..."Project Risk Management" Please respond to the following: * Describe some of the tools and techniques that you can use as a project manager to mitigate risk in your projects. Support your response. * Provide realistic examples of each of the risk response strategies for both negative and positive risks. According to Schwalbe, risks can be assessed qualitatively or quantitatively. Tools for qualitative risk analysis include a probability/impact matrix and the Top Ten Risk Item Tracking Technique. Tools for quantitative risk analysis include decision trees and Monte Carlo simulation. Expected monetary value (EVM) uses decision trees to evaluate potential projects based on their expected values. Simulations are a more sophisticated method for creating estimates to help you determine the likelihood of meeting specific project schedule or cost goals. Sensitivity analysis is used to show the effects of changing one or more variables on an outcome. The four basic response strategies for negative risks are avoidance, acceptance, transference, and mitigation. Risk avoidance involves eliminating a specific threat or risk. A project team may decide to continue using a specific piece of hardware because they know it will work. Risk acceptance means accepting the consequences of a risk, should it occur. A project team can take an active approach to risk by having a backup plan if they cannot get approval for a specific site for a meeting. Risk transference is shifting the consequences...
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...PM 595-Project Risk Management November 2010-Section A Project Part I Grayson Cash TCO A Identifying Project Risks The process for risk identification for a second Oresund Bridge would involve plan for risk management. This would involve first the secure risk management plan in place. This would involve meetings to clearly define the scope of the project. A second bridge and its usefulness, cost, and scheduling will be primary factors of interest. But another area would be in the enterprise environmental factors. These factors specifically are organizational structure, government/industry standards, infrastructure*, existing human resources, company work authorizations, stakeholder risks, and project information systems. The meetings would be to ensure that the risk management plan was consistent with the scope and in alignment with the desired results. It would also allow for brainstorming, document reviews, the Delphi technique, interviewing of key stakeholders, SWOT analysis, risks checklists, assumption analysis, diagramming techniques, cause and effect, and influence diagrams. Next, would be the process to meet to discuss the risks attributed with the management areas. The risks to scope, schedule, and cost. Considering the past project as a lessons learned, there were benefits that could be utilized that can limit the risks. The risks particularly associated with the second Oresund Bridge project is in its infrastructure. There are presently...
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...Eric Bani Professor James Young “Politics, Institutions, and Project Finance: The Dabhol Power Project. Strayer University 2011 Project risk management has been identified as the number one cause of project failure by most if not all organizations. In view of that project risk management is given prominent place in any project undertaken by businesses. Project managers are therefore are under immersed pressure to practice the best risk analysis methods in order to complete projects in time and within budget for the organization to be profitable. Project risk management is a science if you will, that uses several methods in identifying and accessing the risk factors and opportunities associated with a particular project and devising an effective response plan to avoid, mitigate, transfer or accept the risk. The project manager should assemble a professional team of different technical skills needed to complete the project making sure the project specifications are met. As a leader the project manager has to possess leadership qualities and most importantly communications skills to be effective in managing his/her team. The Dabhol power project was a good idea designed to generate additional electricity to India’s growing population but there were several problems including political, institutional and financial from the onset. Politically, India was a communist country aligned with the former Soviet Union thus the country was run by the central Government...
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...2. Project Management 3 2.1 Definition of Project Management 3 2.2 Advantages and Disadvantages in Project Management 5 2.3 Success Factors in Projects 6 2.4 Control Project Progress 7 3. Project Risk Management 8 3.1 The Risk Management Process 8 3.2 Definition of Risk 10 3.3 Managing Risk 10 3.4 Identify Risks 11 3.5 Risk Quantification 14 3.6 Plan Risk Response / Methods 14 3.7 Risk Monitoring 18 4. The Organization of an International Conference in Paris, France 19 4.1 Project Identification 19 4.2 Classified the Project 20 4.3 Identification of Risks and measures to minimize the risk 21 5. Conclusion 23 6. List of Illustrations 24 1. Introduction The planned International Conference – “Launching Strategy of a new product”, reported to our management and sales persons is a new Project and has to be well organized and effectively realized. To ensure that the project leads to a suitable performance and to improve project success, a Risk Management Plan needs to be developed very early in the planning stage. For the project success, it is essential that potential risks are identified, categorized and evaluated. This seminar paper focuses on the relationship between the project organization and the application of risk management and the importance of implementing a Risk Management system to achieve the project objectives. This paper is subdivided into three parts, Project Management, Project Risk...
