QUESTION 1 - For Week 1 Discussion Question 2 you were asked to create a risk list and rank them in order of importance.  Then in Week 2 you were asked to indicate which of the risks were "Black Swans."  You are going to expand the columns of your table to include:

1. Probability

2. Impact

3. Overall Risk

QUESTION 2:

Read the article Two Schools of Risk Analysis: A Review of Past Research on Project Risk. The author discusses 4 groups of risk studies. Which group do you think is most beneficial as a guide for Project Managers. Make sure you support your reason for choosing the group you chose.

The author of the article explains that the four groups fit in 2 schools of risk analysis and proceeds to suggest which school of risk is most important. Do you agree with the author? If you agree explain why. If you don't agree explain why. Provide details or even personal experiences to help shape your answer.

Case Study -

Emily Lewis devised her risk list. First, she and her team reviewed the goals of the project. The main goal is to purchase a new Customer Relationship Management (CRM) package that will perform at least the same functions as the current program performs. Second, they reviewed the critical success factors for this project. One of them states the new CRM package must interface with the existing Enterprise Resource Planning (ERP) system.

Further, they also reviewed the project budget, the work breakdown structure and project schedule, and the project's constraints. The driving constraint on this project is time. Bill Olsen, the CIO, wants this project completed by the end of the fiscal year, which is just shy of 11 months away.

Emily used brainstorming techniques and invited key project participants and stakeholders to the meeting, including representatives from customer care, representatives from information technology, a database analyst, someone from network operations, and the contractor working on the project. Two key stakeholders were unable to attend the brainstorming session, so Emily interviewed them separately (prior to the brainstorming session). It proved a good exercise because she was able to kick off the brainstorming session with the risks the two stakeholders identified.

Emily compiled her risk list, and Table 2.6 shows a partial sample of the list. Emily also assigned owners to most of the risks. The others require more research on her part to find the appropriate person to assign as owner.

Emily has decided to keep the list in a spreadsheet program on the project's intranet site so that everyone can access it. She also intends to set aside time at every project status meeting to review this list.

Case Questions

Review what Emily did as a project manager.  Based on what you have read respond to the following in a response paper.

1. What is your overall assessment of Emily's performance?  What would you have done to improve her approach to define risk management for the project?

2. What are potential scope related risks that Emily isn't considering and could work against?  or help the project and she needs to pursue?  Be specific and elaborate.

3. It doesn't appear that Emily has a real good schedule.  Based on your reading, what are the schedule risks that Emily is vulnerable?  Based on the vulnerabilities you identified what could Emily do to reduce her schedule risk exposure.

4. Resources are essential to any project.  From a resource standpoint, what is Emily missing?  It seems she has reached out to different individuals but I am curious where she is vulnerable.  Use what you have read to point out the potential vulnerabilities and explain what the vulnerabilities are.

Attachment:- Assignment Files.rar