Week 3: Project Network and Risk
Management - Discussion
Risk Management (graded)
Assume you have just been assigned to a project risk team of five members. Because this is the first time your
organization has formally set up a risk team for a project, it is hoped that your team will develop a process that
can be used on all future projects. Your first team meeting is next Monday morning. Each team member has
been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how
you believe the team should proceed in handling project risks. Each team member will hand out their proposed
outline at the beginning of the meeting. Your outline should include but not be limited to the following
information:




Team objectives
Process for handling risk events
Team activities
Team outputs
Please post your outline and comment on at least two other posts.
Responses
Response
A hypothetical
Professor Hammond
situation
Author
Date/Time
9/15/2012 8:45:01 PM
I'd like you to respond to the above hypothetical situation. What are the things you would recommend
for the team to manage project risks? Remember, if you are not prepared for the risk, this is when you
will get into trouble. As all those who were in the Scouts should remember, be prepared.
RE: A
hypothetical Jie Hao
situation
9/22/2012 11:22:12 PM
.
RE: A
hypothetical Patricia Campbell
situation
Team Project Outline for Risk Management
9/19/2012 9:18:00 PM
1.
Team Objectives
a) Determine a strategy to make the project successful
b) Arrange what team member is going to do what task.
c)
Define timelines and checkpoints as to project completion.
d) Plan meetings to discuss the status of the project.
2.
Process for handling risk events
a) Identify the threats to the project and the risks associated
with them.
b) Do an analysis of each task to determine what the risk might
be.
c)
Manage the risk level of each task.
d) Prioritize the way risks will be handled.
3.
Team Activities
a) Daily or weekly meeting to see where each team member is
and to see if they are falling behind and might need help.
b) Analyze each task as it is happening to see if there are any
risks happening and if there are implement a plan to protect
the project and control the risks.
4.
Team Output
a) Have a contingency plan in place to deal with risks.
b) Written documentation of the risks faced and how they were
handled.
c)
As each task is completed put the analysis into place to work
on the next part.
RE: A
hypothetical Laura Godfrey
situation
9/21/2012 6:42:46 AM
Patricia,
I think your outline is great. It's descriptive and to the point. Based
on your outline, I know exactly what you are going to write about
and the order it will be in. After going over your outline it's making
me want to read the paper to see how it goes.
RE: A
hypothetical Christina Weems
situation
9/22/2012 3:51:35 PM
Patricia,
Your outline is very detailed and thorough. I think it sets up a
good response to risks involved in PM and the steps for
handling them as a risk management team. I think it's great
you included the contingency plans at the end.
RE: A
hypothetical Jael Munoz
situation
9/19/2012 3:55:03 PM
Things that I would recommend to the team to manage project risks would be:



Make managing project risk a recurring process
Analyze and prioritize project risks
Track project risks
RE: A
hypothetical Jontae Bell
situation
9/19/2012 11:09:00 PM
I agree! At the same time, I would analyze = five major risk or
categorize the risk into five main sectors and assign them
accordingly to the five. For instance, one would be assigned to the
financial portion of the project, one to the design, one to the
scheduling, one to the attendance, and someone for the final of the
project. With all assigned and specializing in particular duties, risks
are lowered and manageable.
RE: A
hypothetical Christopher Windsor
situation
9/19/2012 7:06:30 PM
1. Foresee possible project risks
2. Minimize or eliminate project risks
3. Work through project risks as they arise.



