MAN6301 Project risk management Case study Task 1B
MAN6301 Project risk management
Edith Cowan University
MAN6301 Project risk management Case study Task 1B
Assessment No: 2
MAN6301|Project risk management
Student’s Score cards
This assessment builds on the work you completed for assessment 1 and any feedback you have received for it. Assessment 2 requires you to take the risks you have identified in Assessment 1 and analyse them using a qualitative approach. Then create a formal report in a business report format that covers the following topics:
- Aim and Success Criteria for project
- Risk Appetite and Tolerance
- Risk Breakdown Structure
- Risk Probabilities
- Risk Consequences
- Risk Severity Matrix
- Risk Responses Strategy
- Risk Register
It is important that you use the data you collected in Assessment 1 and are guided by the material provided in the unit modules and other readings. When put together the whole report should reflect a professional business report standard and the written parts should be no more than 5000 words long (excluding title page, contents page, appendices and references). Words after 5000 in the main business report will NOT BE MARKED.
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TUTOR PROPOSAL FOR : MAN6301|MAN6301 Project risk management Case study Task 1B
This assessment is based on the previous completed assessment 1 along with the feedback which is received by the students from their respective professor. This is assessment to which requires students to take risks that have been identified in the assessment 1 and analyses that risks on the basis of qualitative approach. After that there is requirement to create a formal report in the form of business report by covering several topics such as risk probabilities, risk response strategy, risk register, risk appetite and tolerance, discount sequences, and aim and success criteria for the project. Following are the brief description main topics that are required to cover in this assessment:
Aim and Success Criteria for project
The success criteria of a project basically refer to the measurable terms including the outcome of the project which is acceptable to the end user as well as customer along with the stakeholders. Along with this, the success factors of the project basically comprise of several elements and activities that are required to ensure that there is successful completion of a particular project. In order to deliver the value of the project the success criteria should be in such a way that is defined in well manner. Defining the criteria of success of a particular project should be practiced by the project managers so that vague and general terms can be avoided.
Risk Appetite and Tolerance
Risk appetite is considered as a description of the desired risk that will take in pursuit of a particular mission. On the other hand, risk tolerance basically reflects the acceptable variation present in the outcome associated with the specific measures of performance that are linked to the objectives. Risk appetite can also be described as the amount as well as type of risk present in the organization about which the organization is willing to accept the percent along with the objectives of business. Risk tolerance can be considered as the specific maximum risk and the organization about which organization is willing in order to take each and every relevant threshold of the risk in order to money to the actual risk.
Risk Breakdown Structure
Risk breakdown structure is considered as a hierarchical framework which is analyzed in the project management in order to analyze the potential sources of a particular risk associated with the project. It also comprises of anything which is unplanned and have the negative impact on the quality, timing, and cost of a particular project
Risk probability is considered as the determination of likelihood of a particular risk to be occur in the project when there is the investigation of the risk probability. It is scored in three different measures such as high, medium and low. The probability of the risk can be estimated in the project with the consideration of a number of time risk occurs in the project or in the similar project.
Risk is considered as a consequence which is taken apart from uncertainty. Uncertainty is considered as unmeasurable, uncontrollable, unpredictable, and potential outcome. Risk is the consequence product and the occurrence of probability is considered as undesired and unpleasant event. There are a number of risk consequences that are required to be avoided in the project and in the task of risk management. These comprises of employee turnover, missed opportunities, failure of business, negative or damage to reputation, project or product failure, financial loss or loss of profit, dissatisfaction of the customers and fines.
Risk Severity Matrix
Risk assessment is considered as amount of damage or hurt that can create a major loss in the business profitability. Risk assessment matrix is also a system which is developed to control the risk and plan a project in effective manner. It is also known as Probability and matrix and is effective tool for maximizing the project performance by minimizing risk. It comprises of visual depiction of risk that has a direct impact on a particular project. It is helpful for simplifying the process of risk management and provides that registered information that shows the risk mitigation efficiency of a particular organization.
Risk Responses Strategy
There are a number of risk response strategies in the project in order to make effective plan of risk management. Generally, project managers should focus on the negative risks and avoid the positive risks. There are different types of strategies associated with the negative risks as well as the positive risks. Negative risk has the direct and negative impact in the overall project so there is a need to avoid or decrease these impacts by using different techniques. These techniques include avoid, mitigate, transfer, and accept. Along with this, the positive rest has the positive impact on the overall project. However, there are also strategies to manage these impacts including enhance, exploit, accept and share.
Risk register is considered as a tool associated with project management and risk management that has the ability to identify the potential risk present in a particular project as well as the organization. A particular risk register comprises of all the information with respect to each and every identified risk level of risk and the mitigation strategy.