Address the importance of project risk management
Assignment ID Number AFFGEHU83939HD Type of Document Essay Writing Format APA/MLA/Harvard Academic Level Masters/University References/Sources 4 References
Address the importance of project risk management
Address the importance of project risk management. Your response should include considerations pertaining to planning and identifying risks, as well as performing a qualitative risk analysis. Please also consider common sources of risk for information technology projects. To assist you in your qualitative risk analysis, consider the following case:
Most people are very familiar with the movie The Great Escape but may not be familiar with it as a project executed in the spring of 1944. The starting point for the project was in March of 1943 with the move to a new camp, the North Compound, created to relieve some of the overcrowding in the existing camp. From the outset the move to and taking up of brand-new quarters would cause confusion and provide new opportunities, and all sort of possibilities for escape.
Roger Bushell and the escape committee were faced with the conundrum of determining the best possible approach to an escape. They needed to balance variables like the availability of resources and the overall risk to the escapers and POWs in the camp.
In the East Compound the POWs had lost or abandoned at least fifty tunnels in a thirty-month time frame much to the dismay of the camp’s escape committee. This was a dismal and unsatisfactory track record, and POW morale was sagging very low. The escape committee (like a PMO) could prioritize the escapes that had the best chance of success. They could also determine the best Return on Investment (ROI) for the escape by analyzing the resources and risks for the escape.
Overall there were different types of escapes possible with varying approaches for example:
An unplanned and opportunistic escape, where 1 or 2 escapers take immediate advantage of a presented situation. For example, climb and hide in the back of a truck inside the camp. These opportunities were extremely rare and risky, and just to the immediate escapers and not the rest of the camp. In addition, the POWs had no time to prepare and would end up outside of the camp with no resources and equipment to continue the escape.
A planned escape, used once only, a throw away escape where the escape route would be exposed and could not be reused, for 1 to 3 escapers to get out. For example, finding a blind spot along the perimeter fence and cutting through the wire. This would be discovered within 24 hours and was a little less opportunistic and risky. The POWs would end up on the outside of the camp with resources and equipment to continue the escape.
Planned escape, reused several times, for 1 to 10 escapers, several escapes spread over several months, through a tunnel. There were problems in disguising missing POWs in the camp for more than a few days. Camp authorities would search with little let up. Continuation of the project would be very difficult. The POWs would have resources and equipment outside of the camp to continue the escape.
Planned mass escape, used once only, a throw away escape where the escape route would be exposed and could not be reused, for up to 250 escapers to get out. With many escapers the contribution to the escape would be significant, the pooling of a lot of materials and resources. The POWs would have good resources and equipment outside of the camp to continue the escape
Clearly, Project Risk Management was a major concern in The Great Escape project, so carry out the following exercises to identify and analyze the project risks involved. Preferably, work as a team to develop responses as though you were working in a Project Management Office (PMO) for this project.
Identify how risk management should be practiced through each stage of the project.
Play out scenarios that recognize overall areas of risk, and then identify specific risks.
First, because it is simpler and easier to do so, complete a qualitative risk analysis for each specific risk you have identified.
Collect metrics that quantify each of these risks in terms of calculating the cost of impact of each risk, and sort in priority order.
Plan risk responses that are realistic, even though some have to be just simply accepted.
- The paper should be at least 3 pages.
- Times Roman 12 point font
- Double spaced
- APA format reference citation
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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