Identify project risks
Understand what the risks will affect.
Inform the proper sections
1. Evaluate and update risk event process
RE: A
hypothetical Pamela Gusta
situation
9/19/2012 9:02:14 PM
Christopher, I do like your hypothetical situation. I had
difficulty with the situation because I really wanted more
information to help me to but it all together. I did feel that
looking at past risks is a definite objective for the
team. Looking at the past risks helps to alleviate making the
same mistakes.
RE: A
hypothetical Ryan Frain
situation
1. Team objectives
9/17/2012 10:12:38 PM
1. tracking individual/team activity
2. following established schedule
3. maintaining concentration
4. evaluating completed tasks
2. Process for handling risk events
1. identifying risk events
2. preparing for risks
3. calculating likelihood of risk
3. Team activities
1. generate plan for risk
2. monitor potential risk behaviors
3. examine responses
4. Team outputs
1. establish action plan
2. risk re-evaluation
RE: A
hypothetical Julius Frazier
situation
9/17/2012 10:43:06 PM
Risk management is an important part of project management. Although often
overlooked, it is important to identify as many risks to your project as possible, and
be prepared if something bad happens.Risk management should include time and
cost estimates too optimistic, customer review and feedback cycle too
slow,unexpected budget cuts,unclear roles and responsibilities, stakeholder input is
not sought, or their needs are not properly understood,stakeholders changing
requirements after the project has started,stakeholders adding new requirements
after the project has started,poor communication resulting in misunderstandingof
resource commitments, and quality problems and rework with the lack . One of
the great tools that the team could also use is the Risk Registry in which reviews
the risk of all steak holders. This helps to mitigate problems that may arise on
different types of projects.
RE: A
hypothetical Professor Hammond
situation
9/18/2012 6:53:39 PM
Class,
All too often we don't recognize the risks. It could be a
perception issue. What are your thoughts on having others
weigh in on the project and the ability to recognize risks
with their added perceptions?
RE: A
hypothetical Orlando Gois
9/20/2012 2:43:54
PM
situation
Modified:9/20/2012 2:46 PM
There are some key elements that also can help to save a
project from failure, which are containment, understanding,
re-statement, and communication that are mentioned in the IT
whitepaper article I found from “Averting Project Disaster” by
KeyedIn Solutins. Nevertheless, I think that communication is
the one that need the most attention because “re-engaging” the
user and business conveys and demonstrates confidence in the
project which is transmitted to the costumers. By presenting
the revised business case and significance senior executive
support represents a crucial stage in the project lifecycle.
Project_Rescue[1].pdf
RE: A
hypothetical Jontae Bell
situation
9/22/2012 7:40:23
PM
Thanks for this valuable information
Orlando. I feel that communication plays a
very huge role in everything in life.
Definitely in a project.
RE: A
hypothetical Aaron Nelsen
situation
9/19/2012 7:30:38
PM
I think having others weigh in on the risks is good
because they may see something that you missed. I
have had people see things as risks that you don't
see as a risk. This becomes challenging because
know you have to consider the new risks proposed.
RE: A
hypothetical Julius Frazier
situation
9/19/2012 8:09:21
AM
I think it would be good to have others weigh in on
recognizing risks with their added perception, due to the fact
that if you were not to catch any type of safety violation or
potential risk they may see the potential risk. This will help
mitigate all risks of a project disaster and help cover all of the
basics. The problem with someone else's added perception
some project managers can not handle someone else coming
in from the outside telling them how to do their job, but the
fact of the matter is most are trying to help you prevent a
disaster from occoring. I say take all the advise you can when
dealing with risk management. It can help you keep your job,
and help save lives depending on the job in itself.
RE: A
hypothetical Nataya Harvey
situation
9/23/2012 7:03:31
PM
I think others have the ability to see things that you
may not be able to. THey are less emotionally
involved and can assess what is going on and
without bias give advice on their findings.
RE: A
hypothetical Kibalu Tchao
situation
9/18/2012 12:57:58 AM
For a team to manage project risks, they first need to identify all the risks that they can
possibly think of, then review each possible risk and figure out what to do if a risk
occurs then analyze its probability of occurring and if risk do occurs, what impact it
will have on the project. Another step is to figure out what to do if a risk
occurs, meaning how to handle the risk in the best way which requires also monitoring
and controlling.
RE: A
hypothetical Thomas Manning
situation
9/18/2012 9:10:16 AM
I would recommend that they brain storm about the possible risk large or
small. Then work on plans for what could happen and what you would do in
case one of those risk actually does happen. For example, lets take a fire drill
for a public school, there is no fire when it happens but they look at the risk
of the fire. So they plan in case of a fire and the risk it could have to the
children so then plan for them to exit the buildings in an orderly fashion, line
up against a predetermined spot away from the building and call attendance to
see if there is any one missing for the risk of some one could still be inside.
So for what i recommend is think about a possible risk, think of a plan to
protect everything at risk, test plan in a controlled environment (if possible),
evaluate plan, and keep repeating this process until you have the optimal plan.
RE: A
hypothetical Orlando Gois
