Assessment 4: risk analysis and assessment

Complete Section 3 – Risk Analysis and Assessment, of the risk management plan by developing a risk matrix that will be used to assess the probability of risks for your chosen case study or work project.

A project manager must determine which specific techniques are more applicable to risk evaluation and assessment process that, positively, impact the project. First, the project manager evaluates and assesses the risks, and then determines how to quantify or qualify each risk.

Finally, prioritize the risk to determine the most effective mitigation strategy. The key is to be able to compare the different types of techniques and determine their advantages and disadvantages based on evaluation and assessment.

Insights may come from anywhere. The following anecdote might not necessarily be true, but the message rings true nonetheless: A tall truck tried to drive under a bridge and managed to wedge itself underneath. It was thoroughly stuck. As adults pondered costly and time-consuming major modifications to either the bridge or the truck, a child who was among the onlookers said, “Hey, why don’t you just let some of the air out of the tires?”

You never know who will have a solution to your problem. It is not always the experts who come up with the best ideas.

Preparation

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. This is provided to you through MS Imagine.

Microsoft Software

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 Visio 2016 and Project Professional 2016 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.

Introduction

This assessment includes developing a risk analysis and assessment for a risk management plan. Review the Risk Management Plan Template before beginning this assessment. Note: Developing a risk management plan for a project requires specific steps in sequence. Complete the assessments in this course in the order in which they are presented.

A risk matrix is a tool for categorizing potential levels of risk in a project. It facilitates risk mitigation and can help a project succeed.

Requirements

Microsoft Project is the recommended software for this assessment.

Section 3 – Risk Analysis and Assessment

Analyze, in depth, the work you completed in Section 2 – Risk Scope, Components, and Value, adding the major and minor risks, and determining the probability of the risks. You must include the following sections of Section 3 – Risk Analysis and Assessment. Refer to the template for directions on what to put in each. 

• 3.1 Major and Minor Risks.
• 3.2 Risk Probability.
• 3.3 Risk Matrix Template.
• 3.4 Risk Data Quality Strategy.
• 3.5 Risk Reviews.

Deliverable Format

• References: Use scholarly or academic sources where applicable. There is no set number of references required for this assessment.
• Format:
  • Use the Risk Management Plan Template you started in Assessment 1.
  • Insert appropriate supporting tables and other supporting information, if needed.
  • Do not submit multiple files, PDF files, or ZIP files.
  • Follow the Academic and Professional Document Guidelines [PDF]. Be sure to use single-spaced paragraphs. 
  • Use APA style and format for references and in-text citations.
• Length: No specific length requirements. Include all pertinent information.

Evaluation

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:

• Competency 1:Assess project risks to mitigate threats and capitalize on opportunities to ensure project success.
  • ​Analyze project risk to identify major and minor risks associated with the project.
• Competency 3: Evaluate risk analysis techniques for application in a project.
  • Integrate qualitative and quantitative risk analysis techniques to identify methods for evaluating the probability of a risk event.
  • Define the process and tools to be used to determine the quality of data for use in assessing project risk.
  • Develop a risk matrix for a project.
• Competency 4: Communicate in a manner that is professional and consistent with expectations for members of the project management profession
  • Define the process to be followed for risk reviews to be conducted throughout the project life cycle.

Your course instructor will use the scoring guide to review your deliverable as if they were your immediate supervisor. Review the scoring guide prior to developing and submitting your assignment.