MARISSA JONES ONLY!!!

#1 Assignment Details (Due 5-14) 300 or more words (Discussion Question)

This assignment has 3 parts:

Risk assessment refers to the overall process of risk identification, risk analysis and risk evaluation; in the scope of the Risk Management Planning Process. Risk identification generates a list of the risks that may have an impact on the project and create uncertainty about whether or not it will achieve or exceed its objectives.  Risk analysis is the systematic use of available information to develop an understanding of the risk. Risk evaluation is the process of comparing the estimated level of risk against risk criteria to determine the significance of the risk. Applying this process helps a project team make informed decisions about how to take action towards controlling/managing risks.

Applying your understanding of the stages of the Risk Assessment Process, how do you believe you have applied these steps in order to make informed decisions in your personal or professional life?

In your response, consider the following:

1. Is there a conscious (or subconscious) process you explore when evaluating your options and how they may impact your desired outcome? Ex. You write down pro’s & con’s for a potential decision.

2. What information do you use when ‘weighing your options’? Ex. Historical results/outcomes, feedback from a trusted source, etc.

3. What “criteria” do you use to decide what’s MOST important to you when making your decision? Ex. Your personal morals, company policy, the opinion of others, etc.

#2 Assignment Details (Due 5-14) 300 or more words (Discussion Question)

This assignment has 3 parts:

Controlling risks, also referred to as “Risk Treatment”, will assist you in determining WHAT should be done in response to the risks that have been identified, in order to improve project outcomes. Fundamentally, the concept of controlling risks emphasizes the fact that, unless action is taken, the risk identification and assessment process has been wasted. Risk treatment converts the earlier analysis into substantive actions to reduce the levels of those risks with negative consequences and exploit the risks with positive consequences.

Applying your understanding of the concept of Controlling Risks, please share at least two risks that you have identified in completion of a job tasks or project (in a past or present role) and the specific actions you have taken to improve outcomes.

In your response, consider the following:

1. What was the objective of your Control (Treatment) Plan?

a. To impact the likelihood that the risks would occur?

b. To impact the consequence that the risks would have on your project?

2. Was your Control (Treatment) Plan effective? Why or Why not?

3. What would you do differently next time you have to develop and implement a new control plan? Please Explain.

#3 Assignment Details (Due 5-19) 300 or more words (Discussion Question)

This assignment has 4 parts:

In the concepts reviewed in Unit 1 through Unit 4, it is important to understand that the full and proper application of the risk management process should generate a range of information and data that needs to be stored and reviewed, thus, establishing the need for an effective Communication strategy when managing a project. Development of your Communication approach includes understanding WHO your audience is, WHAT you need to communicate, and the OBJECTIVE you hope to achieve with the information shared.

Applying your understanding of how to effectively Communicate Risks and Plan outcomes in the scope of a project do you recall a time when important information was shared with you (public or private) and how you received perceived this information?

In your response, consider the following:

1. How did you receive the information? What is good or bad news?

2. Do you believe you were the right person to receive the information? Why or Why Not?

3. Was the communication approach taken effective? Why or Why Not?

4. If the tables were turned, how would you have approached the communication of the same information

#4 Use the following scenario. Review the  scenario  first and then continue on with your assignment. Consider saving the PDF or printing it out for your reference. (Due 5-21). The scenario is included at the bottom.

You have been meeting with the CEO, the project sponsor, your manager, and the heads of all the other departments to discuss the project and their expectations. You are starting to be concerned about the level of risk of this project and whether or not the organization really understands it. As far as you can tell, the company has never done formal risk management, taking a more relaxed approach to risks. You are starting to develop your risk management plan; you will present it to your manager and the sponsor in two weeks along with some other project planning deliverables.

Assignment Guidelines:

· Create a project charter and identify the key constraints of the project (scope, budget, timeline, quality, people resources, etc.).

· Using the scenario from this unit, create a spreadsheet that lists all the project risks you see based on what you currently know about the project. List at least 15 risks. For each project risk, provide a: 

· Detailed description

· Category (schedule, strategy, people, etc.) 

