Identifying & Analyzing Project Risks

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Part 1 Identifying & Analyzing Project Risks

Write 500–600 words that respond to the following questions
with your thoughts, ideas, and comments. This will be the foundation for future
discussions with your classmates. Be substantive and clear, and use examples to
reinforce your ideas.

The discussion assignment for this week will be to start
developing the risk management strategy to be further expanded upon in your
Individual Project for this week.

The following Discussion Board research will assist you in
developing your Individual Project. Research at least 2 sources (which may
include your textbook) to support your response.

  • List
    the project team members and stakeholders (at least 4) that can be
    utilized to assist in identifying risks.
  • What
    risk identification techniques will you utilize, and why do you believe
    that these will work best for your Key Assignment project?
  • What
    diagramming techniques will you use to fully explore specific types of
    risks?
  • Risks
    can be prioritized utilizing impact analysis. Identify the impact scales
    that you intend to use for both the impact to the major project objectives
    and the likelihood.

Part 2

 1500–2,500
words of new content  

For this assignment, you will use what you identified as
your approach FOR PART 1 to identify and assess all of the risks that
are associated with your project. You should identify a minimum of 8 risks
then assess them by employing the techniques that you selected in the
Discussion Board assignment.

For the compilation of your risk assessment component, you
may use a table

Note: This is just a sample, and you may choose to represent
it in a different format as long as you have all of the pertinent risk-related
information, including the following:

  • Risk
    name
  • Risk
    description
  • Likelihood
    (using a scale)
  • Impact
    (use both as a scale and description)

Leave room to append more information later to show your mitigation
strategy.

Deliverables:

The overall project deliverables are the following:

  • Update
    the Key Assignment Document title page with a new date and project name.
  • Update
    previously completed sections based on instructor feedback.
  • Complete
    the New Content below, and copy it under the sections in Key Assignment
    Document called “Project Risks Identification” and “Project
    Risks Assessment”:

    • New
      Content

      • Project
        Risks Identification

        • Use
          the project risk categories that you brainstormed during the
          previous week to categorize the risks that you have determined for this
          assignment.
        • Show
          a list of stakeholders and project teams that you utilized to
          identify risks.
        • Thoroughly
          describe each project risk (at least 8), which includes the source for
          identifying the risk.
        • Identify
          and show the specific technique that you used to identify the risks,
          such as cause and effect, a fishbone diagram, a SWOT analysis,
          interview notes, and an assumption list.
      • Project
        Risks Assessment

        • Create
          a table similar to the sample above, or use another method to list the
          risk, the likelihood of occurrence, and the overall severity of impact
          if it occurs.
        • Fill
          in the table with the information from the project
          identification utilizing the 2 scales that you determined as
          a part of your Discussion Board assignment. Be sure to consider both
          the cost and schedule impact as you determine the overall impact.
        • Rank
          your risks based on both the likelihood and impact using a technique,
          such as 2×2 matrix as shown in the assignment description section.
  • Be
    sure to update your table of contents before submission.

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