Explain risk management and its associated activities and defend the need for a risk management plan.

Due Week 9 and worth 80 points

Utilizing the Delphi technique, your team constructed the following risks register the VoIP project containing the risk, the likelihood of its occurrence on a scale of 1 (least likely) to 5 (most likely), and the potential negative impact on the project on the same scale. In addition, they recommended the appropriate response and identified its type for one of the risks identified.

 

 

# Risk Likelihood (1-5) Impact

(1-5)

Response Type Response
1 Project Delayed due to lack of resources 3 5    
2 Project runs out of funds before completion 1 5    
3 Users reject new system 2 2    
4 Defective Hardware 1 5    
5 New government regulations introduced during deployment increase the cost of running VoIP 2 3    
6 Yearly renewal fee issued on the legacy system due to delay of over 30 days in deployment of the new system 1 4 Mitigation Schedule check 30 days before project deadline to determine if action needs to be taken to avoid delay. Decision tree will be utilized.

Write a three to five (3-5) page paper in which you:

  1. Explain risk management and its associated activities and defend the need for a risk management plan.
  2. Describe the Delphi technique used to identify risks and infer on types of projects where this technique is most accurate.
  3. Examine the four (4) types of risk response (i.e., avoidance, acceptance, transference, and mitigation) and determine the appropriate situation where each should be used.
  4. Complete the table with the risk response type (i.e., avoidance, acceptance, transference, and mitigation) and a description of the response.
  5. Create a decision tree with the software of your choice to address risk number 6. Assume that when you check the schedule on day 60 of the project, it becomes evident that two (2) additional engineers are needed to ensure on-time completion of the project. The engineers cost $25,000 each and a fee of $120,000 is issued by the legacy provider. The probability of completing the project on time is as follows: With the current personnel – 60%; With one (1) engineer – 80%; With both engineers – 98%.
  6. Explain the methodology utilized to create a decision tree and recommend the appropriate action to take based on your decision tree from criterion 5.
  7. Use at least two (2) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
  • Include the decision tree created in your chosen software. The completed decision tree must be imported into the Word document before the paper is submitted.

The specific course learning outcomes associated with this assignment are:

  • Examine the human resource factors that can impact project management.
  • Summarize how the PMBOK® process groups and knowledge areas are involved throughout the project life cycle.
  • Compare and contrast the sources and mitigating factors of project risk.
  • Use project management and graphic software to plan and manage a project throughout the project life cycle.
  • Use technology and information resources to research issues in IT project management.
  • Write clearly and concisely about issues in IT project management using proper writing mechanics and technical style conventions

Click here to view the grading rubric for this assignment.

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