PROJ6003 Project Execution And Control Ssessment 2 Risk Management

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.

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.

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 10.2: Manage Communications
•   Section 10.3: Control Communications
•   Section 11.2: Identify Risks
•   Section 11.3: Perform Qualitative Risk Analysis
•   Section 11.4: Perform Quantitative Risk Analysis
•   Section 11.5: Plan Risk Responses
•   Section 11.6: Control Risks
•   Section 13.3: Manage Stakeholder Engagement
•   Section 13.4: 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 thesection 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