Free Project Risk Management Essay Sample
Who would be considered stakeholders? What characteristics would they have?
Savior - this is an influential active backer. They are powerful, show interest and possess positive attitude towards projects.
Friend – this is insignificant active backer. Possess low power, but are really interested in assisting. They also have positive attitude.
Sleeping giant - this is an influential passive backer. They have the power but show little interest in project initiated.
Acquaintance - this is another insignificant active backer. Have low interests in projects as well as low power. Needs instant reminders to help in fighting risks
Saboteur-Influential active blocker (powerful and show interests in projects initiated but posses a negative attitude). These types of stakeholders must be actively engaged to prevent disruption of the continuation of the project.
Irritant - insignificant active blocker (very interested but do not support projects). They display negative attitude but have little power to cause disruption of the project.
Tome Bomb - Influential passive blocker (they are powerful, but have interest towards projects initiated). They should be understood early enough and consequently defused before they explode to project progress.
Tripwire - insignificant passive blocker (possess low interest, low power, negative attitude). Their interaction with the project should not be allowed. Otherwise, they may hinder progress (Hilson, and Murray-Webster, 2007).
What are the three heuristics that are used in the case of uncertainty?
First, Heuristics are experience-based methods (shortcuts) applied in finding quick fix to potential risks in project management. The three normally used in case of uncertainty are:
Availability - these techniques acquired from tackled risks in the recent past.
Representativeness - same risks always occur in similar circumstances. That knowledge can be used to correct an imminent risk.
Anchoring and adjustments - the first answer is often nearly right (Hilson and Murray-Webster, 2007). However, it gives opportunity for other to offer their thoughts in fixing risks.
Once an active risk is encountered, and the risk register action is taken, what can develop from that action?
A Residual risk can develop after an action has been taken. Residual risks include those risks that are considered acceptable risk and those that are unidentified.
The focus of the Post Project Review is to take advantage of?
Post Project Review, is done after the completion of a project. It is done to determine whether a given project undertaken was successful or not to take advantage of any lessons learned. This type of review looks at whether a project produced the intended deliverables within the agreed or planed timeframe (PMBOK Guides, 2009).
Critical Success Factors for effective risk management
Critical Success Factors refers to “The key areas that must be effectively tackled to ensure successful competitive performance of a project. In essence, they are the limited key areas that must be implemented satisfactorily for a given project to flourish. According to David Hillson and Pater Simon, the key drivers of project and business successes are
Clear language- this is simply setting objectives clearly and if possible in a language devoid of terms that may confuse.
Simple process- the channel to be followed in arriving at the deliverables must not be complex; otherwise, targets may not be realized.
Scalable infrastructure- this basically creating space to manage and capture the existing opportunities.
Supportive culture- this refers to the creation of team building efforts that not only allow consensus but also focus towards the objectives.
Identify the risk threshold zones and discuss what actions each requires in managing risk
Risk threshold determination depends on the amount of time and investment resources that one willing to put into a project. Adherence to time limits requires commitment from those undertaking projects. Risks that end up taking a large share of resource available are not worth taking.
Identify the responses to (1) threats, (2) opportunities, and (3) both threats and opportunities; briefly explain each:
1)threats- Identify risks that have the potential to cause significant effects at the strategic level and allow proactive management on these risks.
2)opportunities- Enable opportunities to be proactively managed as an inbuilt part of the project at both tactical and strategic levels, rather than having reactive approaches.
3)Both threats and opportunities- Development of a mature culture within a system that recognizes that risk and opportunities exists in enterprise, and that risk should be managed proactively to deliver benefits.