This website uses cookies to ensure you have the best experience. Learn more

Risk For Project Example Essay

1894 words - 8 pages

Payam Banikarimi
Course Project

Risk Plan
As we know there are some uncertain events that can impact to the project objective that called Risk. Therefore, I consider the following set of process that Risk Management must do these. Overall, Risk management should involve identifying, assessing, and responding to project risks in order to minimize the likelihood of the potential impact of the events on the accomplishment the project out comes. Managing risk includes taking action to prevent or minimize the impacts.
Risk management should try to plan the risk levels during the initial phase of the project life cycle to make sure. However, I believe that whole of ...view middle of the document...

If a contractor will explain about when risk plan should be identified, then the contractor could try to identify risks in a proposal to the customer in the initial phase. It might be a positive point for the project manager because it would show the customer that they have experience and could realize sufficient approach to performing the project and want to avoid surprises.
In the project, I can identify risks that might occur and establish some categories for ease of understanding that consist of:
* Technology
* New addressing system (IPv6),
* New devices adopted with faster cables and IPv6,

* Schedule
* Vendor delay in delivery of needed Hardware,
* Cost
* Material cost and their inflation cost, and vendors
* Human resource
* May not have expert persons available for any part of the project,
* External
* Electrical problems and some building obstacles duration of replacing cables might be external risks,

* Sponsor/customer
* Delay in approvals, reports and plans,
* Security about funding,

Definitions of Risk and impact

For each risk that has been identified, the potential impacts must be estimated, since the project manager and customer could expect the new surprises. Therefore, the risks and their impacts should be noted at the beginning phase in the short-time project.
I stated about risk categories and their impacts might be schedule delay, additional expenditures, the lack of acceptance quality, and the lack of consumer acceptance of new product. It is usual that risk rate would be 5% of budget and schedule in each part of the project. As a result, we would observe that budget rate might be $11,000 and time delay might be two weeks.
Identify risk

I can identify both positive and negative risks associated with the project by SWOT. Therefore, positive risks that the project manager may choose to attempt to make them happen (opportunity). The positive risk would be caused strength of the project. Conversely, negative risks that a project manager may choose to prevent them from happening. Also, the negative risks would be caused weakness of the project in whatever acceptance of the end product. Actually, “should be converted threats to opportunities”. Likewise, I have used the data from the Project Charter and Scope statement for risk assessment matrix that are in the below:

Identification | Assessment | Response Plan |
Positive Risks | Consequence | Probability | Impact | Trigger | Resp. | Response |
New application and software | H | M | Increase financial | Studying and analyzing Customer’s requirements | Financial Manager | Analyze needed application & order them |
More expert persons (more resource) | H | H | Increase financial& Reduced revenue | Developing new technology | HR Manager | Identify and use them in technological parts and add to WBS |
New addressing IPv6 | M | M |...

Other Papers Like Risk For Project Example

Project and Program in a Organization

621 words - 3 pages , benefits and risks of the project. The project business case should be managed under change control.  Definition of a Program program in an organization is group of related projects that are managed using the same technique in a coordinated fashion to achieve the organization’s business goal. To differentiate Project and Program in an organization, I would like to use an example of a welfare organization. The agency has a program for children’s

Project Management Essay

613 words - 3 pages confirm termination before energizing | 3 | 2 | 4 | | | | | | | | | | | www.asse.org. BENEFIT AND LIMITATION OF USING THE RISK REGISTER The Risk Register tool is used for recording and documenting the information generated through the use of Project Risk Management. “The risk register can be said to provide a formal mechanism to document the identified risk, their associated probability of occurrence and impact value as well as

Risk Management in Projects

3095 words - 13 pages project manager can categorize the risk into four categories as Low, Medium, High and Critical. The probability of occurrence and the impact on the project are the two parameters used for placing the risk in the matrix categories. As an example, if a risk occurrence is low (probability = 2) and it has the highest impact (impact = 4), the risk can be categorized as 'High'.  Develop Responses to the Risk o Now the project team is ready to begin

