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PJM6015 Risk Management
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PJM6015 Risk Management
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Course Code: PJM6015
University: Northeastern University
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Country: United States
Question:
Identify how the risk response plans will be created tying into the analysis work above – be sure to discuss strategies for both positive and negative risks. What level of risks have a response plan A contingency plan Also, link to how the risk register and how it is used to document risk analysis.
In this section, clarify the roles and responsibilities of key stakeholders engaged in the risk management process. Be sure to distinguish the role of the project managers and risk owners. Consider using a RAM to confirm the role each stakeholder has in the process. If this has clearly been identified in Section 2, delete this section. Answers “Who is engaged in the risk work and how.
In this section, explain how risk work will be budgeted for in the project. This includes both the team’s time to do risk work as well as how the actions to address risk will be considered. If this has clearly been identified in Section 2, delete this section. Answers “How is the risk work being paid for How are the risks “paid for” should they occur.
Answer:
The main purpose which is related to the risk management plan mainly include the different risk factors which can be associated within the working of the project. The sector of identification of the risk factors can be considered to be very much important in the field, due to the factor that if the risk factors are included into the working of the project it can affect the overall success factor of the project. In a networking event there can be different type of risk and there are different approach related to the identification and mitigation of the risk which are implemented according to the requirement of the case (Pritchard & PMP 2014).
There are different areas within which the risk factors can occur, mainly the sectors include the areas of budget aspect, time factor and delivery of the success factor of the project. The main point of emphasis which should be taken into consideration is that despite of the different risk factors the overall project is delivered with the different criteria being taken into consideration.
Risk management
In the aspect of project management there can be different process which can be implemented within the working of the project which would be effective in the sector of identification, detection, and mitigation of the risk factors. There are different processing which can be implemented in the aspect but it can be stated here that the process which would be implemented would be directly depend on the condition of the project and the risk factors it can face. The project manager in this context has a crucial role to take up the decision of the process which should be implemented. If the process which is implemented does not suite the requirement of the project then the overall success factor of the project would be impacted. The steps which can be included in the process of risk management are stated below:
Risk Identification
This step mainly include the identification sector of the risk which are implemented within the working of the project. There can be different technique which can be implemented for the identification purpose which can be used for the aspect of finding out the risk factors. During this step it can be stated that the project risk register are taken into consideration. Identification of the risk can be done in the form of different operations which are included into the working of the organisation. It can majorly include the events which are directly related to the aspect of working of the different parameters which are included into the working of the project. The tools which are widely used in the event of the identification of the different risk factors that may be included in the identification of the risk is the risk matrix.
Risk Analysis
This can be stated as a second step related to risk processes which majorly include the determination and the consequence of each of the factor of risk. The main focus in this step would be the development of the understanding of the factor of risk and the nature which are associated with the factor of the risk. The potential impacts it can possess in the project are also calculated in this sector taking into consideration the objective and the goal of the project. All these information are plotted down in the risk management register.
Qualitative Risk Analysis
In this step the risk are evaluated and ranked according to the magnitude of the risk which are identified. The magnitude of the risk is directly linked with the consequence and the likelihood of the risk. The decision should be taken in this step relating to the risk factor whether they are acceptable or not or whether the risk factor is serious factor or not. The treatment of the risk are also taken into consideration in this step due to the fact that the impact it can possess on the project may be severe which can impact the success factor of the project.
Quantitative Risk Analysis
This step can be considered as a risk plan related to the response of the risk factors. During this step there is assessment of the highest risk which are ranked and set out the plan to modify the factor of risk and the treat the risk to minimize the impact it can have on the project. The main question which can be asked in this step is that how would be minimization of the probability of the risk which are negative would be ignored and mitigated. According to the treatment measures which are identified the risk factors are plotted down in the risk register plan. The quantitative analysis in this sector mainly include the selection of the different parameters which may be included into the risk factors of the project
Risk Response Planning
The main response which is related to the risk is directly taken into consideration by the project manager. The project manager initiates the project plan and takes into consideration that the risk factors are not included into the working of the project. In most of the sectors it is seen that the risk factor identification are not taken into consideration at the right time due to which it impacts the overall working of the project. The main impact which is seen is in the success factor of the project. Majorly projects are dominated by the stakeholders and the project manager and they majorly take into consideration the major working of the project.
Response should be very much timely in a manner which basically forms the basis of operation of the risk mitigation aspect (Burtonshaw, 2017). There can be different conditions which can be faced within the working of the project but the main aspect which should be taken into consideration is that risk plans which are pre planned and can be just implemented within the working of the project according to need of the project and which plan would be working appropriately in the sector of mitigation of the risk.
Risk Monitoring And Reporting
This can be considered as an outcome of the plan. In this phase the different risk factors which are identified are taken into consideration and the working on the risk plan are taken into consideration. Monitoring of the risk factors can be considered very much important due to the factor that if the risk factors are not take into consideration it can directly impact the overall working of the project. Reporting of the risk can be implemented from the end of the members of the project or from the end of the project manager.
