Project Management – Week #6 Assignment 1

Project Management – Week #6 Assignment 1
Risk Assessment
All projects have some risk and the project plan must take this into account. Identifying risks early during the project planning stage can help you respond to these risks if they arise.
Review Exhibit 10.1, 10.2, 10.8 and 10.9 before beginning this assignment.
Create a risk register for your example project. Categorize each risk, list potential impact, and list potential responses (as in Exhibit 10.9).
Describe what each project success measure (from Exhibit 10.1) looks like on your example project. Identify at least three risks to each success measure, determine which are major risks, and for each major risk develop one or more contingency plan(s). Identify whether the contingency plan is an avoidance plan (reducing the probability of the risk event), a mitigation plan (reducing the impact of the event), or both.
Facilitate a discussion with the sponsor and other key stakeholders of your project. Have them determine the relative importance of their priorities and document them as in Exhibit 10.2.
Perform a risk review for your example project. Use at least three types of review as shown in Exhibit 10.8. Which of these types gave you the most useful information? Why?
The requirements below must be met for your paper to be accepted and graded:
· Write between 750 – 1,250 words (approximately 3 – 5 pages) using Microsoft Word in APA style, see example below.
· Use font size 12 and 1” margins.
· Include cover page and reference page.
· At least 80% of your paper must be original content/writing.
· No more than 20% of your content/information may come from references.
· Use at least three references from outside the course material, one reference must be from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the three-reference requirement.
· Cite all reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the paper and list on a reference page in APA style.
References must come from sources such as, scholarly journals found in EBSCOhost, CNN, online newspapers such as, The Wall Street Journal, government websites, etc. Sources such as, Wikis, Yahoo Answer


EXHIBIT 10.1 • Meeting Agreements Cost, schedule, and specifications met • Customer’s Success Needs met, deliverables used, customer satisfied • Performing Organization’s Success Market share, new products, new technology • Project Team’s Success Loyalty, development, satisfaction Source: Timothy J. Kloppenborg, Debbie Tesch, and Broderick King, “21st Century Project Success Measures: Evolution, Interpretation, and Direction,” Proceedings, Project Management Institute Research and Education Conference, July 2012


EXHIBIT 10.2 Scope Quality Time Cost Contribution to Organization Contribution to Society ≤1 month to save $5,000 SPECIFIC PROJECT STAKEHOLDER PRIORITIES IMPROVE KEEP X X Want to save X X Source: Adapted from Timothy J. Kloppenborg and Joseph A. Petrick, Managing Project Quality (Vienna, VA: Managemen