Project Management Procedures

2101 words - 9 pages the factors likely to impact on the task you are to carry out, you determine that a pessimistic view of the time required is 32 days, an optimistic view is 18 days and your likely estimate is 24 days. Applying this to the formula gives: 18 + (4x 24) + 32 = 146 = 24.3 days. 6 6 For the project plan, a time estimate of 25 days should be used. Tool 2 . Risk Management This represents one

Risk Response Planning

1479 words - 6 pages various factors. For example, in a translation project, one of the risk is understaffed translation team occur delays on the process. In the following, the response for this risk might be contacting with HR department frequently to ensure the necessary number of employees. Based on this condition, the project manager should consider several factors: whether the recruitment could beyond the cost and time limit? Whether there are extra resources were

Project Charter Template

680 words - 3 pages : | | |Prepared By: | | |Date: | |Version: | | B. Project Objective: Explain the specific objectives of the project. For example: What value does this project add to the organization? How does this

Project Management Procedure

2059 words - 9 pages Report to ManagementThe Project Completion Report (template provided) calls for a review of the project outcomes in terms of: * Objectives Met * Risk Management Issues * Project Costs * Project Time Scale Variations * Stakeholders Expectations * Lessons learnt and recommendations for improvement | 5. Roles and Responsibilities | Client / Sponsor | The person who requests the project, who is responsible for project sign-offs and

Project Basics

868 words - 4 pages Project Plan Project Name: Project Management Improvement Project Example Prepared By: Name1 - Project Manager Title: Project Manager Date: March 7, 2007 Project Plan Approval Signatures Project Name: Project Management Improvement Project Manager _______________________________________ __________________ (Signature) (Date) Name1

Project Management

5064 words - 21 pages for the final testing, production, and support. The most common tools or methodologies used in the execution phase are an update of Risk Analysis and Score Cards, in addition to Business Plan and Milestones Reviews. 4. Implementation With a comprehensible characterization of the project and the full and detailed PMP, we are now ready to enter the Execution phase of the project. This is the stage in which the requirements are actually built and

Risk Breakdown Structure

3221 words - 13 pages management is understanding. This is, however, the area where the project manager or risk practitioner gets least help from current guidelines or practice standards. There are many commonly used techniques for risk identification (see, for example, the risk management chapter of A Guide to the Project Management Body of Knowledge (PMBOK® Guide, Project Management Institute, 2000). These identification techniques, however, tend to produce an unstructured

Oresund Bridge Project 1

1054 words - 5 pages pro and cons of each alternative. Numbers to use in this analysis is the Expected Value (EV) and the % probability of each result. For example, EV = Result1(P) + Result2(P) + Result3(P). 6. How might the techniques we have learned so far have helped the first Oresund Bridge project? Why? Risk assessment helped paved the way for the Oresund Bridge project. For example, during construction risk assessment showed that the project was unlikely to

Related Essays

Example Of A Rrl For Investigatory Project

1076 words - 5 pages , as herbal medicine for a number of illness and other practical uses. The Malunggay plant can grow to as high 3 to 9 leaflets. It has a white fragrant flower that produces long pods with 3-angled winged seeds. Malunggay may be propagated by planting its seeds about an inch in the ground or matured malunggay stem cuttings of about 3 feet in length may also be planted into the ground. Planted malunggay cuttings grow faster compared to planted seeds

Risk Management In Projects Essay

3771 words - 16 pages . (Figure 2: Project Management Triangle) 3.1 The Risk Management Process Risk Management is defined as "the systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analysing, assessing, treating, monitoring and communicating". It becomes even more important if your business decides to try something new, for example launch a new

Ethical Leadership Essay

943 words - 4 pages matrix retrieved from Army Field manual 5-19. A risk assessment matrix is designed to give project managers an illustration of the probability and severity of the risk for a specific event. The figure above is an example. The bottom right portion of the matrix reveals that the overall risk of an event is low while the top left summarizes extremely high risk. As the probability and severity increases so does the risk level. Some hazards

Dq 5 Planning Budget With Risk

930 words - 4 pages Which aspects or areas of a project plan are more likely to be affected by risk responses? How do risk responses affect the different areas of a project plan? Give an example of a situation in which you believe a highly perceptible risk response plan can be created. For this example, list the possible risk responses and give reasons why you believe that the risk response plan would have a high impact on the project plan. How would you manage the