situation
9/18/2012 12:16:50 PM
Modified:9/18/2012 12:17 PM
I. Team Objectives
A. Planning Meetings and Analysis
B. Risk Breakdown Structure
C. Come up with Probability and Impact Guidelines
II.
A.
B.
C.
D.
Process for handling risk events
Identify Risks
Perform Qualitative Risk Analysis
Plan Risk Management
Monitoring and Control Risks
III.
A.
B.
C.
D.
E.
Team Activities
Plan Risk Responses
Perform Quantitative Risk Analysis
Address risks
Create a contingency plan
Establish the means to communicate risk information
IV.
A.
B.
C.
D.
Team Outputs
Risk Handling
Risk Control
Risk Assessment Reviews
Risk Documentation
RE: A
hypothetical Pamela Gusta
situation
9/19/2012 9:04:40 PM
Orlando, I really like your outline. I totally believe the
contingency plan is the heart of evaluating the project risk.
RE: A
hypothetical Laura Godfrey
situation
9/16/2012 11:30:18 AM
Hello Class,
Attached is my outline. Let me know what you think.
Week3_Laura Godfrey_Outline.docx
RE: A
hypothetical Adam Long
situation
9/17/2012 10:20:16 AM
Professor and Class,
To manage project risks there are several things you can do. The first thing to
do is to have a back-up plan, even a back-up plan for your back-up plan. For
instance always keep your project on your computer and on a flash drive.
This way you can always have your project with you and if your computer
decides to stop working you can always plug the flash drive in on another
computer and continue working from there. You can also make sure everyone
has everybody else's contact information. In case something unexpected
comes up, you can always get a hold of someone and they can give you
advice on what to do.
-Adam
RE: A
hypothetical Lashelle K McKoy
situation
9/17/2012 2:46:13 PM
Working as part of a team can be exciting and challenging at the same time,
finding a middle ground for all the ideas each member will bring to the table might
be a risk in itself. I would recommend the team determine their goal and it will aid
in completing the project. Also setting aside a time to meet every week to discuss
project details, concerns and progress. Each team member should be aware of their
role and responsibilities as their input is an important. Team objectives should also
provide a back up plans as unforeseen issues may arise and knowing how to
respond is critical. Each team member should also have contact numbers and email
address for everyone.
RE: A
hypothetical Adam Long
situation
9/22/2012 10:37:37
PM
I agree with you there, but as it pertains to including all the
ideas of the team on a project shouldn't always be as risky as
it sounds. With a set goal and project, very little variation
should be made to the plans. Once a project is in the works,
there really shouldn't be to much room for alteration, given
the fact that the task force deemed to create the project
rolled out the fine details. As for the back up plans, it should
always be included in the budget and in the time frame to
allow for possible mishaps. A hierarchy should be setup to
allow for clean communication in the event of anything
occurring, as in if in doubt call the project manager, and etc.
Team
Outline
Ashley Holmes
9/17/2012 3:27:45 PM
Thanks ahead of time for your input!!!
Team Project Outline_AHolmes.docx
Week 3 Professor Hammond
9/17/2012 5:35:14 PM
Class….based on the above scenario please post your outline and comment on at least two other
posts.
RE:
Week Adam Long
3
9/23/2012 7:22:24 PM
Professor and Class,
Here is my outline:
Team Project Outline_Adam.docx
RE:
Week Michael Tyler
3
9/17/2012 8:06:02 PM
This is short and to the point, check it out and give feedback.
Team Project Outline Tyler.docx
RE:
Week Adam Long
3
9/23/2012 7:33:31 PM
After reading your outline, I carry one question. Wouldn't the team
output best be surmised in a report? I do like the process you outlined
though. The mitigation concept would work perfectly in handling
issues. Though the best offense is a good defense, and preventive
measures and back up plans should be established. Sorta like fail
safes.
RE:
Week Ashley Holmes
3
9/20/2012 3:32:30 PM
Very good points Mr. Tyler! It was difficult for me to think of
different tasks needed for a team outline. I have worked in
management before and I enjoyed it, but I use to just put more work
for myself rather than making others do it, just because I was afraid
of making anyone mad. But your points seem to be right on point at
completing a good project! Have you worked in management before
or perhaps a leader in group settings? Good job anyways!
RE:
Week Michael Tyler
3
9/20/2012 5:56:43 PM
Putting more work on yourself is OK because you know
what the results will be, and you trust in your ability.
Directing, mentoring and pushing a team to higher
productivity and success should be a goal for all
managers. I have spent most of the last thirty years in
some sort of management/leadership positions, mid level,
steering clear of corporate politics. I like in the field/on the
floor supervision, where I can drive and direct the business.
(not to mention make money)
RE:
Week Ashley Holmes
3
9/21/2012 10:40:24
AM
Yes, money was my big motivator! But it also puts
more stress and pressure on yourself, which might
not be worth the money in the end! But your very
right, you can always depend on yourself and your
abilities, I know I can get things done and I do
better under pressure. I think that management is a
tough job to do when your team isn't motivated,
motivation is the toughest part. I am self motivated
due to having a family, and of course the money!
How do you keep people motivated?
RE:
Kim Fields
9/22/2012 7:57:17 AM
Week
3
Looks great, Michael. Good idea on keeping to the main focus on
risk. This would be a great meeting to be involved as.
RE:
Week Laura Godfrey
3
9/18/2012 6:14:02 PM
Michael, I love the outline. I believe it's a little short and it needs a
little more in depth information. An example for your handling risks,
