Reference no: EM132340477

Project Execution and Control Assignment - Risk Management

Learning Outcomes - Critically analyse project risks and develop a range of strategies to effectively manage those risks in order to ensure expected project management outcomes.

Context: As project work is executed, project managers make certain that quality assurance is conducted and quality is controlled. Quality assurance consists of the activities that are undertaken to ensure that a project uses the processes needed to meet quality requirements. Meanwhile, quality control entails monitoring specific project results to determine whether they meet relevant quality standards, which have been defined with the project scope.

Planning for risk management involves determining how to approach, plan and execute the various activities required for managing project risks. Because new risks may be introduced at any point in the project management life cycle, risk management is a continuous process. It begins at the project-planning phase and continues throughout the project-execution phase.

Effective communication is a key factor for managing project execution. However, project managers may face challenges as they communicate with their teams and other project stakeholders. Other factors such as developing, leading and managing project team members are also critical for successfully achieving project goals.

Instructions: This assessment has two parts: a post (Part A) and a Risk Management report (Part B)

Part A: Module 4-5 Discussion Forum

Each student will construct a post in approximately 850 words to the following questions and post on the Module discussion forums by the end of Module 5. Students will be gradedindividually on how students demonstrate/share theories and contribute to the general discussion of the topic within the group over weeks 7, 8 & 9.

Module 4-5 Topic: Project Status Reporting

Discuss the challenges and pitfalls of different status reports. Explain the difference between the status reports provided for teams, sponsor, and steering committee.

Output: Module 4-5 discussion - provide a post by the end of Module 5.

Part B: Risk Management

Create a risk management report for the approved/given case study used in Assessment 1. In your report, include:

1. Risk identification and impact assessment

• Identify and critically analyse the impact of possible risks for the case study.
• Record the risks identified in a Risk Register.
• Use a risk probability and impact matrix to rate and prioritise the risks.

2. Risk management and reporting

• Develop appropriate response strategies to effectively manage identified risks in the case study.
• Identify and describe how the stakeholders will be apprised of the project's ongoing risk management activities.

The written portion of your Risk Management Plan should consist of 1000 words/student. For students' reference, an example of a Probability and Impact Matrix is illustrated in the PMBOK Guide.

Learning Resources: Heldman, K. (2013). PMP Project Management Professional Exam Study Guide (7th ed.). Indianapolis, IN: Wiley.

Chapter 6: Risk Planning (Read from 'Quantifying Risk' to 'Summary')

Chapter 10: Measuring and Controlling Project Performance

Chapter 11: Controlling Work Results (Read the section on 'Monitoring and Controlling Risk').

Attachment:- Project Execution and Control Assignment File.rar