Assignment Task: Risk Management
Learning Outcome 1: Critically analyze project risks and develop a range of strategies to effectively manage those risks in order to ensure expected project management outcomes.
Context: As project work is executed, project managers make certain that quality assurance is conducted and quality is controlled. Quality assurance consists of the activities that are undertaken to ensure that a project uses the processes needed to meet quality requirements. Meanwhile, quality control entails monitoring specific project results to determine whether they meet relevant quality standards, which have been defined with the project scope.
Planning for risk management involves determining how to approach, plan and execute the various activities required for managing project risks. Because new risks may be introduced at any point in the project management life cycle, risk management is a continuous process. It begins at the project-planning phase and continues throughout the project-execution phase.
Effective communication is a key factor for managing project execution. However, project managers may face challenges as they communicate with their teams and other project stakeholders. Other factors such as developing, leading and managing project team members are also critical for successfully achieving project goals.
Instructions:
This assessment has two parts: a post (Part A) and a Risk Management report (Part B)
Part A: Module 4-5 Discussion Forum
Each student will construct a post in approximately 850 words to the following questions and post on the Module discussion forums by the end of Module 5. Students will be graded individually on how students demonstrate/share theories and contribute to the general discussion of the topic within the group over weeks 7, 8 & 9.
Module 4-5 Topic: Project Status Reporting
Identify effective status reports used in project management. Discuss the challenges and pitfalls of different status reports. Explain the difference between the status reports provided for teams, sponsors, and steering committee. Considering the given case study, how might these reports be applied?
Output:
Module 4-5 discussion - provide a post by the end of Module 5.
Part B: Risk Management
Create a risk management report for the given case study used in Assessment 1. In your report, include:
NOTE: Master of Business Information Systems students must use an IT project as an example in this assessment.
1. Risk identification and impact assessment
- Identify possible risks for the case study and critically analyse the impact of these risks.
- Use a risk probability and impact matrix to rate and prioritise the risks.
- Develop appropriate response strategies to effectively manage identified risks.
- Complete a risk register for the case study.
2. Risk management reporting
- Identify and explain how stakeholders will be apprised of the project's ongoing risk management activities.
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