risk management 37

Pick one question to answer from EACH OF THE THREE AREAS BELOW.

500 words or less.

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Risk in the Project Environment

  • When looking at risks in the project environment, why are we concerned with the impact and probability of a potential risk event?
  • How could you sort through a long list of risks in a project so that focus is placed on the most important one(s)?
  • When is the best time to assess potential risks in a project AND at what frequency?
  • When is risk generally highest in a project – why?
  • Why is it important to identify and diligently watch for risk “triggers” in the project environment? Please define a risk “trigger” first when answering this question.

Risk Information

  • Explain what a “risk register” is, what it is used for, and what it contains (i.e. components for the risk register). Please describe each of the components.
  • What are some sources of information on risks that you would list in a risk register (i.e. where would you find information on risks)?
  • Explain at least two techniques for gathering risk information from various sources. Support your response with one reference in addition to those provided in your required/optional readings, learning modules, and text books.
  • Why is it important to document risks and risk information gathered from various sources?
  • Often you will document risk “symptoms” and risk “triggers” in a risk register. Explain how the difference in these two concepts and how they are related.

Procurement

  • Why are contracts necessary when conducting procurements and what do they represent? Discuss the major types of procurement contracts. Is there any situation where you would not use a contract for procuring goods or services – please explain why or why not? Is a verbal agreement or a handshake considered a valid contract? Please include a minimum of one resource in addition to your required or optional reading/viewing resources.
  • Research an example of a bad procurement or poor procurement management in any organization (including from your experience). Describe the situation and explain why you believe this as an example of a bad procurement or poor procurement management. Be specific and remember, others are not familiar with the situation and need to understand the backstory. What made the procurement management ineffective and/or what were the factors that led to the poor outcome? Please include a minimum of one resource in addition to your required or optional reading/viewing resources.
  • Describe the different types of Fixed-price contracts and why you would use one over another. Who bears the most risk in this contract type – the ‘buyer’ or the ‘seller?’ Provide an example from your experience, from your research, or create a scenario to illustrate. Please include a minimum of two resources in addition to your required or optional reading/viewing resources.
  • Describe the different Cost-reimbursable contracts and why you would use one over another. Who bears the most risk in this contract type – the ‘buyer’ or the ‘seller?’ Provide an example from your experience, from your research, or create a scenario to illustrate. Please include a minimum of two resources in addition to your required or optional reading/viewing resources
  • Describe Time and Material contracts – please discuss any variations of these. When would you use this type of contract? Who bears the most risk in this contract type – the ‘buyer’ or the ‘seller?’ Provide an example from your experience, from your research, or create a scenario to illustrate. Please include a minimum of two resources in addition to your required or optional reading/viewing resources.

Material to reference or use:

Methods of IT Project Management – Chapter 8 & 9

PMBOK® Guide (5th ed.) – Chapter 11

Risk for Fast Paced Projects

http://www.pmhut.com/risk-for-todays-fast-paced-projects

Risk Management Fundamentals

https://www.youtube.com/watch?v=gmTSb1A2VBc

Risk Types

http://www.projecttimes.com/articles/project-risk-identification-for-new-project-manager.html

Contract Management

http://www.pmhut.com/seven-contract-management-tips-you-need-to-know

Additional Web Reading/Viewing Exploration

Critical Path Network

https://www.youtube.com/watch?v=iPZlQ3Zx5zc

PDM

http://pmstudycircle.com/2012/07/precedence-diagramming-method-activity-on-node-method-scheduling/

Task Dependencies

http://www.projectinsight.net/project-management-basics/task-dependencies

http://pmstudycircle.com/2012/07/precedence-diagramming-method-activity-on-node-method-scheduling/

Network Diagram Video Part One and Two

https://www.youtube.com/watch?v=xuGQ1BBzihw&list=PLYI7B9ay7fNEfnqzk9rUWqXNbPiw_9hWP

https://www.youtube.com/watch?v=U-AZz_FuOKM&index=2&list=PLYI7B9ay7fNEfnqzk9rUWqXNbPiw_9hWP

Task Dependencies

http://www.projectinsight.net/project-management-basics/task-dependencies

http://pmstudycircle.com/2012/07/precedence-diagramming-method-activity-on-node-method-scheduling/

Writing an Outsourcing Contract.

http://www.hsv.com/writers/engel/outsou3.html

Tips for RFP’s

https://www.youtube.com/watch?v=nIFaZR3hWUk