Week 8 Project Management Plan

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Perform a Risk Analysis

DHA-7010 - Project and Resource Management in Integrated Systems

4/05/20

COMMENTS: First-and-foremost … DO NOT block your text, Maria. Instead, it needs to be left-justified. This has been stated in the feedback on virtually all of your previous assignments. Otherwise, good job with developing your project’s risk analysis. You’ll find from my feedback below, there were some notable issues throughout – especially on the References page – that you need to address for future writings. Remember … when you open this document, make sure you go to the toolbar at the top of your screen and click the ‘Review’ link. From there, go to the right, click the dropdown, then click ‘All Markup’ to view all of my feedback (including any Track Changes, highlighted in-text comments, and ‘Comments’ bubbles located in the right-hand margin of the document).

Perform a Risk Analysis

Risk in research are factors that affect the smooth running of planned activities to achieve the goals of the project. This project focuses on assesses sources and types of risks that are likely to affect the achievement of the purposes of the project. These risks vary in terms of the severity that they have on the success of this project.

Top Project Risks

The high risks in this project include the following and are listed according to their severity.

i. Commercial Risks

These are the most significant and severe risks in this project that can adversely affect the success of the project if not appropriately addressed. They include implementation of management strategies, strategic alliance and corporate acquisition, financing, and relationship with the largest shareholder (Cachada et al., 2019).

ii. Managerial Risks

Managerial risk factors in this project arise from management decisions that affect the flow of performing operations of this project. These set of risk arises from sources such as cost factors, which escalates the cost of conducting a project due to the inability to make proper cost estimations (Cachada et al., 2019). 

iii. Technical Risks

Technical risk factors in this project arise from issues or activities associated with the scope definition, research design, research of information, and methods used to conduct the research study (Cachada et al., 2019).

Impacts of Risks on the Project

If not adequately addressed, commercial risks such as strategic alliance will directly affect the achievement of the project since they are the key factors that determine the smooth running of operations of this project (Farmer et al., 2019).

Appropriate addressing of managerial risk will help to ensure all activities of the project are performed according to the plan to achieve the goals of the project. Such risks occur when inappropriate management skills are used to run operations of the project (Farmer et al., 2019).

Technical risks affect the design and methods are used to achieve the goals of the project. These risks occur when the implementers of this project use inappropriate designs and tools to perform project activities (Farmer et al., 2019).

Frequency of Assessing the Top Risks

The rate of refreshing assessment of commercial risks in this project will be done most, preferably at the beginning of the project. Since such risks affect all activities of the project, it is vital to address them before the start of the project (Marcial & Graves, 2019).

The project managers of this project will refresh managerial risks frequently to ensure there are no managerial loopholes that can affect the success of the projects.

On the other hand, the project will refresh technical risks at different intervals to ensure that no technical issues that can affect achieving the goals of the project.

Owners of Top risks

The owner of commercial risks is the operations managers will be responsible for ensuring that of activities of the project run efficiently. In case of any signs of commercial risks, he or she reports the situation to the project manager.

On the other hand, the project committee is the owner of managerial risks and is mandated to assess the signs of such risks and give a report to the project lead (Marcial & Graves, 2019).

The owners of technical risks are technical teams who design methods and tools to use during project implementation. These teams present their report to the project manager indicating areas where technical inches were experienced (Fenget al., 2019).

Steps of Performing Risk Analysis

Four stages will be used to perform risk analysis in this project. The steps will systematically and will be based on their importance and effectiveness. The following steps will be used:

i. Risk Identification

In this step, the project manager will assess safety risks professionals working on the project. The most significant risk that will be handled here is technical risks that may cause injuries during project implantation (Fenget al., 2019).

ii. Deciding on who may harm severely

In this case, the next step will involve identifying the person who will be affected and how they will be affected. Technical teams of this project will be adversely affected by this risk if it occurs.

iii. Taking appropriate actions to prevent the occurrence of risks

Essential activities in risk analysis are taking proper causes of action to mitigate the risk. In this project, proper measures will be made all the three risks that are commercial, technical, and managerial risks to avoid the occurrence of further effects (Fenget al., 2019).

iv. Reviewing Risk Assessment

A risk assessment will be performed in this project by ensuring that all measures are put in place to avoid the chances of risks. The latter can be done by performing proper supervision, having suitable managerial styles, and adequate allocation of resources (Fenget al., 2019).

Analysis Approach to Use

In this project, a qualitative risk analysis techniques will be used to perform risk assessment analysis to help in knowing its possibility on the occurrence and the number of effects that it is likely to cause on the project (Fenget al., 2019). A qualitative approach is simple and involves simple observation of past activities of a similar project to identify the types of risk that the project is likely to face.

References

Cachada, A., Dias, A. C., Reis, A. P., Ferreira da Silva, E., Pereira, R., Duarte, A. D. C., & Patinha, C. (2019). Multivariate analysis for assessing sources and potential risks of polycyclic aromatic hydrocarbons in Lisbon urban soils. Minerals , 9 (3), 139.

Farmer, R. F., Kosty, D. B., Seeley, J. R., Gau, J. M., & Klein, D. N. (2019). Family aggregation of substance use disorders: substance-specific, nonspecific, and intrafamilial sources of risk. Journal of Studies on Alcohol and Drugs, 80(4), 462-471.

Feng, B., Li, L., Xu, H., Wang, T., Wu, R., Chen, J., ... & Huang, W. (2019). PM2. 5-bound polycyclic aromatic hydrocarbons (PAHs) in Beijing: Seasonal variations, sources, and risk assessment. Journal of Environmental Sciences, 77, 11-19.

Marcial, E., & Graves, B. A. (2019). Implementation and evaluation of diabetes clinical practice guidelines in a primary care clinic serving a Hispanic community. Worldviews on Evidence‐Based Nursing, 16(2), 142-150.

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