How are positive opportunities leveraged to mitigate project risks? Key elements in risk identification Why is it important to identify and manage risks early in a project’s life cycle?

 

  1. How are positive opportunities leveraged to mitigate project risks?
  2. Key elements in risk identification
  3. Why is it important to identify and manage risks early in a project’s life cycle?
  4. How do constrained resources amplify the need to manage risks?

5.- Identify two elements used in documenting project risks.

6.- Discuss usage techniques and recommended frameworks.

 

Part II  to submit – Monday  10/31 @10pm MST

 

Risk Management Plan Outline

Select a scenario for your final project. Research and identify a suitable project for risk management discussion and analysis. Several examples are available in weekly readings. The following guidelines apply:

  • The project must contain detailed information related to overall project requirements and related risks.
  • The project must contain adequate substance to support discussing risk identification, risk documentation, and contingency planning.
  • The project must be ongoing and approved by your facilitator.
  • The project may be documented through research or a personal experience.
  • If you are unable to locate a suitable project in research, two scenarios are available in the virtual organization.

Write a paper of no more than 600 words that describes the project’s background and general requirements, which must include prescheduled milestones, cost constraints, and quality requirements. The paper must relay the theoretical and practical application of the following:

  • The framework for risk identification in the project; for example: WBS, brainstorming, and critical success factors
  • Fault tree and event tree techniques and how they could be used to identify risks
  • Project risks in the selected scenario
  • Elements used in documenting project risks

Portion of assignment utilized in final project

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