11 May Identifying and Analyzing Risks
You are a project manager for an urgent and complex project. This project is triggered by unfavorable compliance findings and requires significant changes in technology, specifically in the tracking system and Web-based, order-processing system.
You are facing a very tight schedule and must complete the project in only 3 months. This type of work typically requires at least 6 months to complete. Because of that, the company hired offshore developers and technology testers. Your department nearly exhausted the budget for this fiscal year, and funding will be challenging. Nevertheless, the company must complete the project because compliance penalties can be severe. The project will have additional challenges, such as lack of highly skilled resources because the lead technology expert was diagnosed positive for COVID-19, and in-person meetings and collaboration is not recommended.
Your manager asked you to create a report exclusively focused on the risk management side of the project. You need to identify and analyze all negative and positive risks associated with this project. You will need to provide detailed explanations of key concepts, classifications, and tools used for this effort. The company hired a consultant who provided a template with explanations and key tools to be used for completion of this report.
Use the template provided to complete a 5-page report (excluding the cover page). NOTE: Please delete all instructions and examples before submitting your work.
The following list of topics provides more details about what you need to include in your report:
Discuss 5 risk identification techniques, and select 1 you will use to identify risks in your project.
Identify 15 risks (negative and positive).
Sort the identified risks into common categories, and create a risk breakdown structure.
Compare and contrast characteristics of the qualitative and quantitative risk analysis.
Perform qualitative risk analysis for the previously identified 15 risks.
Create an impact and probability matrix.
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