Assessing, Managing, And Mitigating Risk Course Project ✓ Solved

Assessing, Managing, and Mitigating Risk†Course Project Part

In this part of the course project, you will analyze a past project you have worked on. Think back to a project that’s now completed. It can be one for which you yourself were the project manager, or one in which you were a contributor. By remembering back to assess what the risks might have been, and why they were present, and analyzing the outcomes, you will be better positioned to assess risk the next time it presents itself.

1. Looking back on this project, were there any risks that you did know about or should have known about at the beginning of the project?

2. What were those risks?

3. What were the leading indicators?

4. What could you have done for contingency planning at the beginning?

5. Did the risks come to fruition?

6. What was the outcome in that case?

Part Two: Examining Risk. Now that you have had a chance to think about risk within a project-management context and to apply some of the strategies you have explored, you are ready to consider how the lessons and concepts presented in this module relate to your own work. Refer to a project that you are involved with currently and are very familiar with, or to a project you have worked on in the past that you understood well.

1. Brainstorm a list of the risks that you believe are present in this project (or that were present, if you are working with a past project). List them here.

2. For each risk you have identified, assess the threat level in terms of both consequences and probability.

3. How does your analysis of the risks affect your project scheduling?

4. Describe your own risk attitude in response to the risks you’ve identified on this project.

5. Describe the risk attitudes of other people who are (or who were) important to this project. How do you think others’ risk attitudes influenced outcomes?

Part Three: Applying Strategies to Mitigate Risk. Now you will consider applying strategies to mitigate risk. Consider the mitigations you could apply to this project and how they would change that project network.

1. For the risks that you identified on this project, what are some of the mitigations that you could have applied?

2. How do you think your chosen mitigation strategies would have affected your project network?

3. Create an action plan for risk management by completing the following grid. Key Risks Identify the relevant risks facing your project. Strategies Identify which strategies from the course you will use to assess, manage, and mitigate those risks. What will you do, or what will you recommend should be done?

Steps What are the specific actions you will take to assess, evaluate, and manage risk? Be as specific as you can in outlining your plans.

Timeline Identify a timeline for implementation. What will you do (or will you have your team do) immediately?

Measurement/Results How are you going to measure your results or demonstrate that your efforts have had a positive impact? Outline your measurement strategies here.

Paper For Above Instructions

In the realm of project management, understanding and managing risks is crucial to the successful completion of any project. In this paper, I will analyze a clean room construction project I led at a pharmaceutical organization, reflecting on the risks encountered and the strategies that could have mitigated them. The project led to valuable insights into risk assessment, management, and mitigation that can inform future endeavors.

Part One: Reflecting on Past Risks

Looking back at the clean room construction project, there were several risks that I either was aware of or should have recognized at the project's inception. One significant risk was related to structural integrity and compliance with stringent regulatory standards. Pharmaceutical manufacturing environment requirements often involve unique architectural and engineering challenges to ensure cleanliness and safety.

The leading indicators of these risks included the regulatory compliance demands outlined by the Food and Drug Administration (FDA), which enforced strict guidelines for cleanroom environments. Notable indicators were the need for specialized materials and designs to minimize contamination while considering airflow, pressure differentials, and cleanroom classifications.

For contingency planning, I should have prepared alternative approaches for unforeseen challenges, such as delays in material delivery or changes in regulatory requirements. Creating a flexible timeline with buffer periods for critical procedures would have been crucial. This proactive approach could have significantly alleviated stress during the project cycle.

Fortunately, while some risks did come to fruition—such as minor redesigns mandated by regulatory feedback—the overall outcome was largely favorable. By rigorously adhering to compliance protocols, the project achieved certification and successful inspection.

Part Two: Current Project Risk Analysis

The analysis of these risks has a direct impact on project scheduling. Recognizing these threats allows for realistic timeline adjustments and resource allocation, ensuring that potential issues are acknowledged early. My personal risk attitude leans toward cautious optimism—I believe in thorough preparation while maintaining flexibility to adapt as circumstances evolve.

In contrast, the risk attitudes of other project stakeholders vary. Some colleagues adopt an overly cautious stance, which can sometimes stifle progress due to fear of potential pitfalls, while others display an adventurous approach, focusing solely on potential rewards. These differing attitudes can lead to conflicts in decision-making, highlighting the importance of aligning project stakeholders on risk perspectives.

Part Three: Applying Mitigation Strategies

My chosen mitigation strategies would transform the project network by adding alternative paths for critical workflows, enhancing overall project resilience. The action plan for risk management includes identifying key risks, implementing diversification strategies, and establishing protocols for quick-response teams to tackle issues as they arise.

The specific steps involve conducting thorough assessments of all equipment suppliers, developing compliance checklists that align with local regulations, and creating a project timeline that includes regular checkpoints for evaluating progress and adjusting plans as necessary.

In terms of implementation, we will initiate these actions immediately, starting with supplier evaluations and synchronizing project timelines across stakeholders. Measurement strategies will involve collecting performance data after implementing mitigation strategies and assessing timelines against initial project goals to measure the project's success comprehensively.

References

• PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Project Management Institute.
• Hillson, D. (2003). Effective Opportunity Management for Projects. International Journal of Project Management, 21(5), 357-365.
• Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. John Wiley & Sons.
• Zwikael, O., & Ahn, M. (2011). The Effect of Planning on Project Success: A Conceptual Framework. International Journal of Project Management, 29(8), 257-267.
• Schwalbe, K. (2015). Information Technology Project Management. Cengage Learning.
• Riyad, S. M., & Hossain, M. (2014). Risk Management in Construction Projects: A Systematic Review. International Journal of Construction Management, 14(4), 37-47.
• Müller, R., & Turner, J. R. (2010). Leadership Competency Profiles of Project Managers. International Journal of Project Management, 28(5), 490-503.
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