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:
What methods should be used for identifying risks?
Who should be involved in identifying risks?
What should be considered when identifying risks?
Check before you submit. Get Turnitin Score Report in 15 Minutes.
Don't risk the 'Red' score. Get the exact same Turnitin report your professor uses. Join 50,000+ students who submitted their essays with confidence this semester.
Question 2)
As the work of your risk management team (from the first discussion question) continues, the discussion of your team’s risk management plan outline moves on and considers the following questions:
How should the risks be prioritized?
Who should do the prioritization of the project risks?
How should project risks be monitored and controlled?
Who should develop risk responses and contingency plans?
Who should own these responses and plans?
Develop, in as much detail as possible, a process that describes how you believe the team should handle the risks inherent to your project. In other words, develop a process for managing risks in your project. Refer to Figure 7.2 which illustrates steps involved in a risk management process. Use it as a guide for your process. Pay particular attention to the fact that a process step has an input and output, just like in Figure 7.2.
Your process should include but not be limited to the following information:
Team objectives – What are the objectives of the risk management process your team defined for your project?
Process for handling risk events – What are the steps that will be followed?
Team activities – What will the team do at each step of the process?
Team outputs – What are the outputs from each step of the process? For example, the risk response matrix is an output from step 3 of the risk management process in Figure 7.2.
Please try to state your objectives, activities and outputs in terms of risk management.
As part of your process, produce at least one output document for your chosen project. Specifically your team must develop a risk response matrix. Use Figure 7.8 as a guide. You may choose to create more outputs based on templates/examples found in Chapter 7 that you think would fit your project such as Figure 7.5, Figure 7.6 and/or Figure 7.7.
When completing the risk response matrix, it is recommended that each team member assemble this list individually, then gather to review, condense, and address each risk.
To recap, your team will submit a process for handling risks AND a risk response matrix for your project. Depending on your process, you may also include other outputs, like a Risk Assessment Form (Figure 7.6) or Risk Severity Matrix (Figure 7.7).
