Risk exists on all projects. The amount of risk and the degree to which individu

ID: 383094 • Letter: R

Question

Risk exists on all projects. The amount of risk and the degree to which individual risks may impact the project varies depending on the profile of your project. Identifying the risks on projects is a creative process that requires both critical thinking and experience in the project environment. Expert judgment in the type of industry or project can also be very valuable for identifying and analyzing project risk. Develop a risk management strategy for your project. Describe the scope, schedule and cost risk of your project. Provide a risk response strategy for each risk. Your project quality management strategy must include a statement explaining the difference between quality assurance and quality control. In your strategy, describe the quality requirements for your project. Describe how you will manage project quality. The specific parts of the St. Dismas Assisted Living Facility case study you will need to prepare the risk and quality management strategies for the project plan are listed below. Meredith, J.R., Shafer, S.M., Mantel, Jr., S.J., Sutton, M. (2014). Project management in practice (5th ed.). Hoboken, NJ: Wiley.

Explanation / Answer

Project Risk Management:

I will be working on the following areas step-by-step to make sure that CXOs and other stakeholders’ expectations are met:

Critical Areas

Risks

Mitigation Plan

LACK OF EXECUTIVE SUPPORT

Lack of sponsorship from either CIO, CFO or COO

Real partnership between CIO and CFO and project counterparts

LACK OF BUSINESS & TECHNICAL SUBJECT MATTER EXPERTS

Lack of availability of Business and IT SMEs

To commit the right number of business and IT SMEs with the right skills and authority to drive this program

INEFFICIENT PROJECT MANAGEMENT

Lack of full visibility to project status such as work activities, tasks and deliverables progress

Good project plan with well-defined work breakdown structure

Ensure to deploy, monitor and enforce the proper use of tools and methods