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...1st draft Do Thi Ha Phuong 18249037 RISK MANAGEMENT 641 - ASSIGNMENT NO 1 TOPIC: PROJECT RISK MANAGEMENT PROCESS PART A – APPLICATION About the company and its functions. Joint Stock Company BT20 is established in 28/03/2012. The company operates in road construction areas. The company is implementing a restoration, renovation National Highway 20 project in Vietnam, Required main tasks of company are: clearance and compensation, the basic construction work, mine clearance, leveling, construction of roads, drainage and wastewater treatment systems, trees, power supply system. As well as any other investment, construction investment is likely to encounter risks to be inefficient investment as originally planned. Type of risks | Sub risk | Sub-Sub risk | Financial | Cost increases | Unreasonable Estimated costs.Weak Project Management | Natural | Unfavorable weather | - Raining- Storm | | Disaster | - Blood- Earthquake- Flooding | Safety | Accident in construction site | - Delay the construction- Reducing on reputant of company. | Time | Project duration is extended | - Cost for material increase- Lack of employee’s skills- Wrong estimate on cost- Lack of skill on project management. | 1. RISK IDENTIFICATION The effectiveness of the project is determined by three factors that are quality, cost and time (Saladis and Kerzner 2011). For the before and during the construction of NH20, the cost is considered to be one of the serious issues because...
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...Course Project Project Risk Management Contents Introduction 4 Statement of work 5 Statement of Work—Project Description and 6 WBS 8 Risk Analysis and Probability Matrix – Qualitative Analysis 10 Risk Register 11 Decision Tree 11 Decision Tree Analysis 11 Fault Analysis Tree 12 Fault Tree Analysis Summary 12 Conclusions 13 Works Cited 13 Introduction Sherdon and Anissa Webb have been working parents for over 18 years. Both individuals understand the hardship of starting out and making yourself marketable in the corporate world. Now that their eldest son is in college, and they have seen how hard it was for him to get summer jobs and student work studies, they want to make the path a bit easier for their younger children. Their hope is to start a small business that will eventually become a family affair. This business will help the community as well as allow their children to have summer work growing up and instill in them the entrepreneurial spirit. As part of working class America, Sherdon and Anissa do not have a lot of income at their disposal. They will be investing all of their savings into this business, therefore, proper planning is a must. The business that they have decided to open is an employment agency. After researching the industry, both feel as though there is a market for this service and that the time it will take to open the business is reasonable...
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...“Risk Management on a Satellite Development Project” Case Study #3 Tammie Y. Harris Professor Dr. Mary Hair Collins Managing Human Resource Projects- HRM517004VA016-1128-001 December 8, 2012 | 1. Suggest the issues that could have developed had the team not had a risk plan. The main factor for not completing the project is team failure which is because of poor overall initial planning. When there are unrealistic goals being set, creating a chaotic working environment there is bound to be nothing but pure failure of the project and its success in the near future. There can be two major causes for the team project failures; overdue or missed time standards, and going beyond set financial plans. With the interpretation of day to day basis risk assessments into team developed projects, there is a more realistic set of guidelines, and procedures put into place. The definition of a risk assessment states , “ that it is the identification, evaluation, and estimation of the main levels of risks involved in a situation, their comparison against benchmarks or standards, and determination of an acceptable level of risk”. With set risk assessment techniques, the team may further eradicate all possible liabilities or future occurrences within the project team. The essential of having a successful project management team is very important. Having strategic risk management techniques is essential. When planning a project team, it is sometimes...
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...Risk Management: Project proposal Student’s Name Institutional Affiliation Table of Contents Project objective 3 Project Overview 3 The significance of the project 4 Project outline 7 Implementation plan Time frame 7 Manpower 11 Role of service providers 11 Role of Internal employees 13 Role of the directors 13 Budget proposal 14 Contributing factors 15 Increase in the level of cyber attacks 15 Use of third party service providers 15 Numerous breakdowns in new software and hardware 16 Description of deliverables 16 Redefining the Architecture model 16 Increased information security 17 Risk management section 18 Conclusion 19 References 21 Project objective This project aims at creating an effective risk management strategy and policy in Aarbin. This is meant to ensure that the organization is safeguarded from the existing risks within the information technology sector. Project Overview Information technology is one of the areas that have received tremendous growth. This situation makes information technology management companies to be vital in the current global market. Due to increased pressure towards information technology, it is therefore common that there could be certain resultant risks that could arise among information technology management companies. Aarbin Technology indulges in the information technology sector and therefore as an organization it is significant if it considers embracing...
