PJM410 MOD2 Peer Discussion Post Responses 200 words each

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Please reply to both POST1: and POST2: in at least 200 words each.

I have included my original post because the professor has asked a question pertaining to my post. The professors question is marked as POST1:

Hello Class,

Project Planning and Risk Management

Project planning involves every activity
undertaken to ensure that a project is successful. It mainly consists of
going through several steps that establish what one needs so as to
define their project objectives. It further clarifies what needs to be
done and creates a list of the tasks to do. Risk management planning, on
the other hand, refers to the steps undertaken by the project manager
to foresee risks, define responses, and estimate the amount of impact.
Risk planning contains a proper risk assessment matrix (Elson, 2015).
The project manager should periodically review the risks so as not to
stall the process of project management. This continual monitoring is
imperative in ensuring that the respective corrective measures are
applied in the required timeframe.

The risk planning process involves the
identification, prioritization, and management of risk. It consists of
establishing the objectives that one needs to accomplish and identify
any risks that might affect its achievement. Risk events may threaten
the achievement of critical success factors. The planning process,
therefore, involves identifying important risk events, developing
response plans, and prioritizing them. When planning your risks, you
need to use an extreme risk identifying process. It may involve using
risk analysis or using a risk register.

For successful risk planning to happen
seamlessly, there needs to be at least three documents. The first
document is a risk management plan, in which a document is prepared by
the project manager to foresee risks and estimate their impact. It also
helps the project manager to come up with responses to those risks. A
risk register is also required to facilitate the fulfillment of
regulatory compliance (Uzulāns, 2016). Another essential document is
the risk assessment matrix. A risk matrix defines the level of risk by
looking at the probability of occurrence and severity.

References

Elson, R. J., O’Callaghan, S., & Walker, J. P. (2015).
Integrating corporate governance concepts in the classroom with the risk
assessment project. Journal of Instructional Pedagogies, 17. Retrieved from https://files.eric.ed.gov/fulltext/EJ1083855.pdf

Uzulāns, J. (2016). Project risk register analysis based on the theoretical analysis of project management notion of risk. Economics & Business, 29(1), 43-48. doi:10.1515/eb-2016-0020.


POST1:

Thanks for the engagement this week and welcome to week two. I
agree that the risk process includes identification and prioritization.
I think the prioritization piece is often missed in the risk management
plan. What are your thoughts about the prioritization process? Why do
you think it’s so important in the risk management process?

POST2:

Risk
management planning is a component of project planning. Project
planning encompasses the scope of risk as well as other high level
aspects of a project. Risk Planning involves selecting a strategy and
methodology to use in executing risk analysis. During planning, the
budget and schedule are created for risk management tasks. Roles and
responsibilities are defined among the risk management team and
stakeholders (Project Management Institute, 2017).

The primary tools used in planning
risk management involve using expert judgement and stakeholder analysis.
Meetings with stakeholders and subject experts facilitate the creation
of the risk breakdown structure, risk register, risk impact scale, and
ultimately the risk management plan. Cause-Risk-Effect descriptions can
be summarized through the use of meta-statements. Risk severity and
probability can be conveyed through the use of a matrix which show the
varying impact on budget, schedule, and scope (Bissonette, 2016).

Risk management requires the input
of: the project charter, project management plan, stakeholder register,
enterprise environmental factors, as well as organizational process
assets. The project charter and project management plan assist in the
creation of the risk breakdown structure, in part because of the work
breakdown structure, which is useful for a top down analysis. The
stakeholder register assists in defining the roles and responsibilities
within risk management. Enterprise environmental factors help identify
potential external causes for risk while the organizational process
assets help define the overall methodology and strategy used throughout
risk management (Project Management Institute, 2017).

Reference

Bissonette. (2016). Project risk management : A practical implementation approach. Project Management Institute.

Project Management Institute. (2017). A guide to the project management body of knowledge. Sixth edition. PMI Publications.

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