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Project Management Risk

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You have been assigned as the manager on a project to develop a new application system for your business partner. You were given two weeks to develop a project plan and high level cost estimates. Unfortunately, this is a relatively new technology for the company, and although the technology has been tried and tested elsewhere, there are no previous internal projects you can use to help estimate. Your initial estimate calls for a six-month development effort with a planned staff of 10.

The system takes data feeds from three upstream applications, and sends information back to two of them. You have never worked with these three systems in the past, although one of your developers used to work in the group that supports one of them.

Identify the top three risks in this situation. For each risk, document its risk event, impact, probability, impact rating/risk exposure, and mitigation strategy.

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Solution Preview

Please check the attachment for the risk matrix in Excel, outlining the points below.

So, the attached document contains explanations about the various risks that can occur. One of the major causes of all three risks is the lack of knowledge and experience among the current staff and project team to handle similar kind of projects. Hence, the first risk is the lack of accurate estimates regarding completion time. The probability of this risk event is high, and the potential impact is very high as ...

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Project Management

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
Part #5
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:
1. Flowcharts
2. Check sheets
3. Histograms
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.

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