Project Risk Management

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 plan 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 analyze the impact of these
risks.
Use a risk probability and impact matrix to rate and priorities 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 process activities.
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

Solution

Introduction

The project executions requires the organisation to involve all the relevant stakeholders from teams to clients to be informed on the project. Project status reports are essential to inform the relevant stakeholders initially before the project produces some tangible deliverables. The Project status reports should provide such detailed information on progress of the project, employee performance, metrics, and other valuable information to track the path of the project. Status reports are managed by the project managers who are responsible to produce these periodic reports with complete information and relevant information (Wysocki, 2011). This report will focus on two style of project management reports, along with the difference between the status reports for team, sponsors, and steering committee. The status reports will also be looked upon the given case study of Blue Spider Project.

Project management report

There are various types of project management status reports as reported by Wysocki (2011).

Risk Assessment
- Static Risk Assessment
- Dynamic Risk Assessment
Current Period Report
- Weekly Status Report
Cumulative Reports
Exception Reports
Spotlight Reports
Variance Reports
Milestone trends chart
Earned Value Analysis
Integrated milestone and charts
Gantt Charts
Meeting Status Report

Risk Assessment

Project is a collection of interconnected activities designed to accomplish a certain purpose within a specified time and expense, using a specific sets of resources. Because each project role has clear deadlines and deliverables, uncertainties are often considered to be risks which are likely to arise and can affect the progress of the project. There are several different risks involved in project execution, it is crucial that it is established in advance so that its mitigation plan can be planned and its impact minimized (Dinu, 2016). The risk assessment provides detailed information about the number of risks involved in their impact, how likely they may occur, what measures need to be taken to resolve them. The process of a project risk assessment and management is necessary to allow for the identification of risks associated with a project. If the procedures are properly performed, the probability of successful completion of a project will be increased to the performance, cost and timelines. The project stakeholders are also interested in understanding what the key threats involved with reporting progress are (Muriana & Vizzini, 2017).