Principles of Project Mgmt-Risk Planning

COURSE: Principles of Project Management: BOOK- Contemporary project ManagementScenario:Dr. Bili Mattes, the Provost for Harrisburg University (HU), is hosting a campus event and she wants to ensure it is a complete success. Your group has been asked to manage risks associated with the planning for the event. The project team leader, Virat Kohli, is new to project management and has about 6 months to plan and execute the project. The budget for the entire project is $20,000.An outdoor site venue will be used for the event, which includes a live band for the entertainment. The finance department has allocated funds, additional funding is needed (through sponsorship of the event and by selling tickets) to meet the total cost burden of the event. Promoting the event will be important to raising funds.The outdoor event site used must be returned in the condition it was found. Security is also important as alcohol will be served. Neighbors are already concerned about noise and vandalism.Dr. Mattes has a risk neutral personality. She is the project sponsor and has asked that $500 be used from the project budget to manage risks. The university has a culture of risk seeking (as evidenced by their recent decision to pursue e-Sports).For this event, the senior management at HU has no tolerance (or appetite) for risks that can impact the project schedule. “The schedule must be protected”, Dr. Mattes stated, “because we can’t hold an event any later than the planned weekend.” Senior management has high tolerance for risks that can impact the project budget. “We’ve come through the challenging times of the early years and are now in great shape, particularly with the high enrollment numbers of foreign students”, said Joe Dokes, Chief Financial Officer at HU.For this 6-month long project, Dr. Mattes has asked for risk and other project status reports each month. These are low-key meetings using the relevant elements of the risk register. Dr. Mattes is not familiar with the risk register, so it will be important for your group to spend some time explaining in the RMP how to use it, and to provide examples of how to write a proper risk statement.Based upon this scenario, complete the following tasks:Question:Write a Risk Management Plan (RMP) using the content found in the PMBOK 6e (Section At a minimum, the plan should address all elements of a RMP found in the PMBOK. The plan should include the following figures and tables:Risk breakdown structure (RBS) to level 2.Probability and Impact scale definitions for time, cost and quality.Probability-Impact matrix with scoring schemeThe scale definitions and scoring scheme should be based upon 5 levels for probability (very low, low, medium, high and very high) and 5 levels for impact.The methodology must also include a sample risk statement for threat and opportunity that demonstrates an understanding of how to capture the necessary information for each type of risk.The risk register provided in this unit will be an attachment to your plan.For reference from: PMBOK 6e (Section MANAGEMENT PLAN GUIDANCE FOR AN IT CONSULTING COMPANYRisk management includes guidance on how to perform three risk management activities:Decide what level of risk premium to charge for the project. The team must rate factors such as project size, complexity, tech- nology, and type. The combined ratings dictate that a risk premium of 0, 10, or 20 percent be added to the estimated project cost or, for very risky projects, that executive approval is mandated.Mitigate risk external to the firm through contract clauses and risk internal to the firm through agreements.Manage the risk very carefully through specifically designed weekly conference call meetings and reports.
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