Session 1 – Introduction to Project Risk Management methods
Objectives:
The objective of Session 1 is to develop an understanding of the basic definition of risk, review the managerial roles and responsibilities in planning risk management procedures and provide an overview of methods used in Project Risk Management. Remember, in this class particularly, we will be discussing “project risks” related to scope risks, schedule risks, project stakeholder management and risk data analysis. This session will cover an introduction to risk (impact, probabilities and opportunities), the benefits of Risk Management planning, and importance of learning relevant methods to identify project risk, managing scope, scheduling and budgets to prioritize risks for mitigation.Assigned Reading: See Session Reading List under “Content”
• Go to “Content” and print out all articles (to keep as a back up in case of Net outages)
• Print out the Syllabus – go to the top menu “Content” and then “Syllabus” and review Course Schedule
TOPICS:
PMI membership and downloading PMBOK Guide and “Practice Standards”Key concepts of Risk & Opportunities managementRisk management planning componentsDefining Project Risk Management for project(s)The components of a Risk Management PlanThe significance of scope in project success, and examples of scope riskDifferentiating between project risks and overall organizational riskQualitative risk analysis and identification methodsProject stakeholder managementData analysis in project risk management: scope, schedule and budgetInternet Café:
Please post questions to the Professor or materials of interest to the entire class here. I will answer as soon as I can, and anyone else in the class may also respond to you 24/7. Weekly Discussion Process:
Introductions: Introduce yourself to your classmates in two short paragraphs: state your time-zone, degrees and any project management background; post this information during the first 3 days of class during Session 1.Class Discussion Topics: Each week, there will be two discussion questions posted for whole-class participation. The due date for posting responses to 2 classmates is Wednesday 8am.Review and reply to classmates’ postings, citing our readings, for two points each week.Your initial posting and two responses are encouraged early during the week.Individually-Written Discussion Questions/Responses:
Discussion Question 1: You were assigned this article (see Content, Session 1) for reading this week: stop at the section entitled “Costing Risk” https://www.jisc.ac.uk/full-guide/risk-management
How could quantitative analysis aide a manager in determining if a risk to a project schedule -or- budget would “impact” an ongoing project? Respond in one paragraph, and cite any of our readings from the first week of class.
Discussion Question 2: Citing the PMBOK Guide (authors are PMI = Project Management Institute) and other readings assigned, define scope risk and explain, in your own words drawing from the 7 key risk management processes (see p.395, section 11 of your PMBOK Guide), two processes in this list that are you could apply to risks in a project based on your reading and understanding. For instance, how could you “plan risk management” and “document risks”?
Team Assignments, Session 1:
Your team members will be assigned session 1Use www.Doodle.com to all agree on a common date/time to meet together each weekUse the classroom “Discussion Forum” for posting to one another instead of emails so that you document and mitigate communication risksGo to the top menu item Content—>Course Content>”Instructions for Papers/Case Studies” and in that folder, review the instructions “RMPP (Risk Management Project Plan) your team will be working on, planning your Final Project all semester.[Button id=”1″]
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