BUS519 All Weeks Discussions

There is a lot of news about risk management in project management. Identify and discuss the one thing about risk management that concerns you.

Week 2 Discussion

There are four critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools, and techniques; and simple, scalable processes. Determine three obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles.

Week 3 Discussion

One of the most important aspects of managing risk for a project is to accurately define the size of the project. Determine the criteria that must be considered to perform the project sizing. Create one additional factor with a rationale.

Week 4 Discussion

Imagine you are considering opening a business. Share the type of business you would open. Then, create a list of the five most significant risks that you must address prior to making your decision regarding the viability of your venture. Justify the risks.

Week 5 Discussion

Using the information presented in Practical Project Risk Management Figure 6-3, “Common Influences on Risk Perception,” determine the conscious factors, subconscious factors, and affective factors for this project. Examine how awareness of such factors influences the decision to hire outside vendors. In addition, analyze how the stated factors help improve the overall facilitation and effectiveness of the risk management.

Week 6 Discussion

Review the Monte Carlo Analysis method presented in Chapter 15 in Practical Project Risk Management. Then, determine whether you would recommend to a project manager the use of this methodology for a large, complex project. Include an example to support your response. If you would not recommend the use of a method such as Monte Carlo, explain what you would recommend as an alternative tool that would allow the project manager to make informed decisions. Provide a rationale for your recommendation.

After posting your response, respond to at least one of your classmates on their suggestions.

Week 7 Discussion

Evaluate your project management options in terms of schedule, performance, and cost for the following scenario. Support your evaluation.

An office building construction project in the southern Virginia area is 80% complete when a major hurricane strikes, stopping progress on the worksite for 10 days while damage is assessed and repairs are completed. The project has a fixed budget and a completion date that cannot be moved.

Week 8 Discussion

In many risk programs, risks are managed individually. A robust risk program, however, considers the cumulative effect of all risks. Assess the following scenario and identify the effect of multiple events on a risk management strategy:

When the Titanic struck the iceberg, the weather was bad, the lookouts were not properly equipped, the radio operator was not monitoring other ship traffic in the area, and the ship design had a major flaw in the construction of the hull’s “watertight” compartments.

Week 9 Discussion

Compare and contrast the differences in the ATOM methodology for large versus small projects. Analyze the key reasons why it is important to address these differences when preparing the initial project plan.

After posting your response, respond to at least one of your classmates on their suggestions.

Week 10 Discussion

Debate whether the cost of utilizing ATOM for large projects is justified when an organization has limited resources to dedicate to risk management efforts. Provide a description that you would present to your managers to persuade them to see matters your way.

After posting your response, respond to at least one of your classmates on their recommendations.

Week 11 Discussion

We have covered a lot of ground regarding project risk project management. Identify and discuss the one thing about project risk management that excites you after completing this course. What additional topics would you have liked to spend more time on? Why?

After posting your response, respond to at least one of your classmates on their selection and rationale.