Option #1: Case Study Analysis—Risk Planning
This assignment builds upon the Option #1 Critical Thinking Assignment you helped me with in Module 5 a few weeks ago. All elements identified below must be fully addressed in the paper you submit. If you need the paper you did for me I can send it to you.
Update the paper you submitted in Module 5 by populating theRisk, Impact, Likelihood, Response Type, and Response Description columns in the table in (4) below. Prepare a paper in which you address each of the following in separate, titled sections framed by an introduction and a conclusion:
- Select a hypothetical or real project in your personal life, like moving from one city to another or buying a house. Describe the project specifically and measurably in terms of scope, budget, schedule, and quality.
- Identify 3-4 logical chronological phases that comprise the entirety of the project duration and describe these phases.
- Brainstorm a total of eight risks facing this project, including six negative risks and two positive risks. State each of the six negative risks concisely in the form of an undesirable event and explain each risk. State each of the two positive risks concisely in the form of a desirable event and explain each risk.
- Prepare a table that includes the following column headings, from left to right: Project Phase, Risk, Impact, Likelihood, and Response. Populate all of these columns. Populate the first column with the names of the phases identified in (2) above. Populate the second column with the eight risks identified in (3) above in such a way that each risk appears in the same row of the table as the project phase to which it pertains. Populate the Likelihood and Impact columns with numerical ratings from 1-10. Populate the Composite Risk Score column with a value that is the product of the Likelihood and Impact ratings for each risk. Populate the Response Type column with one of the five one-word risk responses identified in The PMBOK ® Guide section 11.4 only. Populate the Response Description column with a concise description of the Response. Now sort your table so that it is arranged from highest to lowest Composite Risk Score, moving from the top to the bottom of the table.
- Discuss the rationale and approach you used to arrive at the Likelihood and Impact scores. Explain in detail your planned Response for each of the three risks with the highest Composite Risk Scores.
Your paper should be 4-5 pages in length, including the table presented in (4) above. You are required to support your paper with at least three scholarly sources. The paper must be formatted according to the APA style. Submit only one MS Word file. You may create your table for (4) above in Excel if you would like, but you must then move it successfully to the MS Word file that you submit—and the table must be readily viewable by the reader of the MS Word document. Hyperlinks, embedded files, or any other approach to incorporating the table into the MS Word document that renders the table not immediately viewable by a reader of the document—without having to take any action—are not acceptable and will result in no credit for the table.