Week 2:

Week Introduction:

Methods of Identifying Project Risks

During the planning phase of the project life cycle, identify the risks that the project will encounter. Several different approaches can be used for risk identification, including reviewing risk management documentation associated with historical projects in the same organization, researching similar projects that have occurred in other organizations using the Internet or other sources of information, and brainstorming.

If brainstorming is used, it can be conducted in a structured way by (a) reviewing each work package in the Work Breakdown Structure and identifying risks associated with each work package, (b) considering risks associated with each element of a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis of the project, (c) considering risks that may confront the project during each phase of the project life cycle, or (d) considering each of various general factors impacting the specific project, like equipment, manpower, and weather and determining risks associated with each. Brainstorming can also be conducted in a less structured manner by encouraging subject matter experts to suggest any and all risks based on their knowledge of the type of project and their experience with previous projects.

Review the resources listed in the Books and Resources area below to prepare for this weeks assignment(s).

Books & Resources:

Book

Project Management Institute. 2013 A guide to the project management body of knowledge (PMBOK Guide)

Instruction:Read pages 319-327.

Cooper, D., Bosnich, P., Grey, S., Purdy, G., Raymond, G., Walker, P., & Wood, M. 2014 Project Risk Management Guidelines

Instruction:Read pages 69-76 and pages 381-388.

Heldman, K. (2005). Project manager's spotlight on risk management. http://site.ebrary.com.proxy1.ncu.edu/lib/ncent/docDetail.action?

Instruction:Read pages 29-52

Website Link

Simplilearn, (2011). How to identify risks [Video file]. https://www.youtube.com/watch?

Instruction:Watch video.

Assignment: Select a Risk Identification Method and Use it to Determine Risks Facing a Project (10 Points) Due: 05/15/2016

Instructions:

For this assignment, you will conceptualize a project objective statement, select a risk identification method, and apply that risk identification method to identify at least 10 risks that face the project (at least two of which must be positive risks that represent opportunities), and then reflect on the advantages and disadvantages of an alternative risk identification approach to the one you selected and applied. The project objective statement must include a high-level description of the scope and quality requirements, a quantified specification of the budget, and a quantified specification of the expected duration of the project. This may be a hypothetical or real project. The risk identification method must be identified specifically and where it was found in the course materials must be cited.

Include the following sections in your paper at a minimum: Introduction, Project Objective, Risk Identification Method, Identified Risks, Reflection, and Conclusion. Note that other sections of the paper will be needed, depending on the risk identification method selected. For example, if you decide to identify risks associated with work packages in the Work Breakdown Structure, you will need a Work Breakdown Structure section of the paper.

Support your paper with a minimum of three (3) external resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.

Length: 5-7 pages, not including title and reference pages

Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Be sure to adhere to Northcentral University's Academic Integrity Policy.