instead of breaking it down to just 4 points, my suggestion is to add a
point to each of those points and give a short overview about what
you will be writing about those points. The points are great, you just
need a little more in depth and examples.
RE:
Week Kibalu Tchao
3
9/19/2012 1:23:47 AM
Here is my outline.
TEAM PROJECT OUTLINE.docx
RE:
Week Timothy Beeler
3
9/19/2012 8:26:20 AM
Good start to the outline. For team objective I would be interested in how you will
define each part you have listed. For handling a risk event, how would you
prepare(no specifics needed) for and identify risks. Team Activities, what is going
to be done as a team and when. Team outputs I would like to know what sort of
output would be expected and when.
These are just some ideas as an outline does not have to be so brief. You can add
ideas to the outline to flush it out, not into full sentences but to give an idea of what
ideas have been used to put together the outline.
RE:
Week Pamela Gusta
3
Team objectives
9/19/2012 8:57:08 PM
1. Analyze Risks
2. Contingency Plans
3. Generate solutions for past risks
Process for handling risk events
1.
Keep historical records on hand
2. Mitigating the risk
3. Analyzing the probability and how to avoid the risk
4. Analyze the impact of the risks
Team activities
1.
Monitor all past risks and come up with a good plan
2. All members come together with a realistic contingency plan
Team outputs
1.
Contingency plan in place
2. Constant monitoring of the most active risks
Team
Project
Kim Fields
9/17/2012 6:52:54 PM
Attached is my team project outline. Please feel free to comment.
Team Project Outline.docx
RE:
Team
Timothy Beeler
Project
9/19/2012 8:37:25 AM
I like this outline very nice.
My thoughts:
Team Objective -- To me this is where you put the information pertaining to what the team is
is for and its overall (wide) goals
Process for risk events -- This is where you layout the basics of how you are going to
mitigate risks and handle an event when it happens. From experience events will happen that
are both foreseen and unforeseen.
Team Activities -- Is the team going to get together and/or work together at any point during
the project. If there are team meetings, how often?
Team Outputs -- What is the team going to show for its work and when/or how often will
they have to show what they are doing and have done.
Outline
James Perkins
9/17/2012 7:24:18 PM
Here is my outline. Was not exactly sure how to proceed with this, so any incite is
welcomed.
Thanks
Outline_Perkins.docx
RE:
Outline Michael Tyler
9/18/2012 6:34:21 PM
Looks pretty good to me, I think that we are looking at a lot of generic
outlines, some of the ones online that I have seen pertaining to a particular
project seems to overlap the steps. Maybe for insurance that all milestones are
met. Not to mention that some people have alot of time on their hands.
http://www.kjhole.com/WebSec/PDF/riskmanagementIntro.pdf
RE:
Outline Kim Fields
9/18/2012 8:22:46 PM
Hi James. That looks great. It seems that you covered all areas and broke
down your incite for the meeting. Personally, I think you would be on the
right track for this meeting.
RE:
Outline Christopher Potts
9/19/2012 11:33:54 PM
This is a good outline. Its simple and straight to the point, which is needed. I
believe that you and your team would indeed have a successful meeting.
RE:
Outline Professor Hammond
9/21/2012 8:18:32 PM
What is an acceptable risk and how would you determine this?
RE:
Outline Jael Munoz
9/21/2012 9:22:36 PM
Acceptable risk can be defined as the event whose likelihood of
occurring is too small. Mostly its consequences are very low and the
gains are so large that the individual and group want the event to occur.
There are two proxy measure used for determination of acceptable risk
levels
a) Revealed preference approach - Which assumes that the trial and error
method is the base by which the society has achieved nearly a balance in
benefits and loss by accepting certain risks.
b) Expressed preference approach - Which depends upon the opinions
and the public views on the removal of acceptable risk.
RE:
Outline Nataya Harvey
9/22/2012 8:08:43 PM
An acceptable risk is that you can afford to lose. The level of
loss that is deemed acceptable or tolerable in existing
conditions.
RE:
Outline Adam Long
9/23/2012 7:46:31 PM
I like what you have here buddy. The development of the contingency plans
and fails safes are a great way to detour trouble, and allow for one to react
properly to risks.
Risk
Management
Outline
Timothy Beeler
9/18/2012 12:00:02 AM
(This is just a preliminary out line)
Team Objective -- This team has been put into place to assess where there are
potential risks to a project and to put plans into place to mitigate the risks should they
arise.
Process for Risk Events -- When a point of risk is identified this team
will develop contingencies for each point of risk. If a risk event happens that is not
covered by a contingency plan this team will be notified of the event and project team
members will be brought in to investigate how to recover from the risk event in the
shortest amount of time and least amount of cost.
Team Activities -- This team will meet every Monday to go over any risk events that
happened during the previous week to review how the event was handled and if
needed improve upon the process for risk event management.
Team Outputs -- A weekly report will be sent to the V.P. about the previous weeks
risk events, how they were handled and any improvements that had been put into
place.
Team
Outline
Lashelle K McKoy
9/18/2012 3:34:52 PM
Attached is my outline for the team project. Thanks
Week 3 Thread Team Outline-McKoy.docx
Risk
Management
Outline
Tracey Ellis
9/18/2012 6:28:34 PM
Team Objective: Our team objective is to calculate all risks, determine the problem,
and find a solution. We will have the most fundamentally sound operation while
developing processes on handling risk prevention.
I. Process for handling risk events

