Resource: Risk Identification Scenarios Worksheet

Complete the University of Phoenix Material: Risk Identification Scenarios worksheet.

Write a 1,050- word paper in which you select one scenario from the University of Phoenix Material: Risk Identification Scenarios.

Define the risk management process.

Explain the role of risk management in the project planning process.

Describe at least two risks and their sources for the selected scenario.

Outline how risk management may mitigate the risks for each risk listed.

Explain how you would document the risk.

Format your paper consistent with APA guidelines.

Risk Identification Scenarios

Review each of the following scenarios and identify the risk events, the probability of those risks, and the impact of the risk events. Some scenarios may have more risks than others.

Scenario One

A retail firm has a project that is focusing on expansion into third-world countries to sell pharmaceutical products. The project timeline is, as always, aggressive.

The scope is well documented and understood by the project team and key members of the firm. The firm is financially sound, with project funds secure; however, the stakeholders expect that the project will pay for itself within 2 years of deployment.

Scenario Two

A construction company has been awarded the contract to build a pipeline in Alaska. The project timeline is of the highest priority because work can only be completed during summer months due to adverse weather conditions.

One of the suppliers of a key component has longer lead time than is required to complete the pipeline, but may be able to deliver if the construction company will pay fees to expedite.

There are other suppliers, but these suppliers are not on the construction company's approved suppler list and it would take time to get them approved. There is a huge penalty in the contract if the project is not completed on time.

Scenario Three

A telecommunications company has just assigned you to be project manager for a product improvement project. The scope statement of the project simply says, "Make this product better."

The engineering team believes that they know how to make the product better and have ignored ideas from the sales team. The project funds are secure, as the company believes that improving this product will give them strategic advantages.