DISCUSSIONS WEEK 4: RISK MANAGEMENT Note: You must use VoiceThread to create you
ID: 392880 • Letter: D
Question
WEEK 4: RISK MANAGEMENT
Note:
You must use VoiceThread to create your first post for each Discussion Topic. (Text for subsequent posts is fine.) You must review and comment on at least 2 other VoiceThreads from other students during the week.
Assume you have just been assigned to a project risk team composed of five members. Your task, as project manager, is to develop a process for handling risks to the project. Because this is the first time your organization has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects. Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out his or her proposed outline at the beginning of the meeting. Your outline should include, but not be limited to, the following information:
Who should be involved in identifying risks?
Explanation / Answer
All projects have risks. If a potential risk of the project is not identified early, then the project will be at a high risk to complete as per schedule, within budget and to meet the expected quality. One of the current difficulties faced by a new Project Manager today is not having a sample or general risk list to refer to when identifying the project risk.
Project Risk Identification
Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. The objectives of project risk management are to increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project.
There are some specific tools and techniques for identifying risk as listed below:
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