Threats and Opportunities:
# Risk Category Mitigating Actions Contingency Risk Rating Identify Risk
101 Scope Creep Scope Implement and execute a Project Management Plan that follows scope, WBS, and project risk plan to stop the scope issue before it gets out of control by holding those accountable for the task outlined in the project plan and WBS. Assess, monitor, and control projects near. Get the project back on track and stick to task only within scope. Preventative, because this can happen if allowed by not managing scope. Constant replanning when risk or uncertainties arise in the project not planned for from the onset. 5.0 Threat-Escalation
102 Cost Overruns Cost
Management Implement and execute the re-pan and find ways to cut back but still achieve the same end goal as far as deliverables. The project plan is guidance. Do not go outside the budget unless more funds are allocated to do so. Can request more funds but last resort in order to avoid project failure altogether. Preventative when following Project plan in place and all other project management plan documents that govern the project’s cost. Constant replanning when risk or uncertainties arise in the project not planned for from the onset. 5.3 Threat-Escalation
103 Inaccurate cost estimating Cost
Management Implement tight measures to ensure the project sticks to
the Work Breakdown Structure. Assess, analyze, and evaluate what cost estimation did not include in the plan. Add to the project plan replan what areas this cost will impact and try to get back on track with minimal impact to schedule and scope. Preventive, because if knowing the methods of estimating and apply to project plan based on WBS and project plan, should have an accurate project budget. Constant replanning when risk or uncertainties arise in the project not planned for from the onset. 4.0 Threat-Mitigation
104 Inaccurate time estimating Scope Implement and execute replan to include the necessary task in the schedule. See if a task not estimated can be done parallel to another task to stay on task with the schedule. Worst-case scenario, add more work in the schedule to catdh up. All else fails to crash the project to ensure the Preventative because PM ensures the project planning has incorporated all necessary tasks and project activities from beginning to end. Constant replanning when risk or uncertainties arise in the project not planned for from the onset. 5.5 Threat-Mitigation
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project completes on time and within the scope with hopes the budget is not too out of control.
105 Contractor late start on project Procurement Implement and execute a modified schedule to see how to arrange activities and task-parallel work contractors must do. Work overtime to get back on schedule once back on schedule, continue with project plan where the project is at and remain on task until the end of the project closely monitors schedule, scope, and budget. Preventative because it is a matter of communication and resource availability. The contractor must understand the project schedule and the importance of the project goals. Kick-off meetings ensure from onset contractor is aware of the project schedule, and the execution will closely follow to ensure project completion on schedule. 3.5 Threat-Transference
106 Lack of
communication Communication Boost morale by positively rallying the team to communicate, establish quick hall meetings, send emails with communication, text one another using all communication forms to keep the team engaged. Implement a project communication plan to ensure all are committed and onboard. Closely monitor stakeholders and project teams to keep communication active, host regular status meetings, and motivate all to keep regular contact with any critical information for the project. Preventative as long as everyone is committed to doing their part and knows to understand and read communication plan. 6.5 Opportunity-Risk Sharing
107 Insufficient resources Procurement Implement a resource breakdown structure, which follows the direction of the WBS. After resource allocation, PM will need to ensure all resources are monitored and controlled throughout the project’s life cycle. Preventative resource allocation by per task within the project and each respective area of the project should be aware of allocating resources per task assignment. 5.5 Threat-Transference
108 Staff turnover Resources and
Team Implement always be firm, fair, and consistent with the workforce. Ensure the give out of incentives, pay well, appreciate, and praise the staff. Also, ensure HR is Contingency because even though they give out of incentive, pay well, appreciate, and have a positive work environment, there is always staff turnover. Some may quit, get terminated, get pulled 3.5 Threat-Escalation
resilient in the hiringfrom the project due to process to get new other priorities. staff if there is turnover. Replanning and include in risk plan.
