When forecasting the weather, meteorologists rely on a number of concrete predictive methods. They can collate quantitative data about the weather’s current state, for example, or they can analyze how the weather today may be similar to typical weather patterns and forecasting models based on their knowledge and experience. While the weather can be unpredictable, weather forecasting attempts to pinpoint identifiable and measurable outcomes in uncertain situations. When attempting to forecast risk, you too will employ defined methods and processes in order to identify, assess, and measure potential risks. Like a meteorologist, you will also use your knowledge and experience in your industry to make educated guesses in some cases. In this week’s Discussion, you will analyze a scenario and distinguish the best ways to identify risk.
Consider an organization where you currently work or one with which you are familiar. Your company has decided that it is time for some corporate rest, relaxation, and family fun. The chief operations officer (COO) wants to conduct a corporate picnic on an upcoming Saturday at a nearby park. All family members are invited to join, including four-legged, furry family members. There will be a baseball tournament, horseshoes, and a pool for swimming. The weather is expected to be in the high 90s. There will be beer, soda, hot dogs, and hamburgers.
With these thoughts in mind:
Post your initial response by answering the following:
- In narrative, briefly describe how you would identify and manage risks for this project. Specifically indicate who you would include in the risk processes and when you would conduct the risk activities.
- Create a table in your forum post and identify and document in a risk register at least five risks for this project.
- Using qualitative analysis, assign probability and impact scores and risk factor scores (probability * impact) for each risk and add these scores to the risk register.
- For each risk in your risk register, consider how you will respond to that risk in order to reduce its influence on the picnic, and document that response in your risk register.
- Element 1a: Initial Post – Risk Process and Activities
- Element 1b: Initial Post – Risk Register
- Element 1c: Initial Post – Qualitative Risk Analysis
- Element 1d: Initial Post – Risk Responses
Please follow the rubric which similar to the given question above!
Provide a thorough and detailed description of how to identify and manage risks for a project scenario. Make sure all the relevant resources are provided to support the response.
Provide thorough and detailed identification of risks documented in a risk register for a project scenario. Make sure all the relevant resources are provided to support the response.
Provide a thorough and detailed analysis of risks for a project scenario using qualitative methods. Make sure all the relevant resources are provided to support the response.
Provide a thorough and detailed description of risk responses for a project scenario. Make sure all the relevant resources are provided to support the response.
Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Sixth edition. Newtown Square, PA: Author.
Part 1: A Guide to the Project Management Body of Knowledge (PMBOK® Guide)
- Chapter 11, “Project Risk Management”
- Section 11.3, “Perform Qualitative Risk Analysis” (pp. 419–427)
- Section 11.4, “Perform Quantitative Risk Analysis” (pp. 428–436)
These sections of Chapter 11 explain the processes for performing quantitative and qualitative risk analysis. They also include the specific inputs, tools and techniques, and outputs that should result from the analysis or project risks.
Please read the instruction!
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