*Identify the risk

*Manage the risk and plan accordingly

*Affects of the bottom line/financial standpoint

*Planning and follow through
II. Team activities
*Evaluate risks
*Weekly meetings with daily correspondence
*Round table discussion and process progress
*Team goals/Implementing team objectives
III. Team output
*Team member risk reports
*Accomplished goals
*Report risk analysis to senior management
manage
project
risks
Professor Hammond
9/18/2012 6:49:58 PM
Class…what are the things you would recommend for the team to manage project risks? Remember, if
you are not prepared for the risk, this is when you will get into trouble. As all those who were in the
Scouts should remember, be prepared.
RE:
manage
project Ryan Frain
risks
9/19/2012 9:06:10 PM
I would recommend that teams be aware of the risks before they happen. I think the best way
to manage project risks are to be aware and prepared for potential risks. Awareness is a key
step. Being aware of the potential risks will allow for preparation and being prepared will
allow the team to have a plan for potential project risks.
RE:
manage
project Nataya Harvey
risks
9/19/2012 9:44:34 PM
I agree. Having the knowledge is already a step in the right direction.
If you have the knowledge then you are able to prepare for them
prior to them actually happening. Going into a situation blind can
lead to costly effects. If something were to go wrong and the project
is delayed or goes over budget because of it your client will not be
happy.
RE:
manage
project Bradley Frankford
risks
9/19/2012 10:50:08 PM
I would say yes, be aware of the risks but also have a safety
net. For example, you may have a head IT guy out one day
due to some uncontrollable event, the PM would want to be
able to have another IT guy on call if something like this
were to occur. Sure, with t hat IT guy being on call his
wages will go out of the budget a tad but its a lot better than
the project getting delayed.
RE:
manage
project Dalton Matott
risks
9/19/2012 11:08:39 PM
My mother is involved with the safety committee at the
school she works at and one of the major things she would
do was create plans for any given emergency situation.
These ranged from bomb threats to shootings, and there
were quite a few plans built up. Thinking up any given
situation which could go wrong and having a plan for said
problem may very well save a lot of time and trouble when
it arises. Talking to people who work on the different tasks
and getting their input as to what they think could go wrong
would be a way of accomplishing this "disaster book".
RE:
manage
project Professor Hammond
risks
9/20/2012 6:08:52
PM
Provide an example from your experience or the Web to help
explain the difference between mitigating a risk and
contingency planning
RE:
manage
project Pamela Gusta
risks
9/23/2012 6:51:02
PM
Mitigating a risk refers to taking action to
either reduce the likelihood that the risk
will happen and/or reduce the impact the
risk has on the project.
Contingency planning is developing
response if the risk occurs. Mitigating is
preventive while contingency is reactive.
RE:
manage
project Nataya Harvey
risks
9/23/2012 7:11:30
PM
I agree. Mitigating a risk is
preventative. It is lessening the
risk. Continency planning is
cleaning up the problem after it
already occurred. An exmaple of
mitigating would be not smoking
and avoiding second hand smoke.
Contingency planning example
would be running to the basement
because of a tornado that is about
to hit.
RE:
manage
project Lashelle K McKoy
risks
9/22/2012 5:27:04
PM
Mitigating risk involves reducing the likelihood the
event will occur and reducing the impact of the
event on the project. Identifying the root cause of a
risk may lessen the affect it may have on a project.
RE:
manage
project Nancy Durham
risks
9/22/2012 12:41:25
PM
Risk Mitigation(or response) is dealing
with a problem when it occurs. For
example if a company runs out of a
particular supply that is needed to produce
a product, the manager will take action at
that point to replenish their inventory so
that production can continue.
Risk Contingency would be keeping
inventory up to date and items stocked that
is needed to produce a product so that there
is no delay due to shortages of product.
RE:
manage
project Professor Hammond
risks
9/22/2012 5:29:38
PM
Sometimes there are "high class
problems" (that is, risks that are positive).
What alternatives are available to respond
to these kinds of risks?
RE:
manage
project Aaron Nelsen
risks
9/22/2012 8:27:35
PM
I wouldn't see a positive
as a risk. When I consider
risks I look at thinks that
can jeperdize of delay a
project. I don't see how a
positive could be a risk.
RE:
manage
project Christina Weems
risks
9/23/2012 3:26:08
PM
Positive risks can also
be seen
as opportunities for a
project. The PM should
try to increase the
likelihood that these
events would happenas they can improve
your project (while as
the same time
decreasing the
probability for negative
risks). An example of an
opportunity would be a
sale or contract that
would lower cost of
certain materials for the
project. Since it's not
planned, it's considered
a risk... but it
is positive because it
makes a positive
difference on your
project- particularly the
budget, possibly
allowing for other
opportunities (like the
specialty sinks the client
wanted but couldn't
afford previously). A PM
should handle these
risks by exploiting,
sharing, accepting, or
enhancing them.
source:
http://www.brighthubpm.com/riskmanagement/48400-how-to-respondto-positive-risks/
RE:
manage
project Dalton Matott
risks
9/23/2012 11:38:57
PM
In an earlier week I stated that I worked on
a performance project with multiple other
individuals. While working on the set
mitigating risks and contingency planning
were a major part of the act. Mitigating
risks would include knowing not to use
certain kinds of wood due to their higher
potential to break. A contingency plan
would be a backup altogether. Our plan if
the music for our performance didn't work
was that we would need the two in the back
to hum the tune while the rest sang.
RE:
Lashelle K McKoy
9/21/2012 4:09:49
PM
manage
project
risks
Having the knowledge to combat any potential risk is
important and as Ryan stated awareness is key. Unforeseen
issues or risks may arise and knowing how to handle them and
being prepared before they occur is a great strategy.
RE:
manage
project Jason Myers
risks
9/20/2012 8:41:48 PM
I would recommend that if they are working with an outside company for supplies to
always have a back up. You never know when the company you are planning on
might run out or suddenly not be able to provide you with what you need. Always
having a back up plan is key to ensure that the project will get done on time. I also
think that if you are doing a project that deals with construction to plan ahead for
any type of weather. We all know that Mother Nature strikes when she pleases and
while it might have been predicted to be a little rainstorm it could be a downpour
that could affect project timings. I think that basically you need to be prepared for
anything everything even if you think that it could never happen, it could. Being
prepared for absolutely everything allows you a better chance of success.
RE:
manage
project James Perkins
risks
9/20/2012 10:29:10 PM
It is good to be hypervigilant when considering the risks associated with the
completion of a project. You should take a good amount of time to comb
through the project thoroughly and look at every possible outcome and plan
accordingly. The more time you spend during your risk analysis, the less time
you will potentially spend fixing problems and creating alternative plans.
RE:
manage
project Christopher Potts
risks
9/20/2012 10:56:32 PM
I would recommend going over almost everything that can go wrong and be
prepared for it no matter what. Yes, some would say that is time consuming,
but better safe than sorry in my opinion.
RE:
manage
project Thomas Manning
risks
9/19/2012 8:46:31 AM
What i would recommend for the team to manage project risk, is to advice
them to think of every little think that could happen.
