TMGT458 Project Management : Risk Management Strategy
TMGT458 Project Management
Questions:
Risk planning develops a risk management strategy, which includes both the process and implementation approach for the project. Each of these two considerations is of primary importance for achieving effective risk management. Early efforts should establish the purpose and objective, assign responsibilities for specific areas.
Question 1:
Identify additional technical expertise needed.
Question 2:
Describe the assessment process and areas to consider.
Question 3:
Define a risk rating approach, delineate procedures for consideration of response strategies, establish monitoring and control metrics, and define the reporting, documentation, and communication needs.
The second step in risk management is to identify risks (risk identification). This may result from a survey of the project, customer, and users for potential concerns. Some degree of risk always exists in the project, such as in technical, test, logistics, production, engineering, and other areas. Project risks include business, contract relationship, cost, funding, management, political, and schedule risks. Thirdly, risk analysis is a systematic process to estimate the level of risk for identified and approved risks.
This involves estimating the probability of occurrence and consequence of occurrence and converting the results to a corresponding risk level. The critical path method is used to estimate the minimum project duration and determine the amount of schedule flexibility on the logical network paths within the schedule model. This schedule network analysis technique calculates the early start, early finish, late start, and late finish dates for all activities without regard for any resource limitations by performing a forward and backward pass analysis through the schedule network. The critical path method is used to calculate the critical paths and the amount of total and free float or schedule flexibility on the logical network paths within the schedule model.
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