PCNet Project (A)

project risk management in an IT intergration project

Question )

What are the fundamental steps that the PCNet project is using to respond to project risks?

(150 Words Answer)

Project Risk Management is the art and the science of responding to project risk throughout the life of a project and in the best interest of its objectives. Risk identification is an attempt to identify factors that may cause the project to get into trouble. It is an important part of project planning allowing the organization to be ready should any of the identified risks strike. Risk identification should provide potential solutions with which a team can respond quickly. Questions: 1) Risk identification, assessment, and response are taking place through the work that the project managers are doing. Describe the steps and processes used for risk identification and assessment as you see it taking place in the PCNet project. /10 marks 2) For two major risks that are identified by the project managers, list the three components of risk for each. Three components are: the definable event, the probability of occurrence of the event, and the impact (or consequence) if the event takes place. 15 marks 3) What are the fundamental steps that the PCNet project is using to respond to project risks? /5 marks 4) A) Using bullet points, identify the major problems that are occurring in the PCNet project. This does not need to be dozens of bullet points - just the main items that strike you as most important. B) What are your thoughts about why these unforeseen problems are coming up at the end of the project in spite of management effort spent to contain them? /15 marks