RE:
manage
project Orlando Gois
risks
9/19/2012 3:15:33 PM
Probably one of the most important steps during the project planning is to include risk
management as part of the daily tasks operations so costs can be minimized even before
project starts (website source). Also it is good philosophy to have teams that are able to
communicate to the project managers about possible risks so they can be prevented or
mitigated.
--- Costs of Fixing Risk in Projects --Low cost – before project starts V. High costs – after project starts
Extrated from the siete : http://www.netcomuk.co.uk/~rtusler/project/riskwhen.html
RE:
manage
project Ddungu Wasswa
risks
9/22/2012 9:15:45 PM
The team needs to prepare a comprehensive list of risks, perhaps even taking
the role of “devil’s advocate” to identify everything that could go wrong. For
example, in a construction project it could be anticipated some bad weather,
perhaps snow storms during winter or heavy rains during summer. The idea is
to anticipate what could go wrong and to figure out ways to mitigate the
effects of the risks and the impact on project completion.Another thing to
keep in mind is that there are some risks that are more likely to materialize
than others. Similarly, there are some risks that should they materialize, the
result would be more significant on the project. In other words, risks should
be categorize or prioritize based on likelihood and based on impact. Risks
that are more likely and/or can have a higher impact on the project should be
tracked more closely.
RE:
manage Christina Weems
9/22/2012 3:53:40 PM
project
risks
I would recommend assessment of tasks and phases to see where
potential risks might lie and suggest the team organize different
contingency plans to handle the risks- I would also suggest organizing
the risks by level of importance.
pp. 238239 of the
course
textbook
Professor Hammond
9/18/2012 6:51:00 PM
In the high-quality, customized home construction project described on pp. 238-239 of the course
textbook, what are the risks associated with the project?
What is your assessment of each risk – that is, what is the chance that the risk will actually
materialize? If it did, what would be its impact on the project? Then, once you have identified and
assessed the risk, what would you do in response to manage the risk?
RE: pp.
238-239
of the
Nancy Durham
course
textbook
9/19/2012 3:48:25 PM
One of the first risks that comes to mind has to do with the general contractor
hiring out all of the specific work details to other sub contractors. With each
additional company involved there are potential issues and delays that could
develop. One question I would be asking myself as the GC is who will choose
the quality of the materials that go into even the basics of the foundation?
Will each contractor be responsible for choosing and ordering their job
materials for their particular part in the building of this home?
Uniting all of these independent companies in a time schedule to get their
work started and completed in an efficient manner will be a difficult task.
Many of these other contractors would probably have several other jobs
working at the same time with the General Contractor feeling that their
particular project is more important than the next. In order to make this 6
month time schedule to work there has to be a lot of fine tuning to the
scheduling.
RE: pp.
238-239 Lashelle K McKoy
of the
9/19/2012 5:59:34 PM
course
textbook
The risks I associated with the project include the timeframe and possible delays
with building a house in 5 months based on the contractors building goal for the
year. The general contractor has tentatively scheduled to complete 11 homes, with
focusing in so many projects all at once has the potential for details requested by
the customer may fall by the way side. With pushing the time frame within 5
months and not to exceed the budget, will the local contractors working on the job
take shortcuts and use sub standard materials. What checks and balances are in
place if the general contractor is off on other jobs to make sure the work being
done on the site for the Czopeks is on point. Also if the contractor sub contracts
works to local trade professionals, what if they are unavailable and working on
other homes, what back up plan is in place by Silver Fiddle Construction to start
the project on time and within the $500,000 cost.
RE: pp.
238-239
of the
Professor Hammond
course
textbook
9/21/2012 8:17:30 PM
Given then that we each have our own risk tendencies (some people love
taking risks, while others avoid it like the plague), how can we
determine a risk profile for our project, since each of our organizations
has its own tendency to deal with risk?
RE: pp.
238-239
of the
Nancy Durham
course
textbook
9/23/2012 3:56:55
PM
A risk profile would be determined by how
doable a project is. There are several
determining factors that need to be wieghed
such as whether the project can be completed
in the allotted time period, whether the there
is technology to back up the project, whether
there is enough funds to cover the project
costs... etc. The risk profile needs to be
determined at the beginning of the project
before any scope is written down and passed
on to the other team members. If the risk is
too high, the the project should be scrapped.
RE: pp.
238-239
of the
James Perkins
course
textbook
9/22/2012 8:15:41
AM
I believe you would determine the risk profile of a
project by looking at the magnitude and the amount
of risk and where you are looking to gamble it.
Additionally, you would have to consult with the
client and decide how mission critical the timeline
and milestones are to them. However, with any
risks, you should never cut corners or sacrifice
quality for making up time that you had initially
risked. Either way, a risk profile really depends on
many deciding factors and should be carefully
weighed before making any brash decisions and
jeopardizing any portion of the project. Caution
should always be used first and foremost when
proceeding with any project. Personally, I have
always believed in better safe than sorry.
RE: pp.
238-239
of the
Thomas Manning
course
textbook
9/22/2012 10:49:29
AM
I think we could do this by sitting down with the
different team members of our project and ask them
some questions. Like a question could be "Will you
be able to show up and perform your duties on this
day and finish by this date?". You could even sit
down in a quite area and think to yourself about
what could most likely go wrong and make a list of
these question and ideas and there is your risk
profile for this project.
RE: pp.
238-239
of the
Kim Fields
course
textbook
9/19/2012 7:34:43 PM
Some risk of the project are meeting the permits requirements and keeping
the price under $500,000. If permits are not approved in time, it can delay
work and cost more as well as put off the time the new residents can move
in. If the price cost more than $500,000, you could have unhappy customers
not willing to purchase the house. In order to manage the risk, a time-line
needs to be set and needs should be met. When the time is due for the permit
to be approved, the housing permits should be ready to view. If the cost
needs to be under $500,000, manage money in order to keep cost low. After
all, this is a nice size house.
RE: pp.
238-239
of the
Tracey Ellis
course
textbook
9/19/2012 7:36:27 PM
Risks:
-Time management. Due to the fact that 11 houses are scheduled to possibly
be completed within the year, it will be important to make sure time is
dedicated to each work site to ensure projects and goals are being met as
guaranteed to their clients. The impact could be disastrous, if the management
of time is not handled properly.
-Having a part-time bookkeeper. Considering the workload, i think having a
full-time bookkeeper/assistant would be ideal in this situation. Having the
back up will minimize any payment and outstanding balance issues and also
making sure all workers are paid out correctly. Having an assistant will help
keep the subcontractors on schedule and help the general contractor stay on