Note: This list will be used in later activities throughout the course.

Your submitted assignment (250 points) must include the following:

· A 2-4 page typed document that includes:

· A project charter and identification of key constraints

· At least 15 risks listed in a spreadsheet with a detailed description and the category of each

Scenario

You are a manager at Lectocomp Electronics Manufacturing Company, a company that produces a number of different computer boards used in various products produced by their customers. At the company’s quarterly meeting, the head of marketing described a new product to be introduced in the first quarter of the next fiscal year, approximately twelve months from now. The product will be a device used in different medical products. As a result, any work done on that product falls under various government regulations. This regulation aspect is new to Lectocomp Manufacturing. This product will open new markets for the sales channel, lay the foundation for add-on products, and generate new revenues. You have only seen preliminary sketches of the new product, but you are very excited by it. The project will require participation from most of the company’s departments: design, engineering, production, purchasing, shipping, sales, and marketing departments. Lectocomp Manufacturing uses another company to produce the prototype boards; the final boards will be manufactured in-house. Although this is a "mission-critical" project, no additional staff will be added. People will be expected to balance their project responsibilities with their day-to-day work (including other projects). The project manager is to be selected from the engineering department. This is a first, as the project managers normally come from the marketing department. A project of this scale has never been managed by an in-house person before. Historically, a project manager/consultant has been brought in. You were hired as an engineer with Lectocomp three months ago, and this week, you were told that you have been selected to be the project manager. In your prior job, you were a project manager for most of the company’s large initiatives—most of which were quite successful. You have experience in manufacturing and medical products but have not done any product work since you started at Lectocomp. You have been involved in some engineering clean-up activities and have not worked with many people outside your department yet. The company has not historically had strong processes to follow nor has communication been a core competency. However, six months ago, a new CEO was brought on board who has focused on improving the organization’s skills in those areas. She is the leader who has insisted on managing the project internally. She is also somewhat familiar with the regulated environment and requires that you follow all the strict, formal processes that will need to be implemented as the project progresses. She is in the process of interviewing candidates for a new quality manager position. This manager will be responsible for implementing the required processes, controls, and metrics; you will be working closely with that person.

#5 Assignment Details (Due 6-3) 300 or more words (Discussion Question) This assignment has 3 parts:

1. What competencies were you able to develop in researching and writing the Comprehensive Project due in Unit 5? How did you leverage feedback from your peers in the Discussion Board for Units 1- 4 in completing the Project? How will these competencies and knowledge support your career advancement in management?

2.  An important skill to possess for risk management is the ability to recognize your own biases.  How do you believe this knowledge will assist you in the risk management process?

3.  When a risk event occurs in a project what steps do you believe should be taken to address the risk?  Provide an example.

#6 One of the risks you anticipated for the project was the late delivery of the prototype from the vendor. You adjusted your project schedule to minimize the impact of the risk, built in a penalty for late delivery, and created action plans in case the vendor delivered late. You also identified a risk with the vendor that they have very little technical depth; if the key engineer is not available to your project, the risk of a delay is even greater. You determined how you would monitor the vendor's performance and ensure a timely delivery. You took a very risk-averse, protective approach to the relationship, but now, as the project is progressing, you are wondering if there is something you could do with the vendor to actually benefit the project instead of just protecting it.

Assignment Guidelines: (Due 6-4)

Create a 1-page addendum to your risk management plan that describes how you will modify the plans or create new plans relative to that vendor to create an opportunity that will result in lower costs, earlier delivery, higher quality, or other positive impacts.

Also, answer the following questions:

· What can you change in your plans to create an opportunity?

· What would that opportunity be?

· What is the probability that this opportunity could occur? What is the impact?

· What are the risks (adverse effect) that are introduced by this change in plans?

· How will you communicate this change to the vendor?

Your submitted assignment (250 points) must include the following:

· A 1-page addendum

· A 2 to 3 page document answering the questions above

· Submit both files as 1 zipped document to the drop box