Session 2 – Planning Risk Management best practices

Objectives:

  • The objective of Session 2 is to develop an understanding of the benefits of identifying risky projects during project initiation and an understanding that it is best to begin project management planning. Process of risk management planning includes identification as early as possible and continue during the life cycle of a project. Gaining an understanding of stakeholders, their role, authority, interest and risk tolerance in risk management is important in enhancing Risk Management planning.

Assigned Reading: See Session Reading List to print out each article assigned!

TOPICS:

  1. Identifying project scope risks
  2. Sources of scope risk and change risks
  3. Root cause of scope and change requests
  4. Risk Impact and Probability Scales
  5. Plan Risk Management (PMBOK Guide, section 11.1): Inputs, Tools/Techniques & Output
  6. Organizing a Risk register for qualitative and quantitative rating of project risks to scope, schedule and budget

Discussions: 

  • Class Discussion Topics: Each week, there will be two discussion questions posted for whole-class participation.
  • Post a 2-3 paragraph response to each question, citing the readings assigned.
  • Review and reply to classmates’ postings, and discuss the readings.
  • Initial response is encouraged to start whole-class discussion early in the week.
  • Due by Wednesday 8:00 AM (EST), start of next weekly session.
  • Early in the week, participation in discussing questions related to course are encouraged.
  • Please post such questions to the Discussion area “Internet Café”.

Discussion Questions:

DQ 2.1: Based upon your assigned readings, how could you use tables or charts in:

  • Ranking of risks to project scope
  • Displaying risks to project resources and budgets
  • Identifying risks in scheduling

Review examples of Definitions for Probability and Impacts (Table 11-1) in your PMBOK Guide (PMI, 2019 p.407),  the Probability and Impact Matrix with Scoring Scheme (Figure 11-5, p.408) and sample Risk Breakdown Structure (Figure 11-4, p.406).  We will cover Monte Carlo simulations via examples next week in Session 3.

DQ 2.2: Understanding the terms Project Risk Management is key to manage projects. Explain why “estimating” activity duration can be one of the riskiest aspects of any project.  

Reply to 2 classmates to make this discussion a useful and interesting component of your online class, just like a lively discussion, and are required from each Graduate School student for ‘participation points’ in each week’s whole-class discussion. 

Team Project:  Let’s get started! It is due Session 12, end of class.

  • Introduce yourself to your team in the “Discussions” area
  • Discuss, agree and post “Team Mission Statement” as a draft assignment.
  • Develop and agree Team contact and communication plan for the semester
  • Review all “group” projects ahead in the Syllabus/Course Schedule and print out writing Instructions (in case LEO system goes down during semester).
  • Create team locker — go to top blue menu “My Tools”>Locker and set up folders
  • Review/print Instructions for the team Risk Mgt. Project Plan (RMPP) with multiple phases during session 2 – 11.
  • Format a 5 page blank Risk Management team ‘plan’ and upload to Locker. Add all team contact information and basic norms of weekly communications and 12 weekly meetings by end of this session. There are no meetings to be scheduled during Mid-Term week, session 7.

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