top of his projects.
-project delay. With the family wanting to save money by delaying the
project, it is important to keep their project in mind while working on others.
The general contractor could unknowingly take advantage of the free time he
has to work on the project and that could cause issues with the clients...once
again this is where time management plays a huge role.
-Housing construction booming. Just by doing what all contractors need to do
is important because once i mistake is made no matter how big or small,
clients can quickly and easily find replacements. Also, with it getting busy in
this area the general contractor could pick up more projects which makes the
workload heavy. in this scenario, taking on too many projects could definitely
have a negative impact on the company and the work being done to the
houses.
-Being the president of the company. He has the most risk because if
decisions aren't made properly, constant communication with clients, and
consistent project management, the company could be liable for all issues on
mishandled construction
Risk
Management
Jason Myers
9/19/2012 7:35:45 PM
I. Team Objectives
a. Work together as a team to complete the project in the right amount of time.
b. Always ask questions to the whole team just in case there are duplicate questions.
c. Accomplish goals set forth with the project.
II. Process for Handling Risk Events
a. If an issue comes up that is a risk event inform the entire team immediately.
b. Do not let the risk event overly stress you out, work with the rest of the team to overcome
the stress.
c. Always ask for help when encountering a problem; the team is here to help.
III. Team Activities
a. Keep track of progress in the online group discussion board/charts (utilizing Google Docs).
b. Attend weekly team meetings (Friday's) so we can discuss progress and the future of the
project.
IV. Team Outputs
a. Come up with a project timeline, i.e. the amount of time it will take for the
overall project to get done.
b. Determine what tasks need to get done in what order and the amount of
time they will take.
c. Complete the project in the amount of time specified.
d. Determine who is the leader of the team.
e. Ask for assistance on a task if necessary to get the task done on time.
Risk
Outline
Christina Weems
9/19/2012 8:05:55 PM
Objective: Identify, Mitigate, & Avoidance of Project Risks
- Identify Project Risks
Identify probability of risk(s)
Identify impact of risk(s) on project
Assign priority to higher impact risks
- Monitor Risks
Receive status updates from PM
- Mitigate/ Avoidance of Risks
Create plans to handle situation(s)
RE:
Risk
Jared Haggert
Outline
9/22/2012 9:28:40 PM
You have done a great job. I have been looking and though many of the
outlines look diffrent they are all still similar as far as what they are trying to
accomplish.
RE:
Risk
Christina Weems
Outline
9/23/2012 3:17:24 PM
I agree, Jared- many of the outlines have similar concepts and
goals included in them.
outline
Jared Haggert
9/19/2012 11:47:42 PM
I.
Team Objectives
A. Planning Meetings and Analysis
B. Risk Breakdown Structure
C. Come up with Probability and Impact Guidelines
II.
Process for handling risk events
A. Identify Risks events
B. Calculate likelihood of risk
C. Plan Risk Management
D. Monitoring and Control Risks
III.
Team Activities
A. Plan Risk Responses
B. Perform Quantitative Risk Analysis
C. Address risks
D. Create a contingency plan
E. Establish the means to communicate risk information
Team Outputs
A. Establish action plan
IV.
B. Risk Handling
C. Risk Control
D. Risk Assessment Reviews
RE:
outline Christina Weems
9/22/2012 3:55:29 PM
Jared,
I believe you and I had similar outlines. I think this is great and covers all the
necessary areas. You assesed the risks and you created contingency plans.
RE:
outline Jared Haggert
9/22/2012 9:26:15 PM
I would have to agree with you. I looked and we do have similar
outlines that is good I know i was somewhat right.
RE:
outline Jason Myers
9/23/2012 4:23:44 PM
Calculating the likelihood of a risk is a really good idea. While we can't always be
certain that our calculations are correct when dealing with risk management, I think
that is a really good idea because it allows you to be a little more prepared if the risk
does happen. I think that by calculating the risk as well you are able to plan better for
the risks that have a higher probability of happening as compared to the risks that
have a very low probability of happening.
RE:
outline Jared Haggert
9/23/2012 10:39:43 PM
The real important thing is that if you plan for it if the risk does arise
you will be better prepared to handle the situation. If you aren't
prepared then when the risk arises you will spend time trying to
figure out what to do instead of fixing it. Time is critical to any
project and time can't be wasted. With risk management all of the
issues can be prepared for so when the risk arises you already have a
plan of attack and can keep moving forward.
You have
identified
risks
Professor Hammond
9/20/2012 6:08:14 PM
You have identified risks; now, as the last step, we need to define the contingency plan we will
implement if the risk occurs. This is a crucial step in Risk Management. What are some contingencies
for the risks in this project?
RE: You
have
identified Pamela Gusta
risks
9/22/2012 5:18:18 PM
The first thing is to have a plan for any natural disasters, man-made
disasters, threats and other things that could come up. You would
have to break up the project to find out how to overcome any of these
disasters.
RE: You
have
identified Dalton Matott
risks
9/23/2012 11:45:37 PM
Next would be to go to more project centered disasters. This could
include general equipment failure, contractors not showing up,
people being fired / new hires, and retirement. It would be wise if
any of these are extremely possible to have a contingency plan.
Talking to people involved with the project will help bring any
project related risks to light.
RE: You
have
identified Timothy Beeler
risks
9/23/2012 1:46:58 AM
Some contingencies would be;
Spare routers and cards on site in case one or more are defective right out of
the box.
Cisco available 24/7 as part of their SLA while the new equipment is being
installed, tested and for a few months while in production.
Time built into the schedule for weather and equipment caused delays.
RE: You
have
identified Bradley Frankford
risks
9/20/2012 9:52:34 PM
A contingency plan for a risk such as a data center breach in a corporation
could include damage mitigation procedures in case of a breach, media
contacts, appointing a lead coordinator if such an event were to occur,
and anything else that would possibly help if such an event arose.
RE: You
have
identified Ryan Frain
risks
9/21/2012 7:29:16 AM
A contingency plan is a plan to solve a problem that could occur but has not
yet occurred. An example of a contingency plan would be mitigating cost.
Mitigating cost involves incurring a cost before an uncertain event happens
and limits the loss if the event does occur. Basically, the idea is to budget
ahead of time for potential risks that might come up and then if one of the
risks does occur it is already in the budget and therefore is not creating an
unexpected loss.
RE: You
have
identified Kibalu Tchao
risks
9/21/2012 6:09:38 AM
Contingency planning involves defining action steps to be taken if an identified risk
event should occur. An example can e what they call ''Workaround''. Workarounds are
unplanned responses to negative risk events. Workarounds are unplanned only in the
sense that the response was not defined in advance of the risk event occurring.
RE: You
have
identified Bradley Frankford
risks
9/23/2012 8:25:11 PM
I suppose a good example of that (networking related) could be
server downtime. For example, an application on the server may
have a bug and a System Administrator can provide a workaround to
allow continued productivity (since the specific error was not defined
on how to be addressed) until the issue can be resolved.
Risk
Management
Ddungu Wasswa
9/21/2012 8:11:37 PM
Risk Management Outline:

