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PROJ 595 Week 1 Discussion 1
Week 1 ATOM and PMBOK® Guide
Both the ATOM and the PMBOK® Guide processes are designed to be simple, scalable formats for performing risk management that can be applied to any project. Why do you think that it is a benefit to carry out a risk management as a stepwise process? Or is this a benefit to a project at all?
PROJ 595 Week 1 Discussion 2
Week 1 Why Practice Risk Management?
Many companies today do not practice proper risk management, or in some cases, any risk management at all. What examples do you see in industry or government of poor risk or nonexistent risk management? What were, or are, the outcomes of this?
PROJ 595 Week 2 Discussion 1
Week 2 Risk Identification
From our readings in the PMBOK® Guide, we have seen that a number of methods for risk identification exist. Please choose one of the methods—one not chosen by another student if possible—and describe the method, how you have seen it used in the industry, and its pros and cons.
PROJ 595 Week 2 Discussion 2
Week 2 Stakeholders and Risk Management
Both the PMBOK® Guide and the ATOM process discuss the role of stakeholders in risk management. How does a project manager identify stakeholders for a project? How does a project manager involve these stakeholders in risk management?
PROJ 595 Week 3 Discussion 1
Week 3 Quality of Data
Chapter 11 of the PMBOK® Guide discusses examining the quality of data used when analyzing risks. How is it accomplished, and why is it so important to good risk management?
PROJ 595 Week 3 Discussion 2
Week 3 Analyzing Risks
Risk analysis is a critical step in the overall process of risk management. How does a project manager improve the accuracy of the results when analyzing risks?
PROJ 595 Week 3 Risk Paper 1
Risk Paper 1 is due this week. Write a two- to four-page paper regarding a project, either real or fictitious, where one is able to discuss how risks were identified, ranked, and monitored. The student is also welcome to write about a major purchase or major decision in his or her life, such as buying a new car, buying a new home, or even the decision to return to school to earn a degree. All of these are considered projects or procurements that require some form of formal or informal risk review.
Remember to cite and reference any sources that were used in the projector in the decision-making process. At a minimum, students should connect this assignment back to the text and support their decision-making processes the Files section of the Course Menu for the grading rubric.
Remember to submit your assignment for grading when finished.
PROJ 595 Week 4 Discussion 2
Week 4 Response Appropriateness
One of the key elements in building a risk response is appropriateness. How would you describe what this concept means? Think in terms of what it means to you, not what you have read about the idea. Please provide examples as needed.
PROJ 595 Week 4 Discussion 1
Week 4 Risk Response Strategies
This week, we learned of the possible risk responses for both positive and negative risks. Of all of the possible responses for a negative risk that we learned about, which one should likely be used the most in a typical risk management plan? Which one should be used the least in a typical risk management plan?
PROJ 595 Week 5 Discussion 1
Week 5 New Risks
During the course of the project execution, new risks may be identified or we may find secondary risks arising when dealing with identified risks that occur. As the person who identifies this new risk, what steps do you think you should take to get it managed? What part does communication play in this process?
PROJ 595 Week 5 Discussion 2
Week 5 Risk Monitoring and Control
What methods have you seen used or have you used to monitor and control for risks? How effective have these methods been in controlling risks?
PROJ 595 Week 6: Decision Tree Analysis
Week 6: Decision Tree Analysis
What do you see as the pros and cons of decision tree analysis? When do you see being able to apply it to your personal or professional life?
PROJ 595 Week 6 Discussion 2
Week 6: Senior Management and Risk Management
We have now covered the entire risk management process. Please consider a major event, such as the BP oil spill in the Gulf of Mexico. What role does senior management have in risk management? Where do ethics enter the equation of risk management?
PROJ 595 Week 7 Discussion 1
Week 7: Contract Management Part 1
This case study will be used for both of this week’s discussions.
You are the project manager for a new multimillion-dollar building renovation for your organization. The company needs to maximize the space that it has, and the best approach is to do a staggered build-out in order to better maximize the space in the existing building. You feel that the best approach was to negotiate with multiple contractors on a fixed-price contract. Different contractors discussed other contracts with you, particular ones to address the current market fluctuations in the raw materials market. You ignore those other companies and settle on an agreement with a local company that is willing to accept your terms for a fixed-price contract.
You find out a few weeks into a 4-month project that raw materials have increased by 250%. The contractor meets with you to discuss a price increase for the project. You have already committed a fixed price to the company and there is no contingency in the budget. The contractor advises that he will go bankrupt if he is forced to finish the project at this price and so the contractor sends you notification that he is stopping work on the project.
Word of the work stoppage flies through your company and your boss calls you to his office for an update. You explain what has happened, but he feels that you are responsible for allowing this to get to this point. You are told by your boss to work something out with the contractor and to go into the negotiation with a good plan on how to mitigate the costs.
Upon reflection of this situation, consider the below questions and how this situation might have been different with a different contract approach.
Do you feel that the contract type selected was incorrect?
What kind of abuses did you identify?
What kind of positive or negative incentive could have improved this situation?
PROJ 595 Week 7 Discussion 2
Week 7: Contract Management Part 2
From the case study used in the first discussion, answer these additional questions.
Why was putting too much risk on another company a negative thing?
If one is paying for risk mitigation, then why not outsource all risk?
In the big picture, what is the role of insurance in risk mitigation?
PROJ 595 Week 7 Risk Paper 2
Risk Paper 2 is due this week.
Write a two- to the four-page paper that describes an event in the past from either your personal or professional life in which you used a contract. Answer the following questions.
How did an assumption of risk play a part in the type of contract used?
What type of contract was finally settled upon in this situation?
Was this type of contract appropriate for this situation or was there a better type that should have been used?
Did the type of contract impact the success of the project?
You must use references to support your conclusions. Remember to cite and reference any sources that were used in the comparison and contrast. At a minimum, students should connect this assignment back to the text and support their decision-making process with the Files section of the Course Menu for the grading rubric.
Remember to submit your assignment for grading when finished.
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