Competency Analyze approaches to project risk management techniques used to asse

Question

Competency

Analyze approaches to project risk management techniques used to assess and control project risk.

Scenario Information

AYou are assuming the role of the project manager for a company called SuperPacks to provide a new backpack product with a built-in refrigeration pouch and radio module. Your customer for this project is the U.S. Army, Ground Forces and Special Operations. As the project manager for your team, you will be submitting to your manager a project management report.

Instructions

Risk Matrix

As a project manager for this company, you are to analyze the risks associated with the project. Risks should be identified and defined as cost, probability, impact, and mitigation plans for each risk. Below, you are to provide a risk assessment for the project based on the criteria and template provided.

Identify and name at least three risks and name them (risk name).

Determine the expected costs for each named risk.

Determine the risk probability for each named risk.

Include factored risk value (should automatically calculate using the Risk Assessment Matrix template).

Determine the risk impact to project (using the drop-down menu in the Risk Assessment Matrixtemplate).

Provide the Risk Mitigation Plan.

Provide the expected risk retire date (when the risk is no longer a risk).

Explanation / Answer

For a successful risk project management we can follow these steps to make it more efficient as well as successful.

Making risk management a specific part of the project.
Risk management is an essential part of any specific project and it can provide various forecast risk available in the specific project which directly improve the overall efficiency has the the productivity of the project. By having a project manager with the ability to manage the risk. Overall competency of the specific project is increased.

Forecasting the risk.

Why forecasting one can avoid implications of the specific risk into their organisation and can provide a very wide support do the specific project. Why forecasting the risk possibility of casualties has larger damages could be avoided which one directly result in increased efficiency of the project.

Communicating for risk

With the help of proper communication in organisation most of the risk can be avoided. By having a strong communication pattern inside an organisation the overall effects of the specific risk management system can be improved by a huge margin. Increased communication also ensures better problem solving as well as reducing the overall time taken in solving the problem undefined

Considering threats and opportunities

Buy successfully analysing the threats and opportunities for the specific project manager can easily implement new strategies with directly with the overall productivity of the project. This specific practice of implementation of opportunities as well as threat analysis can be very beneficial for making a project risk free.

Clarifying ownership

From a manager's point of view, most of the time consider themselves as free after they have created a project management plan. This is specific risk plan also needs distribution of the specific roles towards an organisation and to the project. By providing specific goals to each and every employee inside an organisation the overall assessment of the risk factors could be readily decrease.

Prioritising risk

By prioritising thee risk sizes and impacts one can easily increase the overall efficiency of the risk management plan into an organisation and can implement it in a better way.

Implementation of responses

Implementation of responses is an essential process for a risk management plan. By implementing different responses towards the specific risk one can easily increase the level of understanding for the risk in future aspect. By having an implementation of the specific risk into the project multiple solution for the same risk can be delivered as per needed.

Tracking and assessing the risk

Buy successfully tracking a specific risk manager can easily assign a task to that specific ways to reduce the overall impact of the risk. This is specific practice also increases the level of implementation of the risk management plan towards an organisation.

All in all we can say, by following above steps one can easily implement a healthy risk management plan into a project work and can increase the overall efficiency as well as productivity of the specific project.

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