ASSESSMENT BRIEF
Subject Code and Title	PROJ6003 Project Execution and Control
Assessment	Assessment 2: Risk Management (2 parts) Part A: Module 4-5 Discussion Forum Part B: Risk Management
Individual/Group	Part A: Individual Part B: Individual/groups
Length	Part A: 850 words Part B: 1500 words/student
Learning Outcomes	2. Critically analyse project risks and develop a range of strategies to effectively manage those risks in order to ensure expected project management outcomes.
Submission	Part A: The post to be completed by end of Module 5. Part B: By 11:55pm AEST/AEDT Sunday first half of Module 6.
Weighting	50% (Part A: 15%; Part B: 35%)
Total Marks	Part A: 15 marks Part B: 35 marks

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 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
   • Use a risk probability and impact matrix to rate and prioritise the
   • Develop appropriate response strategies to effectively manage identified
   • Complete a risk register for the case
2. Risk management reporting
   • Identify and explain how stakeholders will be apprised of the project's ongoing risk management

The written portion of your Risk Management Plan should consist of 1500 words/student.

For students’ reference, an example of a Probability and Impact Matrix is illustrated in the PMBOK Guide®.

Output:

Complete and submit Part B by first half of Module 6.

Learning Resources:

Heldman, K. (2013). PMP Project Management Professional Exam Study Guide (7th ed.). Indianapolis, IN: Wiley.

• Chapter 6: Risk Planning (Read from ‘Quantifying Risk’ to ‘Summary’)
• Chapter 10: Measuring and Controlling Project Performance
• Chapter 11: Controlling Work Results (Read the section on ‘Monitoring and Controlling Risk’)

Project Management Institute. (2013). A guide to the project management body of knowledge (PMBOK Guide®) (5th ed.). Newtown Square, Pennsylvania: Project Management Institute.

• Section 2: Manage Communications
• Section 3: Control Communications
• Section 2: Identify Risks
• Section 3: Perform Qualitative Risk Analysis
• Section 4: Perform Quantitative Risk Analysis
• Section 5: Plan Risk Responses
• Section 6: Control Risks
• Section 3: Manage Stakeholder Engagement
• Section 4: Control Stakeholder Engagement

Snyder, C. S. (2013). A project manager’s book of forms: A companion to the PMBOK guide

(2nd ed.). Indianapolis, IN: Wiley.

• Contract Close Out template (Word document)
• Formal Acceptance Form template (Word document)
• Lessons Learned template (Word document)
• Probability and Impact Matrix Template (Word document)
• Risk Register Template (Word document)

Wysocki, R. K. (2012). Effective Project Management: Traditional, Agile, Extreme (6th ed.). Indianapolis, IN: Wiley.

• Chapter 3: Understanding the Project Management Process Groups (Read the section on ‘Risk Management’)
• Chapter 7: How to Monitor and Control a TPM

Also, for Master of Business Information Systems students:

Chemuturi, M. (2013). Mastering IT Project Management: Best practices, tools and techniques. Retrieved from https://lesa.on.worldcat.org/oclc/869302200

• Chapter 7: Project Control in IT Project Management
• Chapter 9: Quality Assurance in IT Project Management