COURSE PROJECT

Assessing, Managing, and

Mitigating Risk

Assessing, Managing, and

Mitigating Risk

Part One

Assessing Risk

In this part of the course project, you will analyze a past project on which you have worked. Think back to a project that$$s now completed; it can be one for which you were the project manager or one in which you were a contributor. By reflecting on what the risks might have been and why they were present then analyzing the outcomes, you will be better positioned to assess risk the next time it presents itself.

Answer the following questions, using as much space as you need.

$1.$ Describe a project you have selected. What are the high$-$level goals?

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$2.$ Looking back on this project, were there any risks that you did know about or should have known about at the beginning of the project?

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$3.$ What were those risks?

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$4.$ What were the leading indicators? $($Keep in mind that you're using hindsight to reflect on a past project and any measurements in place at the beginning that might have been helpful inputs indicating to you that the work might take longer or cost more than you planned. Examples of these indicators could be "Most of the dedicated staff were not trained on critical new software before the project started" or "Our pricing information from key suppliers was five years old." You're simply being asked here to think of any inputs you had available to you that could have been used as indicators of what might happen with your project.$)$

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$5.$ What could you have done for contingency planning at the beginning? $($In other words, what could you have done to identify a "Plan B$"$ if risks became reality and things went wrong?$)$

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$6.$ Did the risks come to pass?

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$7.$ What was the outcome in that case?

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Examining Risk

Now that you have had a chance to think about risk within a project management context and to

apply some of the strategies you have explored, you are ready to consider how the lessons and concepts presented in this module relate to your own work. Refer to a project that you are involved with currently and are very familiar with or to a project you have worked on in the past that you understood well.

Answer the following questions, using as much space as you need.

$1.$ Brainstorm a list of the risks that you believe are present in this project $($or that were present

if you are working with a past project$).$ List them here.

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$2.$ For each risk you have identified, assess the threat level in terms of both consequences and probability, as described in this module.

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$3.$ How does your analysis of the risks affect your project scheduling?

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$4.$ Describe your attitude in response to the risks you$$ve identified on this project.

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$5.$ Describe the attitudes of other people who are $($or who were$)$ important to this project. How do you think others$$ risk attitudes influenced outcomes?

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Applying Strategies to Mitigate Risk

Now you will consider applying strategies to mitigate risk. Consider the mitigations you could apply to this project and how they would change that project network.

Answer the following questions, using as much space as you need.

$1.$ For the risks that you identified on this project, what are some of the mitigations that you could have applied?

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$2.$ How do you think your chosen mitigation strategies would have affected your project network?

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$3.$ Create an action plan for risk management by answering the following questions:

a$.$ Key risks: Identify the relevant risks facing your project.

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b$.$ Strategies: Identify which strategies from the course you will use to assess, manage, and mitigate those risks. What will you do or what will you recommend should be done?

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c$.$ Steps: What are the specific actions you will take to assess, evaluate, and manage risk? Be as specific as you can in outlining your plans.$$

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d$.$ Timeline: Identify a timeline for implementation. What will you do $($or will you have your team do$)$ immediately?

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$1.$ Measurement$/$results: How are you going to measure your results or demonstrate that your efforts have had a positive impact? Outline your measurement strategies here.$$

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