Question

i need 2 pages related to any topic of project managment

my course is project managment so choose any topic and give me 2 pages on that

Answer 1

Risk Identification:

This step involves identification of risks associated with a project by the project team as well as the stakeholders. Overt risks can be identified before the project kickoff, however since every project, in essence, is a new one. Therefore other risks have to be identified as the project progresses.

Some methods used for Risk Identification involve:

• Expert Interviews
• Risk Awareness Meetings
• Historical Reviews of Similar Projects
• Risk Assessment Meetings
• Brainstorming

As soon as a risk is reported, it has to be registered in a log.

1. Further assessment has to be carried out depending on the severity of a risk and its probability of occurrence.
2. Depending on the severity, impact of the risk on the schedule, scope, and cost of the project should be identified.

Role	Responsibilities
Project Director	Performs the risk assessment meetings Coordinates with Risk Managers to decide if the risk is unique Identifies risk interdependencies beyond projects and verifies if the risk is internal or external to task Assigns risk analysis and tracking number Continually monitors the plans for potential risks around the project lifecycle Analyzes any different risks that are identified and add these things to the Risk Register
Risk Manager	Coordinates with the Senior Project Director to recognize the risks, the territories of the risk inside the project, and the context and outcome of the risk Determines the impact, timing, and preference of the risk Forms the risk reports Monitors and handles risks that have been identified Discuss and updates the top ten risk list [timeframe, as needed, every two weeks, etc.] Escalates issues & problems to authority
Risk Owners	Determines which risks require mitigation and contingency plans Generates the risk mitigation and contingency strategies and performs a cost-benefit review of the proposed approaches Carries out the implementation of the risk response, if a risk incident occurs Participates in the study, re-evaluation, and modification of the probability and impact for each risk item on a weekly basis
Other Key Stakeholders	Assists in identifying and determining the context, consequence, impact, timing, and priority of the risk

Risk Assessment:

Once a risk has been identified, it has to be classified, both on the probability of occurrence as well as on the severity of the risk. [Plan in APPENDIX I]

Risk Response:

Based on the assessment of a risk, the project management team should come up with adequate response measures.

1. Avoidance – This step involves changing the scope or objective of a project to avoid the risks involved.
2. Transference – This step involves transferring the risk from the project to a third party such as a subcontractor.
3. Acceptance – This step involves accepting a risk and the cost, schedule, scope, and quality impacts associated with its occurrence.
4. Mitigation – This step involves reducing the probability of occurrence and severity of a risk. This can be achieved by taking early action, stringent monitoring, etc.?
5. Contingency – This step involves defining the steps to be taken in response to risks.

Contingency Plan:

• Identify the contingency plan tasks that can be executed to implement the mitigation strategy. ?
• Identify the basic resources such as money, equipment, and labor.?
• Develop a contingency plan program.
• Define emergency notification and escalation plans, if appropriate. ?
• Develop contingency plan training materials, if appropriate. ?
• Review and update contingency plans if necessary.

Types of Contingency Plan:

1. Budget Contingency: The budget contingency is a supplementary allocation to the estimate to account for errors, omissions and other uncertainties that affect the accuracy of the estimate.

• Estimate Quality Contingency: It is applied to account for errors and omissions which can cause from an unclear statement of the project purposes, an incomplete project definition, an uncertain or ill-defined strategic approach to meeting the goals, an incomplete or incorrect Work Breakdown Structure, insufficient estimate preparation time, estimator optimism or biased perceptions, lack of estimator knowledge or experience, and mechanical errors in the estimating process.
• Adjustment Contingency: It is often regarded to as “fix it” money, is added to an assessment to account for the effort needed to bring a theoretically finished project to a level satisfactory to the client.
• Price Protection Contingency: It is used to compensate for the effect of inflation on the vendor-quoted purchased parts contained in the estimate.
• Escalation Contingency: It is required during periods of severe inflation or price instability-when vendors are incapable or unwilling to quote a firm amount and choose to protect their bids from the risk of the situation.

1. Schedule Contingency: A schedule contingency will exist when project completion is expected earlier than the required project completion date.

• Duration Reduction: Increasing resources and overtime are the most commonly used method for reducing activity duration.
• Altering Precedence Relationship: In addition to activity compression, certain types of persistent relationships can be altered to shorten an anticipated project completion time.

1. Technical Contingency: The specification or technical emergency differs from both budget and schedule contingencies in that they explicitly deal with the technological risks taken on a project. They represent a set aside of reserves, and possibly time, for use when an assumed risk does not work out as intended and a remedy must be completed.

APPENDIX I: