Answer To: Assessment item 4 back to top Risk Planning, Project Close - Presentation Value: 19% Due...
Amar answered on Sep 26 2021
ITC505 Project Management - Risk Planning & Project Close
ITC505 Project Management - Risk Planning & Project Close
Task 4.1 - Risk Planning: Risk Process
The risk identification, assessment, documentation, control and monitoring measures planning for this project shall be undertaken as risk planning forming part of the project planning phase.
The specific actions tasks undertaken include the following –
identification of risks
assessment of the risks and development of risk register
planning and documenting the risk control and monitoring process.
The risk identification, assessment, documentation, control and monitoring measures planning for this project shall be undertaken as risk planning forming part of the project planning phase. The specific actions tasks undertaken include the following – [1] identification of risks, [2] assessment of the risks and development of risk register, and [3] planning and documenting the risk control and monitoring process (Kerzner, 2017; Meredith et al., 2017; Schwalbe, 2015).
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Task 4.1 - Risk Planning: Risk Identification
The risk events identified with respect to this project include the following:
schedule delays resulting from employing defective tools and processes, and / or having ineffective controls over the project
cost overruns resulting from employing defective tools and processes, and / or having ineffective controls over the project
security related issues has the project environment did not have security assessment done and suitable security capability implemented
miscommunication and other affiliated issues causing conflicts amongst the various project related teams
force majeure resulting from any unforeseen natural disaster leading to project termination.
The risk events identified with respect to this project include the following: [1] schedule delays resulting from employing defective tools and processes, and / or having ineffective controls over the project, [2] cost overruns resulting from employing defective tools and processes, and / or having ineffective controls over the project, [3] security related issues has the project environment did not have security assessment done and suitable security capability implemented, [4] miscommunication and other affiliated issues causing conflicts amongst the various project related teams, and [5] force majeure resulting from any unforeseen natural disaster leading to project termination (Kerzner, 2017; Meredith et al., 2017; Schwalbe, 2015).
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Task 4.1 - Risk Planning: Risk Assessment & Risk Register
S. No. Risk Events Likelihood Severity Overall Risk Response
1 schedule delays resulting from employing defective tools and processes, and / or having ineffective controls over the project Medium Medium Medium Risk Reduction
2 cost overruns resulting from employing defective tools and processes, and / or having ineffective controls over the project Medium Medium Medium Risk Reduction
The detailed risk assessment and risk register with respect to the following identified events with respect to this project is discussed and presented as follows, schedule delays resulting from employing defective tools and processes, and / or having ineffective controls over the project, and cost overruns resulting from employing defective tools and processes, and / or having ineffective controls over the project (Kerzner, 2017; Meredith et al., 2017; Schwalbe, 2015).
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Task 4.1 - Risk Planning: Risk Assessment & Risk Register
S. No. Risk Events Likelihood Severity Overall Risk Response
3 security related issues has the project environment did not have security assessment done and suitable security capability implemented Medium High Medium Risk Reduction
4 miscommunication and other affiliated issues causing conflicts amongst the various project related teams Medium Medium Medium Risk Avoidance
5 force majeure resulting from any unforeseen natural disaster leading to project termination. Low High Low Risk Acceptance
The detailed risk assessment and risk register with respect to the following identified events with respect to this project is discussed and presented as follows, security related issues has the project environment did not have security assessment done and suitable security capability implemented, miscommunication and other affiliated issues causing conflicts amongst the various project related teams, and force majeure resulting from any unforeseen natural disaster leading to project termination (Kerzner, 2017; Meredith et al., 2017; Schwalbe, 2015).
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Task 4.1 - Risk Planning: Risk Monitoring
The risk monitoring process shall be undertaken as an ongoing activity undertaken until the closure of the project.
The project team shall review the risk situation every week for incidence of new risk events, changes in the risk profile, make changes to risk register, and plan / undertake corrective actions where needed.
The risk monitoring process shall be undertaken as an ongoing activity undertaken until the closure of the project. The project team shall review the risk situation every week for incidence of new risk events, changes in the risk profile, make changes to risk register, and plan / undertake corrective actions where needed (Kerzner, 2017; Meredith et al., 2017; Schwalbe, 2015).
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Task 4.1 - Risk Planning: Risk controls
The risk control process shall be employed in case of an incidence of a risk event.
The risk control process shall entail the following steps –
determine from risk register if the risk even is already documented in the risk register
if yes, then pursue course of action as documented in the risk register,
if no, then undertake risk assessment, plan response, and implement the same
update the risk register in either case detailing the outcomes.
The risk control process shall be employed in case of an incidence of a risk event. The risk control process shall entail...