Loading...

Week One - Risk Identification Worksheet and Paper

Open Posted By: ahmad8858 Date: 13/01/2021 High School Rewriting & Paraphrasing

For this week's assignment, I have attached and highlighted the information I would use in the paper. Along with websites, you can find information to support. 

  

Scenario Two

A construction company has been awarded the contract to build a pipeline in Alaska. The project timeline is of the highest priority because work can only be completed during the summer months due to adverse weather conditions. One of the suppliers of a key component has a longer lead time than is required to complete the pipeline but may deliver if the construction company will pay fees to expedite. There are other suppliers, but these suppliers are not on the construction company’s approved supplier list, and it would take time to get them approved. There is a huge penalty in the contract if the project is not completed on time.


Write a 1,050- to 1,750-word paper in which you select one scenario from the Risk Identification Scenarios worksheet and do the following: 

  • Define the risk management process. 
  • Explain the role of risk management in the project planning process. 
  • Describe at least two risks and their sources for the selected scenario.  
  • Outline how the risk management may mitigate the risks for each risk listed. 
  • Explain how you would document the risk.

Format your paper consistent with APA guidelines.

Category: Accounting & Finance Subjects: Behavioral Finance Deadline: 24 Hours Budget: $80 - $120 Pages: 2-3 Pages (Short Assignment)

Attachment 1

Gil Tyler

Risk Identification Scenarios

CPMGT/302 Version 10

1

University of Phoenix Material

Risk Identification Scenarios

Review each of the following scenarios and identify the risk events, the probability of those risks, and the impact of the risk events. Some scenarios may have more risks than others.

Scenario One

A retail firm has a project that is focusing on expansion into third-world countries to sell pharmaceutical products. The project timeline is, as always, aggressive. The scope is well documented and understood by the project team and key members of the firm. The firm is financially sound, with project funds secure; however, the stakeholders expect that the project will pay for itself within 2 years of deployment.

Risk event

Probability of risk event

(1=high; 3=medium; 5=low)

Impact of risk event

(1=high; 3=medium; 5=low)

Economic Conditions

3

1

Political Issues

3

1

Changing societal attitudes

5

5

Government Policies

3

1

Financial Conditions

5

1

In this scenario, I have identified the potential problems that could cause trouble for the project, and I would proceed to create a risk management plan to help track and address issues as they arise (Project Management Institute, 2013). By creating a risk management plan, it would help me to assess risk, and create a mitigation strategy to minimize potential damage to the project. I will be able to analyze how likely risk are to occur, act to prevent those risks, avoid risk if possible, and minimize the ones that I can’t. For each of the risk I listed for the scenario, I would document the risk using a risk registry, which would allow me to keep track of the risk and make updates as needed.

Scenario Two

A construction company has been awarded the contract to build a pipeline in Alaska. The project timeline is of the highest priority because work can only be completed during summer months due to adverse weather conditions. One of the suppliers of a key component has longer lead time than is required to complete the pipeline, but may be able to deliver if the construction company will pay fees to expedite. There are other suppliers, but these suppliers are not on the construction company’s approved suppler list and it would take time to get them approved. There is a huge penalty in the contract if the project is not completed on time.

Risk event

Probability of risk event

(1=high; 3=medium; 5=low)

Impact of risk event

(1=high; 3=medium; 5=low)

Time Needed to Approve Additional Suppliers

1

1

Timeline (not completed on schedule)

3

1

Adverse Weather Conditions

3

1

No Funding for Expedited Delivery

3

1

In this scenario, I have identified the potential problems that could cause trouble for the project, and I would proceed to create a risk management plan to help track and address issues as they arise (Project Management Institute, 2013). By creating a risk management plan, it would help me to assess risk, and create a mitigation strategy to minimize potential damage to the project. I will be able to analyze how likely risk are to occur, act to prevent those risks, avoid risk if possible, and minimize the ones that I can’t. For each of the risk I listed for the scenario, I would document the risk using a risk registry, which would allow me to keep track of the risk and make updates as needed.

Scenario Three

A telecommunications company has just assigned you to be project manager for a product improvement project. The scope statement of the project simply says, “Make this product better.” The engineering team believes that they know how to make the product better and have ignored ideas from the sales team. The project funds are secure, as the company believes that improving this product will give them strategic advantages.

Risk event

Probability of risk event

(1=high; 3=medium; 5=low)

Impact of risk event

(1=high; 3=medium; 5=low)

Engineering Team Not Taking Input From sales Team

3

3

Financial Conditions

5

1

Product Does Not Provide Strategic Advantage

1

1

In this scenario, I have identified the potential problems that could cause trouble for the project, and I would proceed to create a risk management plan to help track and address issues as they arise (Project Management Institute, 2013). By creating a risk management plan, it would help me to assess risk, and create a mitigation strategy to minimize potential damage to the project. I will be able to analyze how likely risk are to occur, act to prevent those risks, avoid risk if possible, and minimize the ones that I can’t. For each of the risk I listed for the scenario, I would document the risk using a risk registry, which would allow me to keep track of the risk and make updates as needed.

Reference

Project Management Institute. (2013). A Guide to the Project Management Body of Knowledge (5th ed.). Newtown Square, PA: Project Management Institute, Inc.