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...DEVRY Development of Boeing 787 Dreamliner Course Project II Prepared for: Professor James Hiegel Project Risk Management Course PM595 Prepared by: Muzammil Qurashi February 19, 2012 [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] Table of Contents Introduction Page 3 Sources of Construction Project Risk Page 4 Systems to Address Construction Project Risk Page 6 Catastrophic Failure Fault Tree Page 8 Discussion of Fault Tree Page 8 Fault Tree One Page 10 Discussion of Fault Tree One Page 10 Fault Tree Two Page 11 Discussion of Fault Tree Two Page 11 Conclusions Page 14 Works Cited Page 15 Introduction Boeing Commercial Airplanes' launched the 787 Dreamliner, a super-efficient airplane in order to meet the growing needs and preferences of an international audience across the globe. An international team of top aerospace companies is building the airplane, led by Boeing at its Everett, Wash. facility near Seattle (Boeing.com), According to Boeing’s statement, t\he 787-8 Dreamliner will carry 210 - 250 passengers on routes of 7,650 to 8,200 nautical miles (14,200 to 15,200 kilometers), while the 787-9 Dreamliner will carry 250 - 290 passengers on routes of 8,000 to 8,500 nautical miles (14,800 to 15,750 kilometers)....
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...Case Study 3: Risk Management on a Satellite Development Project Machelle L. Green Prof. N. Lattus Human Resource Project Management August 22, 2013 Importance of Having a Risk Plan Risk management involves performing SWOT analysis of Strengths, Weaknesses, Opportunities and Threats relating to details of project planning, financing, construction, operation and transfer (Duff, 2013). The Satellite Development Project developed a risk plan early in the beginning of their project phase. They focused on four core unknowns such as cost, time, scope and resources. If the Development Project had not developed a risk plan that focused closely on avoiding issues with the four core unknowns, there are many risks that could have occur and delayed the project. The first risk involves whether the project has been properly planned, adequately priced and funded (Duff 2013). The cost of a project is an issue that definitely would have developed without the team being preparing for the risk. The cost of carrying out a project is largely dependent on the funding made available to secure the project. The idea of reducing the cost of funding for the project makes the stakeholders happy as well as all involved as it contributes to the success of the project. Time is as important as the plan itself. The Satellite Development Project had a tight time line for production. Often time lines are needed to give each development a chance to produce the final product...
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... Assign to departments c. Risk Matrix d. Risk mitigation plan e. Impact Analysis II. (BIA) f. Departments g. Business Impact h. Costs Analysis III. Recommendations (BIA) i. Business Impact Analysis Results j. Maximum Acceptable Outage IV. (DLIS) Business Continuity Plan a. Purpose b. Scope c. Plan Objectives d. Disaster definition e. Recovery teams f. Team member responsibilities g. Instructions for using the plan/Invoking the plan h. Data backup policy i. Offsite storage procedures j. In the event of disaster V. Computer Incident Response Team Plan k. Secure funding for relocation l. Notify EMT and corporate business units of recovery Startup m. Operations recovered Introduction: The purpose of the risk assessment plan is to avoid or mitigate the impacts of a threat or vulnerability. The risk assessment plan for the entire DLIS system will help assign responsibilities, identify the costs of an outage, provide recommendations, identify the costs of recommendations, document accepted recommendations, track implementation, and create a plan of action and milestones (POAM). Scope: Risk assessment is used in every career and on every project in all fields of study. There are different types of risks involved depending on what you are doing. An architect has to assess all risks involved with weather, natural resources...
