Assignment Overview

Case 4 is in two parts: risk management and project baseline leveling.

Case Assignment

The Risk Management Plan

The risk management plan is a document that spells out how the project team intends to manage project risks. Such a plan will include an overall explicit statement of the project risk philosophy—for example, outlining the level of risk that the project is willing to tolerate, the methods used for identifying and ranking risks, and finally, the basic strategy for responding to risks. Risk responses may range from simply accepting the risk, to attempting to mitigate the risks, to transferring risks (typically by insurance), and finally to avoiding specific risks altogether. This risk management plan is therefore a roadmap for carrying out the project risk management function, and is referred to as needed when the project risk policy decisions are needed.

Learning how to think about risks comes with practice and experience. A good way to practice is by applying risk management principles in a case study scenario given at the end of this module.

Reading

Tusler, R. (1998, September 8). Project risk management principles. Retrieved from http://www.netcomuk.co.uk/~rtusler/project/principl.html

Jutte, B. (2013). 10 golden rules of project risk management. In Projectsmart. Retrieved from http://www.projectsmart.co.uk/10-golden-rules-of-project-risk-management.html

Tapping, J. (2012). Project risk management handbook: A scalable approach. In California Department of Transportation. Retrieved from http://www.dot.ca.gov/hq/projmgmt/documents/prmhb/PRM_Handbook.pdf

Green, J., & Stellman, A. (2009).Project risk management. (2nd ed.). In Head First PMP (pp. 543-601). Retrieved from http://www.headfirstlabs.com/books/hfpmp/hfpmp_ch11.pdf

McCuaig, B. (2102, November 8). Myths in risk management — can risks be registered? In The Decision Factor. Retrieved from http://www.the-decisionfactor.com/risk-and-compliance/myths-in-risk-management-can-r-isks-be-registered/

Supplemental Reading

Appendix D: Risk Charters. (2013). Federal Highway Administration. In U.S. Department of Transportation, Federal Highway Administration. Retrieved from http://international.fhwa.dot.gov/riskassess/risk_hcm06_d.cfm

Case Study

You have been asked to lead a project team that will perform a computer and network upgrade over a three day weekend. The upgrade must be ready for operation by 8 AM Tuesday following the long holiday weekend. The key tasks to be performed are as follows:

• Perform an inventory of all existing computer configurations
• Upgrade the memory from 2 to 4 Gig of Ram
• Upgrade all PC’s to Windows 7.
• Install a wireless network card
• Install a wireless router
• Remove existing cables and wired router
• Create a simple quick start guide for the end users of the computer network.

Actions:

a) Brainstorm a list of at least ten project risks

b) Categorize each by probability of occurrence and impact

c) Rank risks and populate a risk register based on the module example

d) Create a probability-impact matrix and populate with project risks

e) Summarize the possible risk response for each.

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