Requirements: Microsoft Project Is The Recommended Software ✓ Solved
Requirementsmicrosoft Project Is The Recommended Software Tool For Thi
Microsoft Project is the recommended software tool for this course due to its wide industry acceptance and its use in many project management professional roles. If you have not already done so, follow the instructions provided through the links below to download and install software or register for an account, as required. 1. If you have a Capella MS Imagine account, go to Step 2. Otherwise, see the instructions for registering an account at MS Imagine – Registration . 2. Log into the Capella Microsoft Imagine WebStore . 3. Identify the version of MS Project that is compatible with your operating system. 4. Download and install. If you encounter any difficulties in the download and installation process, post a detailed question in the Ask Your Faculty Discussion in the menu dropdown when you click the image of your faculty. They should be able to help you or point you in the right direction for the answers you need. Using Project in this course helps prepare you for future professional PM roles and responsibilities. Please use Project for tasks the software supports. If you have access to other tools such as Microsoft Visio, PowerPoint, and Word, or other project management software you believe may still meet the requirements of this course, please discuss your selected alternative with faculty.
Develop a risk management plan for your project. Use the Risk Management Plan Template and the PMBOK® Guide to complete this assessment: 1. Analyze the project introduction and project risk principles. 2. Identify project risks (both positive and negative). 3. Create a Risk Matrix Legend. . Probability Level / Criteria / Color Code. . Impact Level / Criteria / Color Code. · Create your Project Risk Matrix. Identify a minimum of 10 potential risks (positive or negative). For each risk: . Describe the risk. . Identify the probability rating. . Identify the impact of the risk to the project. . Identify response or solution for the risk. . Explain the action plan for the response or solution to the risk. . Identify the responsible person for each action. . Identify the status of each action. · Create your Risk Monitoring and Control Strategy: . Define the Review and Action Plan for identified and unidentified risks. . Establish a Review process. . Establish a Reporting process. Preparation Use the provided template develop the deliverables for this assessment. This assessment has one deliverable: · Deliverable 1: Complete the Project Risk Management Plan Template . Deliverable Format · References: There is no set number of references required for this assessment. Use scholarly or academic sources where applicable. · Format: . Utilize the Risk Management Plan Template . . All assessments are professional documents and should therefore follow the corresponding Academic and Professional Document Guidelines , including single-spaced paragraphs. . Use APA style and format for any references and in-text citations. · Length: Utilize the template, including the title page and the Reference page. Evaluation By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria: · Competency 1: Create a project plan, including all subsidiary plans, to deliver project outcomes that meet stakeholder expectations. . Analyze the project introduction and project risk principles. . Identify project risks both positive and negative. · Competency 2: Lead teams, users, stakeholders, and sponsors. . Create a risk matrix legend. . Create project risk matrix. · Competency 3: Communicate formally and informally with project stakeholders and sponsors. . Communicate in a manner representing a project professional. · Competency 4: Establish change-control processes, and use the tools and techniques to assure approvals. . Create risk monitoring and control strategy.
Sample Paper For Above instruction
Developing an effective risk management plan is a vital component of successful project management, especially in technologically driven projects such as those involving Microsoft Project tools and digital marketing strategies. This paper presents a comprehensive risk management plan tailored for a project aimed at enhancing a wearable technology company's market share through modern digital initiatives. The plan aligns with PMBOK® guidelines and incorporates thorough risk identification, qualitative and quantitative analysis, risk matrix development, and ongoing monitoring strategies to safeguard project success.
Introduction
Risk management is the proactive identification, assessment, and mitigation of potential uncertainties that could impact project objectives. In the context of the given project—aimed at leveraging IoT, data analytics, and digital marketing—effective risk management ensures that technological, operational, and market uncertainties are systematically addressed. This plan outlines the approach to identifying and managing risks associated with digital transformation initiatives within a ten-week timeframe and a $150,000 budget. The strategic focus is on minimizing threats and capitalizing on opportunities that could positively influence project outcomes, particularly in increasing market share and customer engagement.
