Chapter 11: Project Risk Planning
Chapter 12: Project Quality Planning and Project Kick-off
initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.
Also, provide a graduate-level response to each of the following questions:
1. Define and provide one example each of a known known, known unknown, and unknown unknown you have encountered on previous projects. Which of the these would be addressed during planning phase? Which would be the basis for listing on a risk register? Why?
2. To help identify risks, what are some questions a project manager could ask when reviewing the project charter and WBS? Why would these be the questions to ask?
Risk Register Exercise
This week’s exercise will be to create a Risk Register for your selected project. Additional instructions are in the Word template. You must use the template provided.
You will complete the attached Risk Register in attached template. A risk needs to be identified for each of your six (6) Key Deliverables (this would be listed under the Category column). This needs to be a thorough, well thought out risk register which provides detailed thought and consideration. An example of the Risk Register is available in Exhibit 11.9 on page 370 of the textbook.
The following is a description of what should go under each column.
Risk Description: Identify the Risk associated with the Deliverable.
Impact: This is a narrative of potential impact if the risk should occur.
Category: This will be the associated Deliverable
Probability: This is a score of 1-5. A score of 1 would be if the probability of the risk occurring is very slight and a score of 5 is that is will almost likely occur.
Impact: This is a score of 1-5. A score of 1 would be the impact would have little impact if the risk occurs and a score of 5 would be catastrophic impact if risk event occurs.
Score: This is the Probability multiplied by the Impact.
Response Strategy/Solution: This should be a
plan on how to either limit the Probability of the risk event from occurring and/or a plan to reduce the Impact if it does occur. This must include direct correlation to the scores assigned to Probability/Impact. At least one of the risk response strategies from the textbook must be identified with course of action provided based on identified risk.