Team objectives

What are the responsibilities of the risk management team?

Who are the members of this team?

Who are the stakeholders of this team’s activities? Who will receive reports from this
team?

What is the scope of the information collected and analyzed by the team?

Process for handling risk events

Prepare list of risks affecting completion of activities and work packages

Prioritize risks according to their potential effect on the project (severe risk, medium
risk, low risk) and with respect to the likelihood of materializing (high, medium, low)

Prepare list of risk triggers

Set up metrics to determine when a risk materializes

Prepare list of contingency measures for each identified risk

Team activities

Each week the team will receive information about completion of activities, and
updated project schedule showing new work completed

Based on current progress, team will evaluate risk metrics for each task. For example,
it could be found that an activity has slipped by 2 weeks, consuming all available
slack on that work package. This would indicate a problem that has to be addressed to
prevent the project completion date from being compromised.

As needed, contingency plans are put in motion.


Team outputs
The risk team will produce an update of current risks every week, indicating the
current risk status, any triggers that have been pulled, and any contingency measures
in place.
Reserves
Professor Hammond
9/21/2012 8:17:00 PM
Reserves are an important safeguard to unexpected events that can happen during a project. As a
project manager, you will have more control over budget reserves, but you may on occasion need to
seek management reserves if something very unexpected and major happens to impact your project.
What is the difference between these two types of reserves? Provide an example or share how your
organizations manage each type?
RE:
Reserves Jael Munoz
9/23/2012 3:34:37 PM
A budget reserve is a rainy-day fund a company sets aside to finance operating activities if
adverse, unexpected events cripple its liquidity position or make it difficult for the business
to access money in corporate vaults. An example will be having a percentage of the yearly
operating budget on reserve. Management reserves represent money, time or budget
resources that corporate leadership puts aside to account for parts of a project that department
heads and service providers cannot predict. An example will be in case of an accident or
severe weather that would have a project come to a stop an yield more costs management
reserve is put in place so that the initiative keeps going while the events occur.
RE:
Reserves Ddungu Wasswa
9/23/2012 4:02:38 PM
The budget reserves in a project are included as part of the project plan. In a
way, these have been anticipated as being likely to be needed. On the other
hand, the management reserves are outside of the project plan and usually
have to be accessed only if the project encountered some really unexpected
situation. Management would have to give an "okay" to access these reserves
and it would have to make a decision as to whether to continue with the
project in its present form.A situation I saw (didn't happen in my
organization) was the construction of an aerial tram in Portland,
Oregon about 7 years ago. For whatever reason the project cost was
miscalculated badly, and the city council had to make a decision in
the middle of the project to allocate an even higher amount of
resources to its completion (or cancel the project altogether). Some
organizations might find out in the middle of a project that the final
cost is impossible to handle, and the project might be aborted
instead. In the case of the Portland air tram, it was finished
eventually with a 200% budget overrun.
RE:
Reserves Lashelle K McKoy
9/23/2012 5:33:45 PM
Management reserves are used to cover unforeseen risks that may hinder the
project. They are established after the project budget is set and determined, you
could consider the management reserve backup funds for the project. Budget
reserves are used to cover risks already identified within the project and are part of
the bottomline for completion. Project managers, team members and the client
should all be made aware of the budget reserves and any decreases that may
prevent possible delays.
RE:
Reserves Patricia Campbell
9/22/2012 8:24:54 PM
According to our textbook budget reserves are for specific segments or areas
of a project such as the computer coding line item to cover the risk of testing
the coding on a computer which could show a project.
Management reserves are established after the budget reserves are identified
and funds established and are independent of budget reserves, the
management reserves are controlled by the project manager who decides
when the reserves are to be used.
Patricia
RE:
Reserves Julius Frazier
9/22/2012 8:27:34 PM
Budget reserves are identified for specific work packages or segments of a
project found in the baseline budget or work breakdown structure. The
reserve amount is determined by costing out the accepted contingency or
recovery plan. The budget reserve should be communicated to the project
team. This openness suggests trust and encourages good cost performance.
However, distributing budget reserves should be the responsibility of both the
project manager and the team members responsible for implementing the
specific segment of the project. If the risk does not materialize, the funds are
removed from the budget reserve. Thus, budget reserves decrease as the
project progresses.
An example of the budget reserves would be for the military. If the
government was to run out of money there is always enough money in the
reserves to keep the troops budget going.
Management reserve funds are needed to cover major unforeseen risks and,
hence, are applied to the total project. Management reserves are established
after budget reserves are identified and funds established. These reserves are
independent of budget reserves and are controlled by the project manager and
the “owner” of the project. The “owner” can be internal (top management) or
external to the project organization. Most management reserves are set using
historical data and judgments concerning the uniqueness and complexity of
the project
An example of managemet reserves would be we have a set time when we
send people down to join the army but, mangagement reserves the right to
change our schedule so make up short falls from other companies lack of
processing people in the army for this past month.
Erik W. Larson. Project Management w/ Project 2007 CD and Student CD,
5th Edition. McGraw-Hill Learning Solutions, 2011.
<vbk:0077588975#outline(7.7.2)>.
Erik W. Larson. Project Management w/ Project 2007 CD and Student CD,
5th Edition. McGraw-Hill Learning Solutions, 2011.
<vbk:0077588975#outline(7.7.1)>.
RE:
Christopher Potts
9/22/2012 12:46:28 AM
I: Objectives
A: Come up with a game plan for the team
B: Assign tasks to each team member
C: Have a meeting to discuss timeframes
II: Work on Project
A: Work together as a team to get things done
B: Discuss things and work out any kinks involved
C: Finish and plan the presentation
III: Presentation
A: Organize and prepare for the practice presentation
B: Practice presenting the project and get everything organized
C: Present project with everything set up right
As we
wrap Professor Hammond
up...
9/23/2012 6:40:24 PM
Change is inevitable during projects, and the Change Management Control process is a major
element in the risk control process. Risks typically fall into three categories: scope changes,
contingency plan implementation, or improvements. Some organizations have a separate board that
reviews change requests, like the example in figure 7.10, and that have the authority to accept or
reject project change requests. How do your organizations approve project change requests? What
are the benefits to having a change management control process in place?
RE:
As we
wrap Aaron Nelsen
up...
9/23/2012 10:31:33 PM
The benefits of having change management control is you can track changes
made and assign resources to the change to make sure the changes occur in a
timely manner. When my organization makes changes to a project we review
the risks of the change and then submit a change form to the contractors.
Risk
Management
Jie Hao
9/23/2012 11:27:21 PM
The current project risk processing means including risk control, risk retention, risk
transfer three types. Project risk control is to take all possible means to avoid project
risk, eliminate project risk, or risk of its risk of loss of control may result in a
minimum or within acceptable take emergency measures.