Communicating Risk

This is a 2 assignments. The first one is due on Friday and the Second one I will need by Monday by 5. 

First assignment

Use the following scenario. Review the scenario first and then continue on with your assignment. Consider saving the PDF or printing it out for your reference.

You have been meeting with the CEO, the project sponsor, your manager, and the heads of all the other departments to discuss the project and their expectations. 

You are starting to be concerned about the level of risk of this project and whether or not the organization really understands it. As far as you can tell, the company has never done formal risk management, taking a more relaxed approach to risks. You are starting to develop your risk management plan; you will present it to your manager and the sponsor in two weeks along with some other project planning deliverables.

Assignment Guidelines:

• Create a project charter and identify the key constraints of the project (scope, budget, timeline, quality, people resources, etc.).
• Using the scenario from this unit, create a spreadsheet that lists all the project risks you see based on what you currently know about the project. List at least 15 risks. For each project risk, provide a: 
  • Detailed description
  • Category (schedule, strategy, people, etc.) 

Note: This list will be used in later activities throughout the course.

Your submitted assignment (200 points) must include the following:

• A 2-4 page typed document that includes:
  • A project charter and identification of key constraints
  • At least 15 risks listed in a spreadsheet with a detailed description and the category of each
• Second Assignment Due Monday by 5

One of the risks you anticipated for the project was the late delivery of the prototype from the vendor. You adjusted your project schedule to minimize the impact of the risk, built in a penalty for late delivery, and created action plans in case the vendor delivered late. You also identified a risk with the vendor that they have very little technical depth; if the key engineer is not available to your project, the risk of a delay is even greater. You determined how you would monitor the vendor’s performance and ensure a timely delivery. You took a very risk-averse, protective approach to the relationship, but now, as the project is progressing, you are wondering if there is something you could do with the vendor to actually benefit the project instead of just protecting it.

Assignment Guidelines:

Create a 1-page addendum to your risk management plan that describes how you will modify the plans or create new plans relative to that vendor to create an opportunity that will result in lower costs, earlier delivery, higher quality, or other positive impacts.

Also, answer the following questions:

• What can you change in your plans to create an opportunity?
• What would that opportunity be?
• What is the probability that this opportunity could occur? What is the impact?
• What are the risks (adverse effect) that are introduced by this change in plans?
• How will you communicate this change to the vendor?

Your submitted assignment (200 points) must include the following:

• A 1-page addendum
• A 2 to 3 page document answering the questions above
• Submit both files as 1 zipped document to the drop box