The stakeholders in this context can be directly concerned with the external risk factor of the project so the project do not include any type of external risk factors (Bailles et al., 2016). Monitoring of the risk can sometimes referred to as a continuous planning towards a better processing of the projects in which there are different parameters included into the working. Sometimes it can be stated that there are dedicated person who are always engaged into the monitoring aspect of the project throughout the working and implementation of the project.
Roles and responsibilities
Stakeholders
The main role which is related to the stakeholders mainly include the following points:
Provide expertise: Stakeholders majorly have the knowledge relating to the wealth and knowledge of the current processes, information which are related to historical and industry insight (Pritchard & PMP, 2014). Many a times it can be stated that the role of the project manager are more important than the project member or the project manager and they may have to include their own activity even after the activity of the project are completed.
Uncovering and reducing of risk: It can be stated here that more the involvement of the stakeholders in the project there would be less risk factors involved into the working of the project. When taking into consideration the initial requirement of the project the stakeholders can very much play an important role in this context.
Increasing project success: By means of gathering the initial requirement of the project they can get together their buy which would be directly beneficial from the point of view of the successful completion of the project. This aspect would be beneficial in a way which would be directly reducing the factor of getting surprise at the execution phase of the project.
Acceptance of the project: The more the engagement of the stakeholders in the project there would be more chances of the project reaching the success factor.
Project manager
The main role which can be related to the project manager mainly include the following points:
The main role of the project manager would be to organize the overall team and maintain a sense of responsibility for the team. It would be directly beneficial in a way of making the project reach the desired level of success.
The project manager has an overall role to maintain the working of the team. He also has a role to appoint different role to the member and look into the aspect that the member perform their individual activity properly (Reddel et al., 2015). The project manager and the team under him always have a common goal to reach which is success factor of the project.
If there are any sort of discrepancy faced within the working of the project the project manager would be liable for it. At each stage of the project the project manager has a role to detect the working areas of the project and make necessary alteration of the project.
The project manager can directly help in the execution of the project and by this means generate a sense of responsibility of the team members of the project. There are some of the roles of the project manager which play a very crucial role within the working of the project (Kerzner & Kerzner, 2017).
Budgeting
Task Name
Duration
Resource Names
Cost
Risk Management for PJM Networking Event
79 days
$32,400.00
Identification of the risks
7 days
$4,200.00
Identifying impacting sectors
4 days
Business Analyst, Event Manager, Resource Manager, Risk Manager
$2,400.00
Listing variables and impacts
3 days
Business Analyst, Event Manager, Resource Manager, Risk Manager
$1,800.00
Risks prioritization
23 days
$9,260.00
Listing risks
5 days
Business Analyst, Event Manager, Resource Manager, Risk Manager, Volunteers
$3,400.00
Assigning Impact
7 days
Event Manager, Risk Manager
$2,240.00
Analysing Probability
6 days
Event Manager, Risk Manager
$1,920.00
Mapping risk Register
5 days
Event Manager, Risk Manager, Resources[1]
$1,700.00
Risk register development
17 days
$6,980.00
Listing Risks
4 days
Business Analyst, Event Manager, Resource Manager, Resources[1], Risk Manager, Volunteers
$2,820.00
Identifying Stakeholders
7 days
Event Manager, Risk Manager
$2,240.00
Relating prioritization
6 days
Event Manager, Risk Manager
$1,920.00
Mitigation strategies Development
21 days
$6,720.00
Identifying highest priority risks
7 days
Event Manager, Risk Manager
$2,240.00
Highlighting stakeholders
3 days
Event Manager, Risk Manager
$960.00
Setting risk management strategies
5 days
Event Manager, Risk Manager
$1,600.00
Identifying later impacts
6 days
Event Manager, Risk Manager
$1,920.00
Monitoring implementation of risk mitigations
11 days
$5,240.00
Tracking risks
3 days
Business Analyst, Event Manager, Resource Manager, Resources[1], Risk Manager, Volunteers
$2,140.00
Tracking impacts
4 days
Event Manager, Resources[1], Risk Manager
$1,380.00
Tracking probability
2 days
Event Manager, Resources[1], Risk Manager
$740.00
Documenting revised risk register
2 days
Event Manager, Resources[1], Risk Manager, Business Analyst
$980.00
Timing
Task Name
Duration
Start
Finish
Risk Management for PJM Networking Event
79 days
Fri 8/3/18
Wed 11/21/18
Identification of the risks
7 days
Fri 8/3/18
Mon 8/13/18
Identifying impacting sectors
4 days
Fri 8/3/18
Wed 8/8/18
Listing variables and impacts
3 days
Thu 8/9/18
Mon 8/13/18
Risks prioritization
23 days
Tue 8/14/18
Thu 9/13/18
Listing risks
5 days
Tue 8/14/18
Mon 8/20/18
Assigning Impact
7 days
Tue 8/21/18
Wed 8/29/18
Analysing Probability
6 days
Thu 8/30/18
Thu 9/6/18
Mapping risk Register
5 days
Fri 9/7/18
Thu 9/13/18
Risk register development
17 days
Fri 9/14/18
Mon 10/8/18
Listing Risks
4 days
Fri 9/14/18
Wed 9/19/18
Identifying Stakeholders
7 days
Thu 9/20/18
Fri 9/28/18
Relating prioritization
6 days
Mon 10/1/18
Mon 10/8/18
Mitigation strategies Development
21 days
Tue 10/9/18
Tue 11/6/18
Identifying highest priority risks
7 days
Tue 10/9/18
Wed 10/17/18
Highlighting stakeholders
3 days
Thu 10/18/18
Mon 10/22/18
Setting risk management strategies
5 days
Tue 10/23/18
Mon 10/29/18
Identifying later impacts
6 days
Tue 10/30/18
Tue 11/6/18
Monitoring implementation of risk mitigations
11 days
Wed 11/7/18
Wed 11/21/18
Tracking risks
3 days
Wed 11/7/18
Fri 11/9/18
Tracking impacts
4 days
Mon 11/12/18
Thu 11/15/18
Tracking probability
2 days
Fri 11/16/18
Mon 11/19/18
Documenting revised risk register
2 days
Tue 11/20/18
Wed 11/21/18
Risk Breakdown structure/ categories
Sl. No.
