Project 3

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“Assessing, Managing, and Mitigating Risk” Course Project

Part One: Assessing Risk

In this part of the course project, you will analyze a past project you have worked on. Think back to a project that’s now completed. It can be one for which you yourself were the project manager, or one in which you were a contributor. By remembering back to assess what the risks might have been, and why they were present, and analyzing the outcomes, you will be better positioned to assess risk the next time it presents itself.

Answer the following questions, using as much space as you need.

1. Looking back on this project, were there any risks that you did know about or should have known about at the beginning of the project?

2. What were those risks?

3. What were the leading indicators?

4. What could you have done for contingency planning at the beginning?

5. Did the risks come to fruition?

6. What was the outcome in that case?

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CEPM503: Assessing, Managing, and Mitigating Risk

College of Engineering, Cornell University

Part Two: Examining Risk

Now that you have had a chance to think about risk within a project-management context and to apply some of the strategies you have explored, you are ready to consider how the lessons and concepts presented in this module relate to your own work. Refer to a project that you are involved with currently and are very familiar with, or to a project you have worked on in the past that you understood well.

Answer the following questions, using as much space as you need.

1. Brainstorm a list of the risks that you believe are present in this project (or that were present, if you are working with a past project). List them here.

2. For each risk you have identified, assess the threat level in terms of both consequences and probability, as described in this module.

3. How does your analysis of the risks affect your project scheduling?

4. Describe your own risk attitude in response to the risks you’ve identified on this project.

5. Describe the risk attitudes of other people who are (or who were) important to this project. How do you think others’ risk attitudes influenced outcomes?

Part Three: Applying Strategies to Mitigate Risk

Now you will consider applying strategies to mitigate risk. Consider the mitigations you could apply to this project and how they would change that project network.

Answer the following questions, using as much space as you need.

1. For the risks that you identified on this project, what are some of the mitigations that you could have applied?

2. How do you think your chosen mitigation strategies would have affected your project network?

3. Create an action plan for risk management by completing the following grid.
Key Risks	Identify the relevant risks facing your project.
Strategies	Identify which strategies from the course you will use to assess, manage, and mitigate those risks. What will you do, or what will you recommend should be done?
Steps	What are the specific actions you will take to assess, evaluate, and manage risk? Be as specific as you can in outlining your plans.
Timeline	Identify a timeline for implementation. What will you do (or will you have your team do) immediately?
Measurement/Results	How are you going to measure your results or demonstrate that your efforts have had a positive impact? Outline your measurement strategies here.