For This Assignment You Will Use What You Identified As Your

For This Assignment You Will Use What You Identified As Your Approach

For this assignment, you will use what you identified as your approach in this week’s Discussion Board to identify and assess all of the risks that are associated with your project. You should identify a minimum of 8 risks then assess them by employing the techniques that you selected in the Discussion Board assignment. For the compilation of your risk assessment component, you may use a table similar to the following: In this sample 2x2 ranking matrix, the risks that should receive the highest priority are the risks that are in quadrant 1, and the risks that will receive the least attention are in quadrant 4.

Deliverables: The overall project deliverables are the following:

• Update the Key Assignment Document title page with a new date and project name.
• Update previously completed sections based on instructor feedback.
• Complete the New Content below, and copy it under the sections in Key Assignment Document called "Project Risks Identification" and "Project Risks Assessment":
• New Content
• Project Risks Identification
• Use the project risk categories that you brainstormed during the previous week to categorize the risks that you have determined for this assignment.
• Show a list of stakeholders and project teams that you utilized to identify risks.
• Thoroughly describe each project risk (at least 8), which includes the source for identifying the risk.
• Identify and show the specific technique that you used to identify the risks, such as cause and effect, a fishbone diagram, a SWOT analysis, interview notes, and an assumption list.
• Project Risks Assessment
• Create a table similar to the sample above, or use another method to list the risk, the likelihood of occurrence, and the overall severity of impact if it occurs.
• Fill in the table with the information from the project identification utilizing the 2 scales that you determined as a part of your Discussion Board assignment. Be sure to consider both the cost and schedule impact as you determine the overall impact.
• Rank your risks based on both the likelihood and impact using a technique, such as 2x2 matrix as shown in the assignment description section.

Be sure to update your table of contents before submission.

Paper For Above instruction

Effective risk management is a critical component of successful project management, enabling stakeholders to anticipate, evaluate, and mitigate potential threats that could impair project objectives. This paper outlines a comprehensive approach to identify and assess risks associated with a project by employing structured techniques and systematic assessments, ensuring proactive risk mitigation strategies are in place.

The initial step involves a thorough risk identification process, where a minimum of eight potential risks are examined. To facilitate this, various risk categories are employed, such as technical, environmental, organizational, and external risks. These categories help in organizing risks and ensuring no aspect is overlooked. Stakeholders play a vital role in this process; thus, a detailed list of stakeholders—including project team members, clients, suppliers, and regulatory agencies—is utilized to gather diverse insights and perspectives. Stakeholder input is critical, as it contributes significantly to the thorough identification of risks.

The identification process leverages specific techniques such as cause-and-effect analysis, fishbone diagrams, SWOT analyses, interviews, and assumption lists. For instance, a fishbone diagram helps visualize potential causes of risks by categorizing factors linked to project uncertainties. Conversely, interviews with subject matter experts reveal hidden risks that may not be immediately apparent. Utilizing these methods ensures a comprehensive identification of risks, capturing both obvious and latent threats.

Thorough descriptions of each identified risk form the backbone of an effective risk management plan. For illustration, some potential risks include scope creep, technical failures, resource shortages, regulatory changes, supplier disruptions, stakeholder conflicts, unforeseen environmental impacts, and cost escalations. Each description details the source—whether from stakeholder interviews, past project analyses, or risk category assessments—and explains the circumstances under which the risk might materialize.

Following risk identification, an assessment phase quantifies both the likelihood of each risk occurring and its potential impact on project cost and schedule. A risk matrix serves as a powerful tool for this purpose. Risks are evaluated using two scales—probability and impact—and positioned within a 2x2 matrix to prioritize attention. Risks in the high-probability, high-impact quadrant warrant immediate mitigation efforts, whereas low-risk areas might be monitored with less urgency.

The risk assessment table consolidates these evaluations, providing a visual and analytical basis for decision-making. For example, risks such as regulatory changes might exhibit medium likelihood but high impact, placing them in a specific quadrant of the matrix. Conversely, risks like minor resource shortages could have low impact and likelihood, categorized accordingly. This prioritization aids project managers in allocating resources effectively to mitigate the most threatening risks.

Moreover, rating and ranking risks based on combined likelihood and impact facilitate strategic planning. Techniques such as the 2x2 matrix enhance clarity, making complex risk data accessible and actionable. These assessments enable the development of targeted mitigation strategies, contingency plans, and resource allocations, which collectively fortify project resilience.

In conclusion, employing structured identification and assessment techniques provides a robust foundation for managing project risks. By integrating stakeholder insights, analytical tools, and systematic evaluation, project managers can proactively address threats, optimize resource deployment, and improve the likelihood of project success. Regularly updating risk assessments and engaging stakeholders throughout the project lifecycle ensures that emerging risks are effectively managed, ultimately leading to better project outcomes.

References

• Hillson, D. (2017). Managing Risk in Projects. Routledge.
• Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). PMI.
• Chapman, C., & Ward, S. (2011). Project Risk Management: Essential Methods for Project Managers (3rd ed.). Jossey-Bass.
• Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
• PMI. (2021). The Standard for Risk Management in Portfolios, Programs, and Projects. PMI.
• Voogd, H. (2016). Risk Management in Construction Projects. Springer.
• Hubbard, D. (2009). The Failure of Risk Management: Why It's Broken and How to Fix It. Wiley.
• Chapman, C., & Ward, S. (2003). Generating Project Ideas and Options. In Managing Project Risks and Opportunities. Wiley.
• Raz, T., & Michael, E. (2001). Modelling uncertainty in projects. Journal of Planning Education and Research, 21(3), 242-257.
• PMI. (2019). Practice Standard for Project Risk Management. PMI.