Risks
Impact
Probability
Risk Owner
Trigger Event
1
Budget escalation
V H
H
Manager
Improper planning
2
Timeline
H
H
Manager
Improper planning
3
Less number of participants
V H
M
Market analyst
Ineffective advertisement
4
Network issues
H
L
IT team
Slow network connectivity
5
Less number of companies
V H
V L
Campaigning manager
Inefficient campaigning
6
Entrance and exit at on-ground venue (Liang et al., 2017)
M
L
Manager
Ineffective event management
7
Accidents at on-ground venue
H
V L
Volunteers
No contingency plan
8
Natural calamities
V H
V L
Volunteers
No contingency plan
9
Improper management
H
M
Manager and management team
Less experienced manager
10
Lack in resources
L
V L
Resource Manager
Less experienced manager (Hopkin, 2018)
Communication: reporting formats
The communication aspect of the project can be considered to be very much important due to the fact that most of the risk factors in the project should be noted down so that in the near future they are not faced again. It can be stated as a precaution which are implemented within the working and documentation of the project (Hartmann & Driessen, 2017). They are ideally conducted from the end of the project manager or someone who is experienced in the field due to a document which can be accessed later on for guidance purpose.
Sometimes it can be stated that similar event take place which affect the internal working of the project and in this context it can be stated that the document can be referred to provide a guideline which directly help in the sector of implementing a mitigation strategy which would be directly reducing the impact time of the risk. In most of the cases it can be seen that the risk factors are initiated due to the lack of communication between the different members of the project.
Risk management plan approval
undersigned acknowledge they have reviewed the Risk Management Plan for the project. Changes to this Risk Management Plan will be coordinated with and approved by the undersigned or their designated representatives.
[List the individuals whose signatures are required to approve the risk management plan.. Examples include the Project Manager and Project Sponsor. Add additional lines for signature as necessary.]
References
Bailles, N., Beattie, N., Chandler, M., Donovan, T., Edwards, B., Erickson, A., … & Laberda, L. (2016). Brooklyn Park Risk Management Plan for Nature Playscapes.
Burtonshaw-Gunn, S. A. (2017). Risk and financial management in construction. Routledge.
Hartmann, T., & Driessen, P. (2017). The flood risk management plan: towards spatial water governance. Journal of Flood Risk Management, 10(2), 145-154.
Hartmann, T., & Spit, T. (2016). Legitimizing differentiated flood protection levels–Consequences of the European flood risk management plan. Environmental Science & Policy, 55, 361-367.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Leoni, E., Dallolio, L., Stagni, F., Sanna, T., D’Alessandro, G., & Piana, G. (2015). Impact of a risk management plan on Legionella contamination of dental unit water. International journal of environmental research and public health, 12(3), 2344-2358.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A. M. E., & Villanueva, P. (2014). Project risk management methodology for small firms. International journal of project management, 32(2), 327-340.
Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance. Auerbach Publications.
Reddel, S. W., Barnett, M. H., Riminton, D. S., Dugal, T., Buzzard, K. A., Erickson, D., … & Ackland, T. (2017, October). Design and implementation of an automated platform supporting the Alemtuzumab risk management plan: The Alemtuzumab MS Safety Systems (AMS3) study. In MULTIPLE SCLEROSIS JOURNAL (Vol. 23, pp. 642-643). 1 OLIVERS YARD, 55 CITY ROAD, LONDON EC1Y 1SP, ENGLAND: SAGE PUBLICATIONS LTD.
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