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Read the following scenario:
Dr. Bili Mattes, 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 task:Prepare a 400-word
paper discussing the process used to identify threats and
opportunities, why it was chosen, and how it worked for your
group. Hint: Risk Identification is addressed in the PMBOK and
CPM texts. At a minimum, groups should discuss and amplify upon
the tools and techniques included in Figure 11-6.
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