Define And Provide One Example Of A Known Known

Define And Provide One Example Each Of A Known Known Known Unknown A

Define and provide one example each of a known known, known unknown, and unknown unknown you have encountered on previous projects. Which of these would be addressed during the planning phase? Which would be the basis for listing on a risk register? Why? To help identify risks, what are some questions a project manager could ask when reviewing the project charter and WBS? Why would these questions be important? Your post must be substantive and demonstrate insight gained from the course material. Text- Title: Contemporary Project Management ISBN: Authors: Timothy Kloppenborg, Vittal S. Anantatmula, Kathryn Wells Publisher: Cengage Learning Publication Date: Edition: 4th

Paper For Above instruction

In contemporary project management, understanding the nature of uncertainties and risks is fundamental to successful project execution. These uncertainties can be categorized into known knowns, known unknowns, and unknown unknowns, each requiring different management strategies. This essay defines these categories, provides examples, discusses their relevance during project planning and risk management, and explores questions for risk identification during project review phases.

Known Known

A known known refers to a risk or issue that is fully understood and can be accurately predicted or planned for. It involves situations where the project team has sufficient information and experience to foresee potential problems and prepare responses accordingly. For example, in a software development project, the completion time of a routine task such as setting up a development environment is a known known. The timeline, resources, and procedures for this task are well-documented, making it predictable and manageable.

Known Unknown

A known unknown pertains to risks or issues that the project team recognizes but lacks detailed information about, making precise predictions difficult. These are uncertainties that are acknowledged but not fully understood, often requiring further investigation or contingency planning. An example from previous projects involves regulatory compliance requirements. While the team knows that regulations may change or vary across jurisdictions, they do not know the specific changes or their impacts until further research or consultation with experts is conducted.

Unknown Unknown

An unknown unknown is a situation or risk that the project team is completely unaware of; it is outside their current knowledge and understanding. These are unpredictable and can pose significant threats if they materialize unexpectedly. An example includes unforeseen technological breakthroughs that can disrupt existing systems or processes. In a past project involving digital transformation, an unexpected security vulnerability was discovered late in the development process, representing an unknown unknown that jeopardized project timelines and scope.

Addressing Risks during Project Phases

Known knowns are primarily addressed during the planning phase through detailed schedules, resource allocation, and response strategies. Since these are predictable, planning for them ensures smooth execution. Known unknowns also involve planning and contingency measures; the project team identifies uncertainties and prepares mitigation strategies or further investigations. In contrast, unknown unknowns are typically not addressed during initial planning because their unpredictable nature means they often surface unexpectedly during project execution, necessitating adaptive management approaches.

Risk Register and Its Basis

Known knowns and known unknowns form the basis for listing risks on a risk register. The risk register is a tool that captures identified risks, likelihood, impact, and mitigation strategies. Known knowns are documented explicitly because they are predictable. Known unknowns, once identified and assessed, are also recorded with contingency plans. Unknown unknowns, however, do not typically appear during early risk register development because they are not yet known; they are monitored through ongoing risk assessments and adaptive risk management strategies.

Questions for Risk Identification

When reviewing the project charter and Work Breakdown Structure (WBS), project managers can ask several insightful questions to uncover potential risks:

• What assumptions are we making about project resources and technology?
• Are there dependencies on external vendors or regulatory agencies? What uncertainties exist here?
• What previous similar projects encountered unexpected issues, and what lessons can be learned?
• Are there resource constraints or environmental factors that could impact project timelines?
• What are the critical milestones, and what risks could cause delays?

These questions are crucial because they help identify potential risks stemming from assumptions, dependencies, resource limitations, and external factors. By proactively questioning these areas, project managers can better anticipate possible problems, prepare mitigation strategies, and ensure project resilience.

Conclusion

Understanding and managing the different types of uncertainties—known knowns, known unknowns, and unknown unknowns—is vital for effective project risk management. Focusing on predictable risks during the planning phase and continuously monitoring for emerging risks helps in achieving project objectives. Thoughtful questioning during project review phases enables project managers to uncover risks early, facilitating proactive responses that enhance project success.

References

• Kloppenborg, T., Anantatmula, V., & Wells, K. (2020). Contemporary Project Management (4th ed.). Cengage Learning.
• PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). Project Management Institute.
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• Chapman, C., & Ward, S. (2011). Managing Project Risks and Uncertainties. Wiley.
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