Reference no: EM131071108
Individual Assignment: Risk Drivers
Risk assessment and risk management are used to identify and mitigate risk drivers. A risk driver is a situation in a project from which project risks can arise. Identifying risk drivers can help a project manager evaluate the needs of the project, make changes as needed and allow the project to stay on course. For example, consider an organisation that is taking on a new project unlike any other they have done in the past. The organisation's level of inexperience with this new project can be identified as a risk driver. The risks that could arise from this risk driver include overlooking necessary tasks that were not known to be needed, underestimating time, underestimating resources and exceeding budget. It is a project manager's responsibility to evaluate risk drivers and associated risks throughout every phase of the project life cycle, propose possible solutions to risks and communicate risks to stakeholders.
To complete this Individual Assignment:
- Review your scenario.
- Review the resources from this unit related to risk assessment.
- Identify risk drivers in your project and the risks associated with each.
- Explain how the risks you identified could impact the project, and propose strategies to mitigate each risk.
Shared Activity: Project Completion
Eventually, the aims and objectives of the project will be achieved and you will feel like the project is finished. Think again. You still have some steps to ensure that your project is closed and complete. The first is called project closure. Project closure consists of completing any outstanding project items, making sure all project-related contract commitments have been fulfilled, completing a final budget review, thanking those who helped with the project, making sure all project data and documents are stored for later access and analysing what worked and what did not. Project closure is not a one-person process, and will often involve several project stakeholders. You will need to make these stakeholders understand that although the aims and objectives of the project have been completed, their input may still be needed for project closure.
The second step to ensure your project is closed and complete is the post-implementation review (PIR). The PIR is used to assess and evaluate the project. Specifically, it analyses whether the project fully completed its scope, aims and objectives, how the results of the project could be taken further in the future for additional benefits and lessons learned from the project. The PIR should be completed shortly after the project has been closed, but be sure to allow time for any last-minute project changes or results to take effect. Every project may not require a PIR, but it will usually be beneficial to the organisation, especially in an organisation that is new to project management practices or organisations that place high importance on project management.
To prepare for this Shared Activity:
- Review the websites from your resources that provide information on project closure and the post-implementation review.
- Search the Internet and additional resources about project closure and the post-implementation review.
- Think about what is involved in a project closure, and why a project closure is performed.
- Consider what a PIR entails, and why a PIR is performed.
To complete this Shared Activity:
- Explain at least two potential issues that may arise when a project closure is not performed, including how you might resolve these issues.
Be specific and use examples from your own personal experience to support your post.
- Explain two ways a post-implementation review can enable a project manager to improve future projects.
- Readyour colleague's postings and compare the similarities and differences between them.
- Respond to your colleagues' explanations by expanding on, questioning, or offering further support for their ideas, or by suggesting new or alternative viewpoints.
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