List and briefly describe the six major processes involved in risk management. Give examples of each of the six processes to support your answer.© BrainMass Inc. brainmass.com October 17, 2018, 10:07 am ad1c9bdddf
The first major process involved in risk management, is the process developing an effective risk management plan. Developing a risk management plan essentially involves analyzing the totality of the environmental situation surrounding a project etc., so the pertinent risk management activities can be thoroughly analyzed in reference to efficacy these activities in contributing to the development of a risk management plan. An example of effective risk management planning, would be a project manager analyzing the project management situation, the overall mission of a given project, how the project will be executed, the supporting elements of the project, and the coordination and communication between supporting elements of the project. The result of the project analyzing the risks involved with each aspect of the project, and developing proactive activities by which to prevent risks from occurring, will result in a risk management plan.
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Part # 4
(1) For your selected project, complete the following:
1. Develop the work breakdown structure for one aspect of the project.
2. Identify the resource requirements.
3. Select the rates associated with the resources.
4. Using analogous estimating, parametric modeling, or bottom-up estimating provide a cost estimate for the work identified
(2) Characterize the relationship between budgeting and risk analysis. Determine the different types of resources that require planning
1. Per Deming, "Quality is everyone's responsibility," what is strategic quality management and how does it impact the project environment?
2. Define the six quality management concepts that support projects and explain their impact on project management.
3. Write a brief essay in which you describe the use of the following seven quality tools:
2. Check sheets
4. Cause-and-effect analysis
5. Pareto analysis
6. Scatter diagrams
7. Control charts
(4) 1. How should the cost of quality be factored in to the project budget process?
2. Describe impact of quality initiatives on the project schedule?
Part # 6
(1) Write a brief essay describing how checklists, flowcharts, and interviews are used to identify risks.
(2) 2. Define the inputs to risk identification. What tools and techniques will need to be implemented on the project to ensure that adequate input is received?
3. Identify the potential risks, which can affect your selected project. Will you use avoidance, transference, mitigation, or acceptance to deal with these?
(3) Prepare an outline for a risk management plan for your project.
(4) 1. What types of risk have the most potential impact on your organization?
2. Is risk management an accepted part of project management efforts in your organization? If it is not, what should you do to highlight its importance?
Part # 7
(1) 1. Describe how purchasing relates to the work breakdown structure (WBS).
2. Why should the project team consider market conditions?
(2) Develop a statement of work (SOW) for your project. Use sufficient detail to allow prospective sellers to determine if they can provide the item or service you require.
(3) Describe how make-or-buy analysis can be most effectively used?
(4) What legal issues need to be considered when releasing items for bid?
(5) Create a force field analysis for your project
(6) List the predictors for project success that apply to your environment.View Full Posting Details