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...BUS 519 Project Risk Management Entire Course https://homeworklance.com/downloads/bus-519-project-risk-management-entire-course/ BUS 519 Assignment 1: Assess Organizational Readiness ( EQI in SIWA ) Due Week 3 and worth 200 points Note: The assignments are a series of papers that are based on the same case, which is located in the Student Center of the course shell. The assignments are dependent upon one another. Review the assigned case study and complete this assignment. Write a five to seven (5-7) page paper in which you: 1. Analyze how the Critical Success Factors (CSFs) apply to the facts of the case study. Provide examples to support your analysis. 2. Determine the project benefits, organizational readiness, and risk culture of the company in the case study. Provide justification for your response. 3. Develop at least three (3) project risk recommendations based on the analysis from criteria number 1 and 2 of this assignment. 4. Identify the initial categories of risk (RBS Level 1 and 2) that you see as being present in the case study using the Example Risk Checklist (Figure A-2, Hillson & Simon text). 5. Use at least four (4) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides. • Include a cover page containing the title of the assignment...
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...Tony Stark Risk Management Project Part 1 Task 1 Introduction A risk management plan is important for any business or organization regardless of the business’s or organization’s size. In the case of the Defense Logistics Information Service (DLIS), a risk management plan is critical in making sure the data that DLIS handles is protected. Loss or stolen information from DLIS can affect military assets. A plan needs to be made to be able to follow procedures in the event of an incident and to help mitigate data loss. Risk Management Outline 1.0 Introduction 2.1 Purpose and Objectives 2.0 Identify Threats 3.2 Attacks from the Internet 3.3 Hardware or software failures 3.4 Loss of Internet connectivity 3.5 Nature 3.0 Identify Vulnerabilities 4.6 Lack of firewall 4.7 Lack of intrusion detection 4.8 Lack of antivirus software 4.9 Lack of server updates 4.10 Lack of antivirus updates 4.0 Assign Responsibilities 5.0 Identify the cost of an outage 6.0 Provide recommendations 7.0 Identify the cost of recommendations 8.0 Provide a cost-benefit analysis (CBA) 9.0 Document accepted recommendations 10.0 Track implementation 11.0 Create POAM Scope The Scope of this risk management plan is the existing hardware and software currently in place. This is to include the current personnel, contractors, and vendors. The scope will have to be redefined if...
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...Title: Basics of Estimation and Building a Risk Register in Project Management Office Authors Name: 1. Dr. Balbir Singh 2. Dr. Lakshmi B. Affiliation: Administrative Staff College of India Mailing Address: balbirahs@gmail.com Mobile: 9059350790 Key Words: Project Management Office, Cost Estimation, Risk, Benchmark, Strategy. Basics of Estimation and Building a Risk Register in Project Management Office Abstract: Analysis of measurement data from multiple projects allows the organization to formulate new estimating models and also to set certain benchmarks. Hence it is important to make measurement an integral part of the estimating process. Later, when we get ready to identify a risk, one thing that we must ask our self is what could greatly block the team or project from being able to achieve its objectives? When we take the time to figure out what may have an impact on our ability to reach our goals, this will give us the foundation which is necessary to properly construct the risk register. Key Words: Project Management Office, Cost Estimation, Risk, Benchmark, Strategy. Introduction: The success of software projects depends largely on the Effort and Cost Estimation. Consequentially, a lot of work is done proposing good estimation procedure but without any convincing results. In this article we will see some ways on improving the accuracy of estimation. What are estimates? The word “estimate” is to produce a statement of the approximate value of some quantity. Note...
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...Party Platforms and Winning Elections The issue area that I am investigating is marriage equality (homosexual rights). Republicans: have used the religious ideology (adopted by the majority of their constituents) to claim a need to define the right to federal marriage recognition as limited to couples in opposite-sex relationships and to the specific exclusion of any homosexual couple under Constitutional amendment. Though, evidence indicates that the “tide is turning” from this original stance. According to the article With Republican Support, it’s Time for Marriage Equality in Maryland and New Jersey, Republican tenets for individual liberties are moving more elected officials to the side of freedom to marry even against the opinions of many of their constituents (Targeted News Service, 2012, February 16). While a large number of Republicans still are holding out for implementation of legislation to exclude homosexuals from marriage recognition. Democrats: are quickly changing their party platform to include gay marriage inclusion especially now that the Democratic President has made public statements in support of it. In the recent past, Democrats have held similar positions as Republicans on this issue. The Defense of Marriage Act as well as Don’t Ask, Don’t Tell policies were implemented into law under a former Democratic President. Green Party of the United States: is the largest of the Third Parties and they have stood by the gay community’s right to...
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