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Lesson 9 Application

Essay by   •  April 12, 2016  •  Coursework  •  3,043 Words (13 Pages)  •  982 Views

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Course 679, Lesson 9

1. Describe and define a method or combination of methods for risk identification that you have used on your real-work projects. (10 points)

The author of Risk Management – Tricks of the Trade for project Managers taught me many different ways to identify risks. In my current project management work, I used a combination of these methods for risk identification. About a year ago, I was assigned to manage a high dollar value construction project building a communication information systems complex involving data center, headquarters, training center, and other facilities. The acquisition team consisted of experts at different business lines and from different functional areas. To name a few, the team included information technology specialists, electrical engineers, mechanical engineer, civil engineer, contract specialist, and environmental specialist internally and the communication information operator, public work officer, and base operators externally.

To identify the risks, I mainly used brainstorming, risk surveys similar with expert interviews, cause and effect diagram, and strengths, weaknesses, opportunities, and threats (SWOT) analyst. I first identified the experts from internal team and external stakeholders who worked 50 plus miles away in the field office. I sent them emails to solicit the risks that they foresaw in their own expert areas. After collecting the responses, I grouped them in different categories and identified additional questions based on the responded risks. I then informally interviewed the internal professional using these additional questions to identify additional risks. For the field office team member, I emailed second surveys containing the additional questions to obtain additional risks. After collecting the risks, I called a brainstorming meeting to include all internal and external team members. I first posted and went over the risks from the surveys and interviews on a board then asked the team member to add any possible risks using index cards to the list. At this point, we thought we had a complete list of potential risks. I later called a meeting including four key team members to evaluate these risks using the cause and effect diagram and SWOT analyst. Through the risk evaluation, we tried to identify the real risks and the strengths, weaknesses, opportunities, and threats lied on these risks.

Looking back, I think we identified many meaningful risks through the process, but the process is very lengthy. I think I could have used the prompt list of risk categories with the cause-risk-effect format to identify the real cause of the risks and customize a list of risk categories most relevant to the project in the beginning of the process. This would save me a lot of time filtering the risks and help me to provide more detailed information before the surveys/interviews.

2. Describe and define the steps for risk identification. (10 points)

Knowing the steps on identifying risks builds a foundation to effective, successful risk identification. Per Mulcahy, there are generally 12 steps of the identify risks process (pages 110 – 111). The process starts with (1) collecting historical information, Knowing the risks from the previous similar projects helps understand the risk scope of the current project. It is also helpful to review the risks lists from other professional source such as the textbook. You can then (2) determine who may have insight into risks and (3) which risk identification methods to use and with what groups. After this preparation phase, you can start (4) identify risks with others, (5) make a list of all identified risks on a risk register, (6) determine, with the risk team’s assistance, how confident you are that the major risks have been identified. During the risk identification phase, you should perform the seventh (7th) step – examining you confidence level of the risk identification. If you are not confident that you have identified all the risks, redo the previous steps. If you are confident, determine whether questions remain and what information is still needed to understand and analyze the identified risks. You can continue to (8) ask the remaining questions and collect the information, (9) add new risks to the list and eliminate any items identified as not really risks in your data collection, and (10) discuss remaining risks as necessary to understand them. (11) If you used RMC Risk Notes, mark each note with the activity, source, and other appropriate information to avoid losing the information as you move through risk management. (12) You can now move on to the Perform Qualitative Risk Analysis process after completing this risk identification process.

3. Explain why an Affinity Diagram should be used after the other methods of risk identification are completed. (10 points)

The text author reveals that affinity diagram technique can discover twenty percent more risks after you think you have a complete list of risks. (Mulcahy, page 95) Through document reviews, brainstorming, “pre-mortem,” expert interviews, and other risk identification methods, you have collected a good number of risks. You can document these risks using RMC Risk Notes. You now may use the affinity diagram discover more missing categories and risks. The affinity diagram method is fast and efficient. It is fund and makes people laugh. It increases participation by changing the pace of the risk identification effort and keeping people interested. Most importantly, it produces more risks even after all other risk identification tools have been used. There are two steps for using an affinity diagram. First, after brainstorming and/or risk identification methods, tell the team to put similar risks in “like” columns without talking. The second step is to allow the group talk, add titles for each of the columns, and create new columns and risks that may be missing. With this exercise, people likely come up with about twenty percent more missing risks. The purpose of risk identification is to discover as many risks as possible so that the project risk team can analyze and prepare responses to mitigate them. Therefore, we should use this fast, fun, and effective tool to find more risks after the other methods of risk identification are completed.

4. What are the key ideas for identifying project scope risks? (5 points)

Project managers face three main constraints, scope, schedule, and resources, for each project. A great deal of project risks associated with these three main constraints. Scope risks are most numerous

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