MBA 1300 Paper Requirements, Previously In The Course

Mba 1300 Paper Requirements, previously in the course you were asked to

Identify some of the positive and negative risks associated with a project at your workplace, rank these risks based on their priority, discuss how each risk can affect the project team, and propose risk-response plans using the key processes of project risk management, including team member roles.

Paper For Above instruction

Effective risk management is a critical component of project success, requiring a systematic approach to identifying, assessing, and responding to potential risks. In my recent project at my workplace, which involved implementing a new marketing strategy, I was tasked with assuming the role of project manager. This position allowed me to evaluate various risks that could influence project outcomes, including positive opportunities and negative threats.

Among the positive risks, the potential for a viral marketing campaign posed an opportunity for significant brand exposure without additional cost. Conversely, negative risks included budget overruns, delayed delivery of creative materials, and low stakeholder engagement. To prioritize these risks, I employed a risk matrix that considers both the likelihood of occurrence and potential impact. Budget overruns and delayed delivery were classified as high-priority risks due to their potential to derail the project timeline and budget constraints. In contrast, low stakeholder engagement was rated as moderate, as it could be mitigated with targeted communication strategies.

Each identified risk can have a distinct effect on the project team. High-priority risks like budget overruns may cause team frustration, diminished morale, and resource constraints, which hinder the team's productivity. Delayed delivery of critical materials might lead to stress and a compressed schedule, affecting team performance and quality of work. Meanwhile, low stakeholder engagement can reduce the team's sense of purpose and alignment, resulting in decreased motivation and a potential mismatch between project goals and stakeholder expectations.

Applying the key processes of project risk management—risk identification, risk analysis, risk prioritization, risk response planning, and risk monitoring—facilitates comprehensive risk mitigation strategies. For each risk, specific response plans were proposed. For example, to address the risk of budget overruns, I recommended establishing stringent budget controls, regular financial reviews, and contingency reserves. The team members involved would include the financial analyst responsible for tracking expenditures and the project manager overseeing overall budget adherence.

For risks associated with delayed delivery, I proposed implementing early vendor engagement, setting clear deadlines, and establishing backup suppliers. The procurement team and project scheduler would play integral roles, ensuring timely procurement and adjusting schedules as needed to accommodate delays. Regarding low stakeholder engagement, targeted communication campaigns and involving stakeholders in decision-making processes were recommended, with the project communications specialist and stakeholder liaison leading these efforts.

In conclusion, managing risks in a project requires a proactive approach where risks are carefully identified, assessed, and responded to with tailored strategies that involve specific team members. By systematically applying project risk management processes, teams can minimize adverse effects and capitalize on opportunities, ultimately enhancing project success and stakeholder satisfaction.

References

• Hillson, D. (2017). Managing Risk in Projects. Routledge.
• PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). Project Management Institute.
• Chapman, C., & Ward, S. (2011). How to manage project opportunity and risk. John Wiley & Sons.
• Kendrick, T. (2015). Identifying and Managing Project Risk: Essential Tools for Failure-proof Planning. AMACOM.
• Heldman, K. (2018). Project Management JumpStart. John Wiley & Sons.
• Meredith, J. R., & Mantel, S. J. (2014). Project Management: A Managerial Approach. Wiley.
• Snyder, C. S., & Snyder, G. R. (2013). Project risk management. CRC Press.
• Fang, C., & Sin, S. J. (2015). Risk management in project implementation. Journal of Construction Engineering and Management, 141(2), 04014074.
• Larson, E. W., & Gray, C. F. (2017). Project Management: The Managerial Process. McGraw-Hill Education.
• Winch, G. M. (2010). Managing Construction Projects. Wiley.