Introduction to Project Risk Management
Primary Task Response: Within the Discussion Board area, write 350–500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions with your classmates. Be substantive and clear, and use examples to reinforce your ideas.
This course requires use of the Microsoft Project 2010 (or later) software application. The 2010 version and those released later are similar and suitable for the assignments. Please note the software is not compatible with Mac computers. The course requires a project management software application and in alignment with industry standards, CTU uses Microsoft Project. If you are using a Mac, you must find a comparable project management software tool such as Project Libre or OpenProject. Students who use a Mac should consider the best option to alternative software or use a PC with Project. An internet search for “Project alternatives for Mac” can provide many of these options. Students are expected to review the options and determine the best for success in the course deliverables. Communication with your faculty member early in the course regarding this issue or any others is strongly recommended.
Risks can occur as a result of both known risks, such as for newer tasks there may be a learning curve that causes delays in the delivery of a task, and unknown risks, such as events like an earthquake or tsunami. Also, some suggest that they take calculated risks, where careful consideration is taken before taking on a challenge. Risk management, in essence, is doing the same thing in a more formalized process. The discussion assignment for this week will be an evaluation of how risk management can be a contributor versus an inhibitor to a project.
The following Discussion Board task will assist you in evaluating various types of risk. Research at least 2 sources (which may include your textbook) to support your response.
- Describe a project that you were involved with, or are familiar with, and the types of risks (at least 5) that occurred.
- How were these risks handled or mitigated?
- When the risk occurred, what impact did it have on the overall project, such as from a cost and schedule-deadline perspective?
- If a risk management process was not in place, explain why it may have helped. If a process was in place, did it help, and why?
Write 2 more paragraphs that are an introduction and conclusion to this topic. Be sure to include your references, and format your submission in APA format.