109 necessary tasksSchedule omits Project Management Implement in planning to review and re-review project plan to ensure coverage of all project tasks and activity coincide with WBS, scope, and project plan. Preventative because PM, SME, and stakeholders should review project plans to brainstorm all possible tasks and activities from the project’s onset. Out of all the eyes, someone should catdh this mistake before the project start. 3.0 Opportunity-Exploit
110 Specification poorly definedScope Implement SME and brainstorm in meeting the specifications. In contrast, the project plan may have SME. The PM and stakeholders should research and brainstorm the project and devise a project plan of all tasks required before meeting with the SME. The baseline, historical information, and so many avenues of getting the necessary information to ensure specification have been outlined and defined in the project plan. Preventative with experienced PM, team members, stakeholders, and SME there is no reason for project plan not to cover necessary specification. All handson deck and review, analyze, evaluate and develop the project plan. 5.0 Opportunity-Exploit
Difficult project modules
integration, compliance challenges, information
111 privacy, coding & testing, existing Integration software integration/ compatibility with existing or new features and data
Security Implement and execute web and content experts and web developers will keep this area well developed, maintained, and under tight control. The contingency, due to the uncertainty that exists with technology, which is beyond human control. Even with experts, the unknown of technology is
unpreventable—
replanning, testing, and perfecting the website. 8.5 Threat- Transference
112 Fail to identify complex functionalities and time to develop those functionalities Technical Implement Web The contingency, due to 7.5
experts who the uncertainty that specialize in exists with technology, functionality and which is beyond human design will orchestra control. Even with the necessary projectexperts, the unknown of
task in this area.technology is
unpreventable—
replanning, testing, and perfecting the website. Threat-Acceptance (Active)
114 Product depends on government regulations External Influence and negotiate the need for the resource. Stakeholders can use their influence to get resources so that the project’s minimal impact is not worse, so try to conduct another project around this resource until the resource availability.
Replanning and assessing projects to ensure tasks and activities are progressing around this product. The contingency, due to regulations enforcement, there is no plan to get around but rearrange the project schedule to see how the completion of another task while awaiting product. 2.5 Threat-Escalation
115 Response plans are inadequate Project
Management Immediate action to review, assess, and replan response plan. To ensure necessary risks include so immediate action taken when risk arises. Stakeholders and PM should brainstorm and come up with a response plan.
Communication and input of project team and stakeholder is crucial. Preventative this can be done from the start of the project. All stakeholders and project team should have input and feedback. 3.5 Opportunity-Exploit
116 Important risks are not identified Project
Management Implement and execute the development of risks that are pertinent and associate with the project. Replan risk plan with stakeholders and project team members to identify
roles and responsibilities. Preventative through proper planning, the risk is a part of the project risk plan. From the onset, this plan can be created, implemented, and executed. 2.3 Opportunity-Exploit
117 Tight schedule pressure may reduce productivity Project
Management Implement more work hours in the day and pay overtime as an incentive. The project must meet crucial deadlines. Working under pressure due to a tight schedule can be harsh. Therefore, the software process must closely monitor The contingency, once the time is a loss. Time is unrecoverable, and there is no way to ensure all work the completed when the tight schedule; therefore, more work hours in a day will help close the gap. 8.5 Opportunity- Risk Sharing
118 Sales insufficient Integration Implement and execute marketing and sales teams— planning and development based on market, supply, and demand.
Analyze, assess, and review demographics for the customer base. The contingency, the technology market is unpredictable because of the constant change in the market—the latest and most significant market demands. If the project fails to get the product out before the competitor, software demand can suffer due to competition. 2.5 Opportunity-Exploit
119 Market is decrease External Implementation features that have not been on the market. Study the competitors and see what features we can implement above and innovative to the current market. The contingency, market decrease there are many reasons for inflation. The uncertainty of this area is unpredictable. The economic status dictates the market. 4.5 Opportunity-
Acceptance (Passive)
120 No proper subject training Resources and Team Implement training to users and clients based on individual learning styles. Assess user and see what prior knowledge the users have before training to see what training should include. Preventative as part of project planning, engage the audience and see what type of training will be necessary for users. Conduct testing, surveys, and interviews to see what the training should include. Let users know your job is to help, and no need to be afraid to express the need for help. Create a training which is the step by step use screenshots of illustrations to follow. The steps let the client know they are geared towards no experience to expert experience of software, so any level of experience with guidance through training with no extensive explanation. 4.0 Opportunity-Enhance
121 After contract signed vendor requires additional funds Procurement First review contractual agreement. Implement and follow the change request and review contract process to see if the additional funds required due to uncertainty remedy or contractor are not
fulfilling the contractual agreement. Assess and analyze immediately and call an emergency meeting to get all stakeholders on board to make decisions with all the Preventative because the contractor has signed the contract and agreed to terms. 1.5 OpportunityEscalation
project input.
