Assessment 2: Risk, Scope, Components, and Value

RUBRICS

CRITERIA 1

Define the boundaries of the risk management plan scope.

COMPETENCY Assess project risks to mitigate threats and capitalize on opportunities to ensure project success.

NON_PERFORMANCE Does not define the boundaries of the risk management plan scope.

BASIC Defines the boundaries of the risk management plan scope, but the scope lacks details about the benefits or is not appropriate for a given context.

PROFICIENT Defines the boundaries of the risk management plan scope.

DISTINGUISHED Defines the boundaries of the risk management plan scope, with details about the benefits of a best practice appropriate for a given context based on corroborative evidence from the literature. COMMENTS:

Brief description provided in scope:

'Since the project will take place in different countries, the project management strategy and site environmental considerations will be used as inputs for the project scope. The project will employ the brainstorming method. After reviewing the blueprints, drawings, and requirements, the project manager will produce a project charter.

Next, the project team will determine cost estimates to keep on budget. Finally, the scope management plan will be the result."

Improvement would be to expand and cite literature and best practices.

CRITERIA 2

Explain the components and the corresponding responsibilities that comprise the Risk Management Plan.

COMPETENCY Assess project risks to mitigate threats and capitalize on opportunities to ensure project success.

NON_PERFORMANCE Does not explain the components and the corresponding responsibilities that comprise the Risk Management Plan.

BASIC Explains the components and the corresponding responsibilities that comprise the Risk Management Plan, but the plan is missing key components and responsibilities for a given context.

PROFICIENT Explains the components and the corresponding responsibilities that comprise the Risk Management Plan.

DISTINGUISHED Explains the components and the corresponding responsibilities that comprise the Risk Management Plan, with details specific to a given context and a best practice supported by corroborative evidence from the literature.

COMMENTS:

Well written cited narrative provided:

"According to Waters (2018), the Components of the risk management plan include the following: Methodology - This project will include brainstorming, probability, and impact assessments. Roles and responsibilities - The project manager will have the significant role of identifying the risk and collaborating with other key stakeholders like the management of the construction company. Budgeting - The project manager will assign resources and estimate risk management costs. Human resources, materials, machinery and equipment, and money are needed to execute the plan. Timing -Timing documents include when and how risk management processes will be performed on a project. Reporting formats - the content of the risk register Tracking - Tracking will include a description of the history of the risk activities for the current project. Risk categories – The risk category of this case is technical and project management risks. Risk probability and impact- the probability values that will be considered low, moderate, and high for the project. The impact thresholds- will be considered low, moderate, and high for the project. The probability and impact matrix will include a table containing each defined risk's probability and impact ratings to facilitate risk prioritization. Revised stakeholders' tolerances- Reassessed stakeholders' risk tolerances and included any changes in the risk management plan."

CRITERIA 3

Describe the processes included in a risk management plan.

COMPETENCY Assess project risks to mitigate threats and capitalize on opportunities to ensure project success.

NON_PERFORMANCE Does not describe the processes included in a risk management plan.

BASIC Describes the processes included in a risk management plan but the description is missing key processes or process steps for a given context.

PROFICIENT Describes the processes included in a risk management plan.

DISTINGUISHED Describes the processes included in a risk management plan that is comprehensive and details key processes and process steps as appropriate for a given context. COMMENTS:

Well written cited narrative provided:

"According to Waters (2018), the Components of the risk management plan include the following: Methodology - This project will include brainstorming, probability, and impact assessments. Roles and responsibilities - The project manager will have the significant role of identifying the risk and collaborating with other key stakeholders like the management of the construction company. Budgeting - The project manager will assign resources and estimate risk management costs. Human resources, materials, machinery and equipment, and money are needed to execute the plan. Timing -Timing documents include when and how risk management processes will be performed on a project. Reporting formats - the content of the risk register Tracking - Tracking will include a description of the history of the risk activities for the current project. Risk categories – The risk category of this case is technical and project

management risks. Risk probability and impact- the probability values that will be considered low, moderate, and high for the project. The impact thresholds- will be considered low, moderate, and high for the project. The probability and impact matrix will include a table containing each defined risk's probability and impact ratings to facilitate risk prioritization. Revised stakeholders' tolerances- Reassessed stakeholders' risk tolerances and included any changes in the risk management plan."

CRITERIA 4

Apply an expected monetary value analysis to explain the cost of a project without a risk management plan.

COMPETENCY Evaluate risk impact analysis methods for application in a project.

NON_PERFORMANCE Does not apply an expected monetary value analysis to explain the cost of a project without a risk management plan.

BASIC Applies an expected monetary value analysis but does not explain the cost of a project without a risk management plan.

PROFICIENT Applies an expected monetary value analysis to explain the cost of a project without a risk management plan.

DISTINGUISHED Applies an expected monetary value analysis to explain the cost of a project without a risk management plan, and the tangible and intangible costs to the organization.

COMMENTS:

Brief statement provided but does not appear to apply the EMV methodology:

'Expected monetary value (EMV) will assist the project team in measuring and comparing risks in the four projects in China, Poland, and Singapore. The EMV will be based on probability and impac

Improvement would be to expand and provide an author's numeric estimate.

CRITERIA 5

Articulate the benefits of a risk management plan. COMPETENCY

Communicate in a manner that is professional and consistent with expectations for members of the project management profession.

NON_PERFORMANCE Does not articulate the benefits of a risk management plan.

BASIC Articulates the benefits of a risk management plan, but the articulation of the benefits is vague or does not apply to the organization.

PROFICIENT Articulates the benefits of a risk management plan.

DISTINGUISHED Articulates the benefits of a risk management plan and provides specific examples of how the benefits apply to the organization. COMMENTS:

Benefits explicitly noted:

The risk management plan is integrated into all project management activities. ii. A risk management plan is developed early in the project but is reviewed and updated throughout the project. iii. A risk management plan ensures that risks are adequately managed. iv. Proactive risk management techniques give the organization a better understanding of insurance, indemnification, and liability issues, allowing it to prioritize and plan its analysis. v. Assess for risks that aren't immediately obvious. A thorough proactive risk management plan enlists the help of a team of professionals to detect and analyze all forms of risks. vi. By lowering the company's legal risk up front, it becomes a more attractive investment. vii. Olan ensures Better budget control since they analyze their financial statements regularly and try to eliminate any wastage."