Homework: Summative Assessment- Risk Register
As a project manager, you must analyze projects for known and unknown risks, anticipate project risks, and manage that risk in different ways to ensure project success. A skill in risk assessment enables you to assess the internal and external factors that influence project success by planning for the risks that could potentially interfere with meeting that success.
For this homework, choose the provided case studies. The Executive Director case provided by John Wiley & Sons. You must choose a different case than the one you used for your Summative Assessment: Project Proposal.
Complete a risk register based on the case study using the Risk Register Template.
Identify 6 to 8 risks for the project identified in the case study, and do the following:
1) Identify each risk. Consider the most common project risks for the selected case. Other risks may exist, but if they`re highly unlikely to occur or have a very low impact, then these may not be worth including in the risk register at this time.
2) Describe each risk, highlighting the risk and the area of impact if the risk were to occur. The risk description should provide adequate detail to understand the risk to the project.
3) Identify the owner of each risk. The owner is responsible for monitoring triggers and implementing the risk strategy. Consider who is impacted because the owner assumes that risk and decides what to do if the risk happens.
4) Identify the risk trigger. Consider how the project team and stakeholders would be able to tell if the risk has occurred or is approaching.
5) Choose the risk strategy (Accept, Avoid, Mitigate, or Transfer) and explain the risk response for that risk strategy:
6) Accept it. Why you will not actively try to control this risk, and what resources must be reserved in case the risk occurs.
7) Avoid it. How you will remove this risk by eliminating the cause or selecting an alternative.
8) Mitigate it. How you can minimize the impact of the risk within acceptable limits.
9) Transfer it. How you can reduce direct impact of the risk on the project by shifting all or part of this risk to a third party, such as vendor or insurer.
10) Indicate the probability of the risk occurring at the current state. This may change over time, but what is important is to identify this probability today. Select from the following levels of probability:
a) High - This risk has a 75% chance or greater of happening.
b) Medium - This risk has a 25%-74% chance of occurring.
c) Low - This risk has less than a 25% chance of happening.
d) Indicate the level of impact to the organization if this risk happens. Select from the following levels of impact:
e) High - This risk will impact the organization in an extremely negative way.
f) Medium - This risk will impact the organization in a negative way, with some harm.
g) Low - This risk will impact the organization in a negative way, but any harm will be manageable