Comments on Review U08784-SPM T3-2008

Review Comments on U08784-SPM T3-2008
Coursework Assignment

Document	Part 2: Risk Analysis
Reviewed By	Timothy Au
Date	1-Nov-2008
Document Status	First Draft
Version	1.00

Part Two

1. Refer to the Risk Analysis Report provided in my website. You may use this as a template. (Do not just copy)

2. Refer to the rmmm1.doc and rmmm2.doc provided in the course material. You may use the RMMM plan portion as a reference (Don’t just cut-and-paste). Refer to the sample on the next page for your starting point.

3. Briefly describe those risks (at least 10 risks) and identify TWO RISKS – DESCRIBE THE RISK in a little bit more details – Part (a) => ACTUALLY, this result in RISK ASSESSMENT – Part (b). Okay, you may either assess the impact by ranking (risk table or risk grid) or by quantifying (risk table PLUS risk exposure).

4. You may briefly state the risk analysis process to clarify what you are doing to address the problem (a) – (d). (Optional)

5. Risk Mitigation is a workable presentation serves as the answer to part (d) in table format. Project manager could find the mitigation plan particularly useful in the real world. In this assignment, it is just the answer to part (d) only!

6. Again, in the real world, a project manager must know the impact of the risk in terms of $. Even if we don’t mitigate the specific risk by avoiding (of course, this is the first choice, as mentioned in my lecture), we still have to work out a plan to handle or to manage if it happens!!! No way, should a project manager perform a risk analysis by just identifying two risks and ignoring all other less high risks. This is why I say, at least 10 risks to be listed. And if happens, what action should be taken i.e. contingency plan as said above. It then triggers the project control ACTION i.e. money-time schedule trade-offs to achieve the project goal. In such case, re-planning and rescheduling are required. (FYI)

7. Your identified TWO risks must be those related to COST and SCHEDULE. These risks must be project level i.e. not particular program bug or error data.

8. Risk analysis and risk management could NOT eliminate the occurrence of risks. Indeed, you could preventive the vital impact of the risk (if happens) by risk mitigation, preferably avoiding the risk. Effective risk management could minimize the loss from the impact of the risks, if happens; and hence, it increase the chance of the success of the project to be on time and within budget. (FYI)

SAMPLE LAYOUT (MINIMAL REQUIREMENT):

INTRODUCTION

PURPOSE

RISK IDENTIFICATION

RISK ANALYSIS / RISK ASSESSMENT

RISK TABLE OR TOP TEN LIST

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FOR EACH OF THE TWO RISKS IDENTIFIED:

DESCRIPTION OF THE RISK: XXXXXXXXXXXXXXXXXXXX

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JUSTIFICATION OF RISK: XXXXXXXXXXXXXXXXXXXXX

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LIKELY IMPACT OF THE RISK ON THE PROJECT

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RISK MANAGEMENT: XXXXXXXXXXXXXXXXXXXX

· Mitigation

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· Monitoring

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· Management

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RISK MITIGATION IS ONLY PART OF THIS!!!

POSSIBLE AFFECT ON COSTS AND TIMESCALE

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CONSIDER THE RISK IMPACT AND AVOIDANCE COSTS ALSO.

REFERENCES:

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