about the introduction to a risk management plan.
• Waters, B. (2018). Components of a risk management plan. Skillsoft.
• Pritchard, C. L. (2015). Risk management: Concepts and
guidance (5th ed.). Boca Raton, FL: CRC Press. • Preface and Introduction. • Chapter 1, "Risk Management Practices," pages 3–
5. • Chapter 2, "Risk Concepts," pages 6–21.
• Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.
• Part I: Section 11.1, "Plan Risk Management," pages 401–408.
• Part 2: Section 3.8, "Plan Risk Management," page 585.
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