MNGT202/502 PROJECT MANAGEMENT Task Four: Risk Management

November 2013 Risk is an uncertain event or set of circumstances which, should it occur, will have an effect on the achievement of the project objectives. When undertaking a project there are likely to be many risks, both positive and negative, that project managers must be able to identify, analyse and mitigate against.

Stakeholder Analysis

The risks involved with this project need to be considered from the point of view of everyone that might be affected. First, you should do some background research on stakeholder analysis. Then you should hold a brainstorming session to identify and list all possible stakeholders involved with your project. This brain storm session should be performed as a group and the results entered into the answer template. This is likely to take 15-30 minutes.

Compiling a Risk Register

A risk is anything which might positively or negatively impact the project or its stakeholders. In this task we will consider only negative risks: risks that might mean that the project cannot be completed at all; cannot be completed on time; or cannot be completed within budget. Unfortunately there is no getting away from risks and a project will always contain them. It is therefore important to take these risks into account when planning a project, so that they can be eliminated, minimised (mitigated) or dealt with should they occur (contingency). You must devise a risk register for this project using the table provided in the answer template. Your team should identify fifteen possible risks and estimate the probability and the impact of each risk. Try to ensure that your list includes risks to each type of stakeholder. You should then calculate the severity of each risk, using one of the standard methods mentioned in the lectures. State the scale you used for probability and impact and which method you used to calculate severity and why. The risk register should take a minimum of 60 minutes if sufficient risks are to be identified and their severity and magnitude calculated sensibly.

Discussion

In no more than 200 words, identify which risk should be dealt with as highest priority, briefly describe the relevant issues, and suggest what you will do to mitigate against it. Your discussion should refer to stakeholders, time and money. Task 4 should be completed on the relevant answer template and submitted through VITAL in the usual way. The deadline for this task is:

17.00 on TUESDAY 3RD DECEMBER 2013