Develop risk tolerances and threshold definition

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Reference no: EM131251774

Project Selection and Initiation

A Project Risk Management Plan template has been developed for your use throughout the course. The template is divided into assignment sections starting with the Project Risk Initiation section for Assignment 1.

Provide a scenario for the comprehensive risk analysis and completion of the risk management plan for:

A real project in your current work environment.

The company that I work for is a government contracted organization that works side by side with the United States Air Force. My responsibility is to keep and maintain detail-oriented and precisely thorough maintenance records for our fleet of aircraft. In my almost four years of employment I have had several project-related issues. Currently, aside from assigning trackers for specified part assemblies we are in the middle of conducting an audit in preparation for an inspection next week. We conduct audits on all of our files periodically in order to ensure that all pertinent mechanical information pertaining to the aircraft is correct. Normally, our audits are merely tedious but this time around we are having to utilize a lot more manpower in order to complete the task because one person in my section was let go yesterday.

This course focuses on the analysis of risks and development of a risk management plan. Assumptions need to be made on the inputs from other project management processes and plans including scope, time, budget, resources, quality, procurement, communication, and stakeholder management into the risk management plan.

Part 1

Develop a 1-2 page analysis of current risk management standards and policies for both strategic and tactical risk management. Provide comparisons and contrasts for both types of risk management. Analyze the different types of risk attitudes (risk-averse, risk-tolerant, risk-neutral, and risk-seeking) and identify which ones relate to your chosen project.

Part 2

After identifying your project, complete the following using the Project Risk Management Plan template (attached) , the Project Risk Initiation section:

Briefly describe the project including problem statement, budget, scope, time, assumptions, constraints, et cetera.

Identify the project objectives.

Develop risk tolerances and threshold definition.

Create a probability/impact scale definition table.

Develop a risk breakdown structure (RBS).

Reference no: EM131251774

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