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Project Risk Management

Instructions:

This work should contain the following (introduction, Literature Review, Methodology, Results and Discussion, and References)

Theme is as following: Font: (Arial, size is 12, and Line spacing 1.5)

Number of pages should be 4pages long

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Project:

Risk Identification and Analysis (Based on the project you chose in APM)

The objective of this report is to identify project risks, prepare a risk probability matrix, and carry out an analysis of selected risks. Referring to the project you select inAdvanced projects management APM course, your task is to prepare a risk management plan that identifies potential risks in the selected stage of the project and identify risk management strategies.

From the course content and readings, you know that the overall purpose of risk planning is to anticipate possible risk events and be ready to take appropriate action when risk events occur—to eliminate or reduce negative impacts on the project.

You may wish to begin this exercise with a brainstorming about potential risks to get candidate risks “on the table” for consideration. And then identify and refine that wording for risks that have some realistic chance of occurring in this stage. For example, potential weather problems present a real obstacle to completing field data collection by the planned completion date. It is also an issue that the project manager will ultimately have to plan for, as opposed to other issues such as a major disaster (e.g., your office burning down), is not a high-enough probability event that requires much time in planning. As described below, you will select several of the identified risks and carry out a risk analysis.

You will use the distilled list of risks to make a risk probability/impact matrix. The matrix will have at least three categories (high/medium/low) for probability and impact.

Remember that it is important to name risks effectively—use words that describe the risk event and point to the impact on the project (e.g., “injury of field technician disrupts data installation work”).

After completion of the risk matrix, document a risk analysis for the selected risks. This detailed documentation for that selected risk will include:

a description of the risk and potential impacts (schedule, quality of work, cost, etc.) on the project.

indicators or triggers that would be monitored to help identify the risk as early as possible.

specific risk response strategies to take.

Using probability and impact matrix calculate the Expected Monetary Value (EMV) for all risks that have the impact in terms of cost $$.