Project Description
The project involves integrating advanced digital technologies such as IoT, data analytics, and mobile tech into Cosmo Inc.'s operational and marketing strategies. The company's goal is to achieve a 25% increase in wearable technology production and a 20% expansion in the customer base within six months. Departments involved include marketing, finance, IT, and customer service. The project aims to develop performance reports for monitoring the effectiveness of marketing and technological innovations in real-time. Given the rapid pace of technological change and fierce market competition, the project faces various risks ranging from technological failures to market acceptance issues.
Guiding Risk Management Principles
The plan adheres to principles including risk accountability, early detection, continuous monitoring, and stakeholder engagement to anticipate and respond to threats and opportunities. It emphasizes the importance of integrating risk management within project planning, fostering open communication, and maintaining flexibility to adapt to evolving risks. Standards from PMBOK® guide risk processes and technological standards, including secure data handling, system integration, and compliance with regulations, underpin the approach.
Risk Management Process
Risk Identification
Based on preliminary analysis and stakeholder input, a list of specific risks has been identified. These include technological obsolescence, cybersecurity threats, data privacy issues, and resistance to change within the organization. Additional risks involve supply chain disruptions, inadequate data quality, and regulatory challenges. Both negative (threats) and positive (opportunities) risks are documented to ensure comprehensive coverage.
Risk Planning & Analysis
To analyze risks effectively, a qualitative assessment is initially used to evaluate probability and impact on project success criteria. Risks are mapped onto a risk matrix, enabling prioritization based on their likelihood and severity. Quantitative analysis may be employed where necessary, particularly for high-impact risks like cybersecurity breaches, to estimate potential financial and operational damage.
Risk Matrix Legend
The following legend defines the probability and impact levels used in the matrix:
- Probability Levels: Very High (VH): ≥90%, High (H): 80-89%, Medium (M): 70-79%, Low (L): 69% or less.
- Impact Levels: Catastrophic (C): severe project failure, Critical (Cr): significant delay or increased cost, Marginal (M): minor impact, No Impact (N): negligible effect.
Risk Matrix Example
| Likelihood / Impact | Catastrophic | Critical | Marginal | No Impact |
|---|---|---|---|---|
| Very High | Risk 1 | Risk 2 | Risk 3 | Risk 4 |
| High | Risk 5 | Risk 6 | Risk 7 | Risk 8 |
| Medium | Risk 9 | Risk 10 | ||
| Low |
Project Risk Matrix
A comprehensive risk matrix will be developed to prioritize risks based on likelihood and impact, thereby guiding mitigation strategies. Risks are numerically numbered, with descriptions, probability and impact ratings, response strategies, responsible parties, and current status documented for ongoing management.
Risk Monitoring and Control
Continuous risk monitoring involves regular review meetings, real-time data tracking, and stakeholder feedback to identify new risks promptly. A structured reporting process ensures that risk status updates and mitigation results are communicated effectively to all relevant stakeholders. The review schedule, typically weekly or bi-weekly, will be tailored to project milestones and emerging risks to maintain agility and responsiveness.
References
- Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). PMI.
- Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.
- Hillson, D. (2017). Managing Risk in Projects. Routledge.
- Hillson, D., & Murray-Webster, R. (2017). Understanding and Managing Risk Attitude. Routledge.
- Marshall, R., & Marshall, D. (2010). Project Risk Management. CRC Press.
- PMI. (2021). Practice Standard for Project Risk Management. PMI.
- Chapman, C., & Ward, S. (2011). How to Manage Project Risks and Opportunities. Wiley.
- ISO 31000:2018. Risk Management — Guidelines.
- Lam, H. (2017). Project Risk Management: Processes, Techniques and Insights. Springer.
- Sy, D., & Cibulka, M. (2019). Risk Management in Digital Transformation Projects. Journal of Risk Research, 22(3), 350-367.