Risk Analysis

Project Risk Management Risk Analysis

Student Learning Outcomes:

• Create a risk management plan to determine how both positive and negative risks will be identified, analyzed and managed • Articulate the value and benefits of creating an effective approach to planning for project risk management • Identify project related risks and their drivers by integrating best practices, tools and techniques • Analyze risks using qualitative methods for the purpose of risk exposure and prioritization and communicate their impact to the

stakeholders • Analyze risks using quantitative methods for the purpose of risk exposure and prioritization and communicate their impact to the

stakeholders • Recommend risks for risk response planning or watch list • Devise a risk response plan based on appropriate techniques and strategies that would meet

o Stakeholders’ expectations • Execute the risk management plan to continuously monitor risks and risk responses • Describe how organizational and cultural factors may undermine implementation of effective risk management and develop strategies to

overcome these factors Week 3 Learning Objectives

• Analyze risks using qualitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders

o Apply Probability & Impact Matrix/ Definitions to prioritize identified risks o Calculate Risk Exposure to communicate risk impact o Apply Risk Tolerance elements of Risk Management Plan to identify risks requiring handling actions o Explain how to use surveys & interviews to collect data from stakeholders for risk qualification

• Analyze risks using quantitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders

o Calculate the Expected Monetary Value of a risk event and its impact o Use PERT (Statistical Sums) o Understand the purpose of a Monte Carlo Simulation and interpret its results o Conduct a Sensitivity Analysis for a risk event o Use Decision Tree Analysis to understand o Risk Prioritization o Risk Exposure

• Recommend risks for risk response planning or watch list Essential Components For this week you will continue to build the risk register by analyzing risks.

This assignment provides the opportunity to review ES risk management practices and analyze project risks to determine handling actions.

• Identify the tools and techniques and evaluation criteria for analyzing risks. These may be of your choosing based on the project or requirements of the organization for which you work.

• Conduct a qualitative analysis of the identified risks. • Conduct a quantitative analysis of the identified risks. • Update the risk register with analysis information for identified risks. In addition to providing probability and impact for each risk (as

aligned with your Risk Management plan), include an explanation of why each risk was assigned these "values". What informs this information?

• Indicate risks that will be placed on a watch list and those for which a risk response will be defined. Again, the criteria used for this step may be of your choosing or set by the organization for which you work.

• As you perform the work for this assignment, you may become aware of additional risks. Be sure to add these to the risk register and perform the qualitative/quantitative analysis for these additional risks.

• Include a summary paragraph sharing how risks were analyzed, what was effective about the process and what you might do differently moving forward.

• Cite any sources. The writing style should be concise and straightforward. Please use a 12 point font.

Assignment Rubric

Category Above Standard Meets Standards Approaching Standards Below Standards

Not Evident

Assignment Goes well above the Goes above the Meets minimum Meets some Does not meet the requirements (70%)

requirements of the assignment.

minimum requirements of the

assignment requirements

assignment requirements

requirements of the assignment.

Provides new assignment information, tools, and/or techniques

Critical Thinking Professional insights Comprehensive Includes an explanation Includes a general Does not explain the (15%) into depth and breadth explanation of the of the issue; explanation of the issue issue; does not explore

of assignment - goes issue; exploration of exploration of expert but is vague or is not expert viewpoints or WELL beyond expert viewpoints and viewpoints and use of clearly linked to the use evidence to inform assignment use of evidence to evidence to inform identified risks; interpretation and requirements to inform interpretation interpretation and includes some analysis; does not explore risks and/or and analysis; thorough analysis; includes an exploration of expert provide an evaluation relevant new evaluation of the evaluation of the viewpoints and use of of the context techniques. context (historical, context (historical, evidence to inform (historical, ethical, ethical, cultural, ethical, cultural, interpretation and cultural, environmental environmental or environmental or analysis; includes a or circumstantial circumstantial circumstantial general evaluation of settings), and self and settings), and self and settings), and self and the context (historical, others’ assumptions others’ assumptions others’ assumptions ethical, cultural, and perspectives when and perspectives when and perspectives when environmental or stating a position; stating a position; well- stating a position; circumstantial conclusions are not informed conclusions conclusions are based settings), and self and based on prioritized

based on methodically prioritized evidence and perspectives.

on methodically prioritized evidence and perspectives.

others’ assumptions and perspectives when stating a position, but lack specificity; conclusions are based on prioritized evidence and perspectives.

evidence and perspectives.

Communication (10%) (includes grammar and clarity)

Goes well beyond assignment requirements to communicate information in a precise, insightful and professional manner.

Assignment is well organized, and the format can be followed. It is evident to reader what is contained in each section of the report. High quality grammar. No misspellings.

Assignment is organized, and the format can be followed. It is evident to reader what is contained in each section of the report. High quality grammar. No misspellings.

Assignment is well organized, and the format can be followed. It is evident to reader what is contained in each section of the report. Good quality grammar. Minor misspellings.

Assignment is not organized. It is not evident to reader what is contained in each section of report. Low quality grammar, misspellings.

Formatting Virtually no errors in Rare errors in Some errors in Multiple errors in Does not submit (5%) formatting, citations, formatting, citations, formatting, citations, formatting, citations, assignment materials

NOTE: Gross or references. or references. or references. or references. in APA 6 format. failure to provide PROPER citations and references – particularly with regard to direct quotes – will result in sanctions as

outlined in the academic honesty policy