Please reply to both POST1: and POST2: in at least 200 words each.

I have included my original post because the professor has asked a question pertaining to my post. The professors question is marked as POST1:

Hello Class,

Project Planning and Risk Management

Project planning involves every activityundertaken to ensure that a project is successful. It mainly consists ofgoing through several steps that establish what one needs so as todefine their project objectives. It further clarifies what needs to bedone and creates a list of the tasks to do. Risk management planning, onthe other hand, refers to the steps undertaken by the project managerto foresee risks, define responses, and estimate the amount of impact.Risk planning contains a proper risk assessment matrix (Elson, 2015).The project manager should periodically review the risks so as not tostall the process of project management. This continual monitoring isimperative in ensuring that the respective corrective measures areapplied in the required timeframe.

The risk planning process involves theidentification, prioritization, and management of risk. It consists ofestablishing the objectives that one needs to accomplish and identifyany risks that might affect its achievement. Risk events may threatenthe achievement of critical success factors. The planning process,therefore, involves identifying important risk events, developingresponse plans, and prioritizing them. When planning your risks, youneed to use an extreme risk identifying process. It may involve usingrisk analysis or using a risk register.

For successful risk planning to happenseamlessly, there needs to be at least three documents. The firstdocument is a risk management plan, in which a document is prepared bythe project manager to foresee risks and estimate their impact. It alsohelps the project manager to come up with responses to those risks. Arisk register is also required to facilitate the fulfillment ofregulatory compliance (Uzulāns, 2016). Another essential document isthe risk assessment matrix. A risk matrix defines the level of risk bylooking at the probability of occurrence and severity.

References

Elson, R. J., O’Callaghan, S., & Walker, J. P. (2015).Integrating corporate governance concepts in the classroom with the riskassessment project. Journal of Instructional Pedagogies, 17. Retrieved from https://files.eric.ed.gov/fulltext/EJ1083855.pdf

Uzulāns, J. (2016). Project risk register analysis based on the theoretical analysis of project management notion of risk. Economics & Business, 29(1), 43-48. doi:10.1515/eb-2016-0020.

POST1:

Thanks for the engagement this week and welcome to week two. Iagree that the risk process includes identification and prioritization.I think the prioritization piece is often missed in the risk managementplan. What are your thoughts about the prioritization process? Why doyou think it’s so important in the risk management process?

POST2:

Riskmanagement planning is a component of project planning. Projectplanning encompasses the scope of risk as well as other high levelaspects of a project. Risk Planning involves selecting a strategy andmethodology to use in executing risk analysis. During planning, thebudget and schedule are created for risk management tasks. Roles andresponsibilities are defined among the risk management team andstakeholders (Project Management Institute, 2017).

The primary tools used in planningrisk management involve using expert judgement and stakeholder analysis.Meetings with stakeholders and subject experts facilitate the creationof the risk breakdown structure, risk register, risk impact scale, andultimately the risk management plan. Cause-Risk-Effect descriptions canbe summarized through the use of meta-statements. Risk severity andprobability can be conveyed through the use of a matrix which show thevarying impact on budget, schedule, and scope (Bissonette, 2016).

Risk management requires the inputof: the project charter, project management plan, stakeholder register,enterprise environmental factors, as well as organizational processassets. The project charter and project management plan assist in thecreation of the risk breakdown structure, in part because of the workbreakdown structure, which is useful for a top down analysis. Thestakeholder register assists in defining the roles and responsibilitieswithin risk management. Enterprise environmental factors help identifypotential external causes for risk while the organizational processassets help define the overall methodology and strategy used throughoutrisk management (Project Management Institute, 2017).

Reference

Bissonette. (2016). Project risk management : A practical implementation approach. Project Management Institute.

Project Management Institute. (2017). A guide to the project management body of knowledge. Sixth edition. PMI Publications.