BSBPMG536-Manage project risk Report – Management Assignment Help

Assignment Task


Manage project risk

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This section explains why risks exist and highlights the purpose and importance of the risk management plan. It provides a general description of why risk management is essential to effectively managing a project and describes what is needed before risk management can begin.

As organizations begin new projects they begin operating in an area of uncertainty that comes along with developing new and unique products or services. By doing so, these organizations take chances which results in risk playing a significant part in any project. The purpose of the risk management plan is to establish the framework in which the project team will identify risks and develop strategies to mitigate or avoid those risks. However, before risks can be identified and managed, there are preliminary project elements which must be completed. These elements are outlined in the risk management approach.

This project is considered a medium risk project as it has an overall risk score of 24 on a scale from 0 to 100. The project risk score is the average of the risk scores of the most significant risks to this project. A risk score below 16 is low risk project, a score between 16 and 45 is a medium risk project and a score above 45 is a high risk project. Before risk management begins it is imperative that a foundation is established for providing structured project information, thus, the following project elements were completed and defined prior to developing this Risk Management Plan:

Define work scope, schedule, resources, and cost elements

  • Develop project WBS/WBS dictionary
  • Develop master schedule and detailed schedules
  • Estimate project cost and finalize budget
  • Identify required and available resources
  • Establish performance measurement metrics

Define minimum and maximum baseline thresholds

  • Schedule
  • Resources
  • Cost

Baseline reporting requirements

  • Format
  • Frequency of distribution
  • Distribution list

Define Risk Management Roles and Responsibilities

  • Project Manager chairs the risk assessment meetings
  • Project team participates in risk assessment meetings and members serve as meeting recorder and timekeeper
  • Key stakeholders participate in risk assessment meetings
  • Project Sponsor may participate in risk assessment meetings

It is important to explicitly state the top three risks to the project in the Risk Management Plan. This will make management aware of the top risks for the project and the nature of the risks.

The top three high probability and high impact risks to this project are:

Delay in Server Equipment
Due to a manufacturer’s production backlog, the servers are not available for large scale application testing causing a delay in the project schedule. The project manager will mitigate this risk by using servers from the backup data center if needed.

Fiber Optics Connection Not Completed
Due to construction delays in installing the fiber optic cable between the data center and the headquarters facilities users will not have a high speed connection between their site and the datacenter resulting in slow responses from the application making it unusable. The Project Manager will implement a site to site broadband Ethernet radio network between the data center and headquarters facility.

Network Operations Center (NOC) Not Appropriately Staffed
Due to lead times associated with hiring and training additional staff, the NOC does not have the necessary staff to monitor the additional bandwidth associated with the project resulting in a delay to the project schedule. The project manager will mitigate this risk by working with the NOC to create an alternate work schedule to compensate for the staffing shortage until additional staff hiring and training is complete.

This section provides a general description for the approach taken to identify and manage the risks associated with the project. It should be a short paragraph or two summarizing the approach to risk management on this project.The approach we have taken to manage risks for this project included a methodical process by which the project team identified, scored, and ranked the various risks. The most likely and highest impact risks were added to the project schedule to ensure that the assigned risk managers take the necessary steps to implement the mitigation response at the appropriate time during the schedule. Risk managers will provide status updates on their assigned risks in the bi-weekly project team meetings, but only when the meetings include their risk’s planned timeframe. Upon the completion of the project, during the closing process, the project manager will analyze each risk as well as the risk management process. Based on this analysis, the project manager will identify any improvements that can be made to the risk management process for future projects. These improvements will be captured as part of the lessons learned knowledge base.

This section explains the process by which the risks associated with this project were identified. It should describe the method(s) for how the project team identified risks, the format in which risks are recorded, and the forum in which this process was conducted. Typical methods of identifying risks are expert interview, review historical information from similar projects and conducting a risk assessment meeting with the project team and key stakeholders.

For this project, risk identification was conducted in the initial project risk assessment meeting. The method used by the project team to identify risks was the Crawford Slip method. The project manager chaired the risk assessment meeting and distributed notepads to each member of the team and allowed 10 minutes for all team members to record as many risks as possible.

Expert Interview
Two Expert Interviews were held for this project. The interviews revealed several risks which were then mitigated by making changes to the project plan. The remaining risks are included in the Risk Register.

Risk Assessment Meeting
A risk assessment meeting was held with key team members and stakeholders. The risks identified during this meeting were added to the project plan and Risk Register.

Historical Review of Similar Projects
The project team reviewed the history of similar projects in order to determine the most common risks and the strategies used to mitigate those risks.

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