Risk Management Sample Assignment

I. Project Risk:

Risk three, delay in the sig-off on the project deliverables

The risk matrix states it as a low likelihood in context of the ‘go-live’ project; however, the impact could cause major effect in the delivery of the project. This is the first milestone after the planning phase and there are three other major milestones of the project after this. Considering the execution of the project on any methodology, it can be stated that this will be influencing the further schedule and budget of the project and hence, influence the project in negative manner.

A. Risk Requires Attention

The likelihood of the project is low but the impact could be placed at higher standard as it is capable affecting the rest of the activities mentioned in the WBS. This is the crucial phase for the execution, monitoring controlling, and project closeout as, after the completion of this milestone only, the project will be executed and further activities can be accomplished. 

B. Describe any dependencies

Except the initiation and planning phase, rest of the phases and milestones are vulnerable with the delay in the sign-off as, the project would neither be executed nor be closed without signing-off the planned documents (Marcelino et al. 2014). In simple words, the execution and controlling phase can only be executed if the project sign-off has been accomplished and delay in this milestone will affect the overall execution of the project.

C. Implications

It will no doubt first of all affect the schedule of the project resulting in the escalation of the schedule and hence the resources will be utilized for more days that will be alternatively resulting in the enhancement of the budget for the project (Kerzner and Kerzner 2017). Since the project will not be executed but the resources made available for the evaluation and estimation of the project constraints will be already spent and waited until it gets signed-off. The quality will be untouchable, as the executives will deliver the same quality after the sign-off.

II. Risk Mitigation:

Meeting and proper communication with the stakeholders: this is the only way to eliminate the risk of the time escalation from the project and thus, deliver the sign-off on time (Meredith et al. 2016). Every stakeholder should be ensured to meet at the meeting place, there should be proper, and effective communication should be delivered in relation with the project constraints.

A. Mitigation

  1. Regular face-to-face meeting will ensure that the stakeholders positively understand the constraints related to the project.
  2. contacting with the stakeholders, executives and heads, will ensure that they are well aware with the procedures and activities involved for the delivery of the project.
  3. Importance can be given on the better understanding and positively signature of the stakeholders.

B. Impact of mitigation strategy

It will make sure that every stakeholder is well known and aware with the project constraints and activities involved for the execution of the project and hence, the sign-off will be completed within the expected time and the project will be delivered as per the planning (Ashuri et al. 2015).

C. Best Course of Action

Best course of action would be regular meeting and in contact with the executives and heads for ensuring that they are well aware with the activities,, budget, schedule and other constraints of the project ensuring effective and efficient delivery of the project within the estimated time

References

Ashuri, B., Kingsley, G., Rogers, J., Gahrooei, M.R., Ilbeigi, M., Sung, E.J.Y. and Toroghi, S.S.H., 2015. Streamlining Project Delivery through Risk Analysis (No. FHWA-GA-15-1305).

Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.

Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A.M.E. and Villanueva, P., 2014. Project risk management methodology for small firms. International journal of project management32(2), pp.327-340.

Meredith, J.R., Shafer, S.M., Mantel Jr, S.J. and Sutton, M.M., 2016. Project management in practice. Wiley Global Education.