Unit V - VIII Course Project- Project Management

Running head: UNIT IV COURSE PROJECT

UNIT IV COURSE PROJECT

Unit IV Course Project

Project Management

Bobby Holman

March 22,2020

Unit IV Course Project

2. Risk Assessment

Every project has a certain amount of risks in it. To manage projects successfully, the project manager in conjunction with the risk manager needs to be aware of potential project risks and be able to deal with them efficiently. They need to ensure that there is an effective risk management plan in place before the project begins. An effective risk management plan will help in successfully identifying and assessing some of the potential project risks. 

2.1 Risk Identification

Risk identification is the process by which the impact of a potential threat is translated into information and is recorded hence there are sufficient details concerning potential project risks. This will enable the risk manager to facilitate effective risk management assessment of the potential project risks to support efficient risk management decisions. Some of the methods that will aid in the identification of the potential project risks include seminars and workshops, using check-lists, analyzing networks and work breakdown structures (WBS), using structured interviews and analyzing proposals and change requests (CRs). Some of the potential project risks include not being able to have control over priorities of project staff, delays among contractors or consultants, scheduling/estimating errors, lack of communication, scope creep, legal action and theft of equipment, materials, or intellectual property.

2.2 Assessment of Probability and Consequence (Qualitative)

Qualitative risk analysis will be conducted on each project risk that has been identified. This will assist in estimating the probability of occurrence of an event that may pose threats and also estimate the impact of a risk on the proposed project. The following is a qualitative risk assessment matrix:

Risk ID	Description of the risk	Likelihood of the risk occurring	Impact if the risk occurs	Priority
1	Not being able to have control over staff priorities	Medium	Low	Low
2	Delays among contractors or consultants	High	High	High
3	Scheduling/estimating errors	High	High	High
4	Lack of communication	Low	Medium	Low
5	Scope creep	High	High	High
6	Legal action	Low	Medium	Low
7	Theft of equipment, materials, or intellectual property	Low	High	Medium

2.3 Assessment of Probability and Consequence (Quantitative)

Quantitative risk analysis requires that a percentage of the impact and probability of risk occurring is estimated and analyzed. The following is the quantitative analysis of the potential project risks:

Risk ID	Description of the risk	Likelihood of the risk occurring (%)	Impact if the risk occurs (%)
1	Not being able to have control over staff priorities	50%	20%
2	Delays among contractors or consultants	90%	80%
3	Scheduling/estimating errors	90%	85%
4	Lack of communication	15%	50%
5	Scope creep	90%	80%
6	Legal action	20%	50%
7	Theft of equipment, materials, or intellectual property	12%	75%

2.4 Mitigation Strategies

The three high-priority risks include delays among contractors or consultants, scheduling/estimating errors and scope creep. Some mitigation strategies have been put in place to contain these high-priority risks. Delays among contractors or consultants will be mitigated by including late penalties in contracts and build in and protecting lead time in the schedule. The schedule will also be communicated early. Scheduling/estimating errors will be mitigated by using effective methods of cost estimation, and carefully tracking costs and forecasting cost at completion making adjustments as necessary. It will also be necessary to build in 10% contingency on scheduling and cost. Another alternative mitigating measure is to track schedules daily and include schedule review as an agenda item in every project team meeting. Scope creep will be mitigated by documenting the project scope in a project charter. It will always be important to keep on referring to it throughout the project and assessing all changes against it. Finally, it will be of great essence to ensure the alignment of any changes in the project scope with the business case. 

 3. Quality Management Report

Quality management is the process for ensuring that all project tasks required to design, plan and implement a project are efficient and effective concerning its objectives and performance. The meaning of quality for the proposed project from a product standpoint is that the final deliverables should be reliable, relevant, and complete. The final project deliverables should be 100% compliant with the project objectives. The process should be effective and effective to guarantee quality. Some of the quality standards and expectations include the implementation of an efficient management information system for the organization. The metrics and measures for success and critical success factors include the functionality and suitability of the new management information system. Quality will be monitored throughout the project by carrying out quality audits and assurance activities. The quality assurance manager will be responsible for monitoring quality throughout the project. 

References

Heagney, J. (2016). Fundamentals of project management. Amacom.

Meredith, J. R., Mantel Jr, S. J., & Shafer, S. M. (2017). Project management: a managerial approach. John Wiley & Sons.