Required Readings
Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Sixth edition. Newtown Square, PA: Author.
Part 1: A Guide to the Project Management Body of Knowledge (PMBOK® Guide)
Chapter 11, “Project Risk Management” Section 11.1, “Plan Risk Management” (pp. 401–408) This section of Chapter 11 explains the process for risk management planning and what components should be included in a project risk management plan. It also includes the specific inputs and tools and techniques that can be used to plan for project risks.
Document: Risk Management Scenario (Word document)
Required Media
Waters, B. (2018). The risk management plan. Available from https://laureate.skillport.com/skillportfe/main.action?path=summary/COURSE_TOPIC/apj_24_a01_bs_enus_t28
Note: Once logged into Skillsoft, please access the “Planning Risk Management (PMBOK® Guide Sixth Edition)” course.
Waters, B. (2018). Understanding project risk. Available from https://laureate.skillport.com/skillportfe/main.action?path=summary/COURSE_TOPIC/apj_24_a01_bs_enus_t4
Note: Once logged into Skillsoft, please access the “Planning Risk Management (PMBOK® Guide Sixth Edition)” course.
Optional Resources
Walden University. (2017b). Walden templates: Overview. Retrieved from http://writingcenter.waldenu.edu/APA.htm
Think of an organization in which projects and products all strongly align with its goals, mission, and culture. For instance, it has been said that Apple Inc. has found great success by making sure each of its projects closely aligns to its corporate culture and goals. The more an individual project aligns with corporate goals, the greater impact it may have on the success of an organization, and the more likely it will be that the organization will support that project at all costs. In this week’s Discussion, you will consider two scenarios and analyze the relationship between enterprise and project risk management concepts and their associated impact on the overarching goals of an organization. The more a project’s approach to managing risks aligns with the organization’s approach to managing risks, the more effective both approaches will be.
Examine the following two project scenarios:
Scenario #1
You work for a company that strives to be first to market with new products. As Chief Risk Officer (CRO), you have assembled a risk team to assess risk on the release on a new product. The risk team has identified 62 risks associated with the product release. They have also determined what would trigger the risks and have ranked them on a risk rating matrix, tested their assumptions, and measured the precision of the data used. The team is wrapping up the risk assessment, preparing their final reports to leadership, and has been given the go-ahead for production to start. No one notices that you have not included the participation of the key stakeholders in the risk assessment.
Scenario #2
You work for a company that feels it has a social responsibility to its customer base. You have been appointed as the new project risk manager of an unusually large and complex project. Because this project is business-critical and highly visible, the executive management staff has told you to analyze the project’s risks that may impact the organization’s social responsibility to the consumer and to prepare mitigation strategies for them as soon as possible. The organization has adopted standardized risk management procedures, but they are seldom followed, and they have a history of handling risks poorly. The project’s first milestone is in one week.
With these thoughts in mind:
Question Section A Identify which project you think will have the greatest negative impact on the organization. Clearly support your answer with reasons why you believe the case you chose is the worst situation.
Element for grading this assignment: Element 1: Initial Post - Project Risk Impact Comparison, please well detailed work i don't need no short answer
Section B W. Edwards Deming, a historical statistician well known for improving production methods at many mid-20th-century corporations, said the following: “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” Many endeavors are composed of smaller component steps, each of which must be understood and enacted in order to achieve a satisfactory result. Risk management plans, too, depend upon defined processes and steps in order to function effectively.
For this Assignment, you will begin your Final Project using the following resources to develop the process you will use as you construct a risk management plan:
The Pepsi Refresh Project: A Thirst for Change Pepsi Refresh Project Risk Management Scenario Risk Management Plan Template
Using the Pepsi Refresh case study as the context for this Assignment, and using the Risk Management Plan Template as your guide, write a 2- to 4-page paper in which you address the following:
Question Section B Describe the purpose of the project risk management plan. Explain how risk management will be approached for the Pepsi Refresh Project. Describe the steps in the project risk management process and specify the methods that will be used to identify, analyze, and control project risks.
Element for grading this assignment: Element 1: Project Risk Management Plan Purpose, Element 2: Project Risk Management Approach, Element 3: Project Risk Management Process. please well detailed work no short write up and also please use the Risk Management Plan template on the attachment