122 Vendors low quality Procurement Meet with the vendor and remind the vendor of the terms and conditions of the contract. PM then should meet with stakeholders and develop an action plan for performance improvement within a specific timeframe. Management should be aware of and possible withholding of payment until the vendor has rectified the quality of work. Preventative because vendors are aware from
the onset of the expectations. The project has assigned quality control, which addresses issues before getting to this level. 3.5 Opportunity-Risk Sharing
123 Error-prone modules may require more testing Technical Implement testing and verifying system
errors before delivery. Contingency there is no way to prevent errors there going to happen through the trial of the system. 8.0 Opportunity-
Acceptance (Active)
124 Management changes which impact schedule Decision and Issue Resolution The project manager must develop an effective work structure and techniques to resolve conflicts. There must
be an effective communication strategy (Slavek et al., 2013). Contingency management can be overbearing and forceful with orders to make changes. While the PM is the leader, they have no direct authority. The stakeholders and PM can make recommendations, but management may
overrule. Projects are at
the mercy of management. 3.0 Opportunity-Exploit
125 Stakeholders Expectations Stakeholder Meet with stakeholders and discuss what the PM can do to serve better. Brainstorms get feedback and input of the conflict that exists, keeping the stakeholders from completing expectations. Ensure the stakeholders are taken care of and communicated all project information. Preventative stakeholders require attention, details, and communication, outlined in writing and executed from the project’s onset. Kick off meetings, constant emailing, texting, and status meetings help keep them well informed and in the loop and done consistently throughout the project’s lifecycle. 2.5 Opportunity- Risk sharing
126 Project ROI not as anticipated External Implement and execute the project within scope, schedule, and budget. The contingency, the return on investment is hard to predict.
Management and Executive Sponsors predict, measure, and manage their projects’ business return, consistently shared with PM and Stakeholders. 3.0 Opportunity-Enhance
Reflection: What response actions (e.g., escalation, avoidance, etd.) are you mainly using? Why? How will this choice affect your project outdome and risk management strategy?
After gathering data related to the project risks, I begin to identify the risk as a threat or opportunity. Alternative strategies to consider when dealing with the threat or opportunity (PMBOK, pg. 442). The identification process resulted in 15 opportunities and 11 threats. Each threat and opportunity have various strategies ranging from escalation, avoidance, transfer, mitigate and acceptance. When identifying the risk, the category helps determine the risk rating, which established the correct identity for the risks.
Escalation of threats is outside the scope, and discussion with management will assist in providing a solution. I will recommend an opinion, but management will make final decisions. Threats avoidance will, from the onset, re-planned and make every effort to prepare, so they do not occur. Mitigation threats have assumed resolution will closely monitor from beginning to end to ensure probability and impact are minimal. Threat transferences call for monitoring but a resolution from a third- party or assigned risk owner, internal or external. Active threat acceptance has a contingency plan, and once occurred, immediate action to resolve will occur. I did not have any passive threats.
Whether escalation, exploit, enhance, risk-sharing, or acceptance, opportunities will be negatively or positively impacting the project. Escalation requires a running record by the PM and is monitored and controlled at the management level. The exploit is identified, realized, and high priority. Exploit is an opportunity to save time, cost, and benefit to the organization. Share risks are a joint venture, third-party, teams, and partnerships. The person responsible will capitalize on the opportunity when it occurs. Enhance early on increase opportunity which drives further development once occurred—enhancements aid in completing the project early due to beefing up resources. Acceptance is a contingency reserve of time, cost, and resources for later use, which is the advantage of the opportunity. Risk responses overall address project risk exposure, minimize individual project threat and maximize individual project opportunity (PMBOK, pg. 444).
References
A guide to the project management body of knowledge: (PMBOK® guid