The Dynamic Nature of Project Risk Management

The Dynamic Nature of Project Risk Management
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The Dynamic Nature of Project Risk Management

Identifying, analyzing, and managing project risks is a critically important activity during the Planning phase of the project life cycle, but these activities must continue throughout the Execution phase. This is in part because the project team will acquire new knowledge as the project unfolds, thereby identifying previously unknown risks. Additionally, the completion of certain work packages eliminates the possibility that certain risk events will be realized.

Books & Resources:

Book

Project Management Institute. 2013 A guide to the project management body of knowledge (PMBOK ® Guide)

Instruction:Read pages 86-99, 279-284, 297-307, and 349-353.

Cooper, D., Bosnich, P., Grey, S., Purdy, G., Raymond, G., Walker, P., & Wood, M. 2014 Project Risk Management Guidelines

Instruction:Read pages 117-140.

Heldman, K. (2005). Project manager’s spotlight on risk management. http://site.ebrary.com.proxy1.ncu.edu/lib/ncent/docDetail.action?

Instruction:Read pages 164-168, 171-188.

Assignment: Evaluate Changes to Project Risks during the Execution Phase of the Project Life Cycle (10 Points) Due: 06/12/2016

Instructions:

For this assignment, consider and discuss the degree to which the likelihood and impact of specific risks is anticipated to change during the Execution phase of the project life cycle. Conceive and discuss a procedure that the Project Manager could put in place to ensure that the project team identifies new risks, analyzes them, and plans for them throughout the Execution phase.

Select five of the risks you identified in your Week 2 assignment and create a titled section for each of them in your paper. Ensure that at least one of the risks you select is a positive risk (an opportunity). In that titled section, be sure to discuss the following for that specific risk:

(a) The degree to which you would anticipate the likelihood of that risk to change as the project moves through the Execution phase,

(b) The degree to which you would anticipate the Impact of that risk to change as the project moves through the Execution phase,

(c) Whether there is something specific that could reasonably expected to occur during the Execution phase that would eliminate that specific risk altogether (for example, the risk of not finding a contractor capable of completing the excavation for a building’s foundation is eliminated once the excavation has been completed), and

(d) Whether changes in Likelihood and Impact would warrant a change from the originally-selected Risk Management Strategy (Accept, Mitigate, Avoid, Transfer, Exploit) to a different Risk Management Strategy and why or why not;

Following these five titled sections of the paper, create a section in which you conceive and discuss a procedure for managing new risks throughout the Execution phase.

Your paper should follow this outline:

Introduction

Risk 1

Risk 2

Risk 3

Risk 4

Risk 5

Procedure for Managing New Risks during Execution

Conclusion

Support your paper with a minimum of three (3) external resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.

Length: 5-7 pages, not including title and reference pages

Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Be sure to adhere to Northcentral University’s Academic Integrity Policy.

PMBOK ® Guide is a registered mark of the Project Management Institute, Inc.

Alignment to Course Learning Outcomes:

1.0 Synthesize the phases of the project life cycle and the processes required to effectively manage project risks.

2.0 Evaluate what risks face a specific project and differentiate between those that present threats and those that present opportunities.

4.0 Rate project risks quantitatively in terms of likelihood and impact and generate composite risk scores based on these values.

5.0 Defend the selection of the following risk response strategies over the others for a given project risk: Avoid, Mitigate, Transfer, Accept, and Exploit.

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