ITP-5i- Project Risk Assessment(Individual project) Assignment for theITP-5Project Deliverable

This assignment is an INDIVIDUAL assignment.Review your previous deliverable assignments and the assignments that other teams have posted in the Shared Learning Environment Discussions.

This assignment has two parts.

Risk Register in Excel Part 1

Using your team'sITPWBS, develop and submita project risk register in MS Excel:

A project risk register, from the textbook, from the classroom material, from www.pmi.org, or from other valid research, that meets the following requirements.

In MS Excel, the risk register should be populated with the risks for at least 3 tasks of different types and categories at EACH level of the decomposition in the WBS (no fewer than 12 tasks must have risks identified --3 major tasks, 3 sub-tasks, 3 lowest level leaf node tasks or sub-sub tasks, and also at least 3 risks at the overall project level (Level 0)).(Note that this is minimum required, along with the other things below, to earn a satisfactory score. To earn a better score, you would want to include morerisks at each level, and some of the additional things mentioned below.)

Risksmayinclude, for example,technical ITrisks, external risks that impact the project but whichare outside the PM's control,project managementrisks, risks of project changes, and so forth.

Please note that a task could have more than one risk! The risk register must include MITIGATION strategies toavoid/eliminate or minimize the risk and contingency plans (what you will do if the risk happens). If the format you are using does not include these columns, please add them,thenbe clear on the difference between mitigation and contingency. Address what aspect of the project will be affected by each mitigation action - cost, schedule, or scope. Provide a recommendation for whether or not the mitigation action should be implemented, remembering thatEACH mitigationwill impact the project's scope, cost or schedule.

The risk register shouldalsoinclude:

Title ordescriptionof item orTASKat risk. (This istheWBS taskin which the risk occurs, not the risk itself.)

Also includethe WBS ID anda designation of whichWBSlevel the task is at.Eachrisk in the Risk Register should show the WBS level of the task that it refers to.I urge you tolet the computer do this for you, since doing it by hand seems error prone for some reason. Either import the field from MS Project oruse an Excel formula to calculate the level for you.

Descriptionof theRISK(What is the risk? What is at risk of happening?)(This identifies thenature of theriskitself, not the task.)

Riskcategory or type(e.g., technical risks, quality risks, financial risks, external risks, organization risks,project risks, quality risks, other risks,etc)

Consequences, impact, or cost at risk(adjectival or numeric)

Likelihood or probability(adjectival or numeric)

Initial risk score(or"risk product",consequence times likelihood)

Risk handling category (avoidance, mitigation, transfer, acceptance, etc.)

Risk handling / control / actionplan, including

The mitigation action that, if taken, would minimize the impact of the risk.

Cost and time to mitigate.

Contingency plan - what the team will do if the risk actually happens

Designation of risk "owner" or risk manager(best designated by title or role rather than by individual's name)

For additional points, you may include such things as:

Additional risks

Risks for additional tasks

Results of handling each riskaftercontrols are implemented:

Consequences or cost at risk

Likelihood or probability

Finalrisk scoreor product(consequence times likelihood)

Quantitative numerical consequences, probabilities, and risk scores (rather than subjective, qualitative, or adjectival assessments)

Additional narrative discussion of each risk, handling method, etc.

Total of all the risk scores (risk products) for the entire projectafterrisk controls are implemented, in dollars.

Also include some risks associated with the general ability to complete the project successfully. (You might consider these risks at Level 0, the root level, of the WBS, affecting the entire project.)

Finally, if you quantitatively calculated the risk product in those terms, then what is the total of all the initial risk scores (risk products) for the entire project, in dollars.

Text Document Part 2

Please include the Executive Summary with appropriate changes

Questions:In an accompanying Word doc ortextsubmission, answer the followingquestions:

Which risks (and associated tasks) would be the most threatening to the success of the project and why? This discussion should be very specific to tasks and their associated risks.

Which top THREE mitigations (and associated tasks) and risk handling plans should be implemented, and why?Remember that mitigation actions will affect cost,scheduleand/or scope so discuss what can you AFFORD to do based on the likelihood and impact of the risk?

What are the TOTAL impacts on cost,scheduleand scope for the project if the recommended risk controls and mitigation actions are taken?If you use costs, how did you calculate the cost? Will the risk handling improve things or make them worse?That is, will the project cost more and/or be less successful because of risk handling, or will it cost less and/or be more successful because of risk handling?How so?Explain.

How did you determine those costs and impacts?Please describe.What is the benefit of mitigating risks that are identified for mitigation?

If your project could only afford $20,000 for mitigation actions, which risks (identify associated tasks) would be implemented?

If your project could only tolerate a 5 day delay related to mitigation actions, which risks (identify associated tasks) would be implemented?

What would be the most expensive (time and or schedule) contingency action/plan? Identify the associated task and explain why this contingency would be the most expensive in terms of time or schedule.

How did you determine those costsand impacts?Please describe.

Submit theExcel and the Worddocument(s)totheAssignmentArea.

Approximatebreakdown by areas include:

General: Structure, Format, Mechanics, Style (~5%)

Risk register(~84%)

Questions (~10%)

Rubrics and Grading for theITP-5Project Deliverable

To earn 90-100%of the points available for this assignment

The risk register meets the basic requirements. Identify at least 10 risks at each level of the WBS, including risks that affect the general ability to complete the project successfully, major tasks of different types and categories, sub-tasks of different types and categories, risks of several differentrisk types and categories, including external risks, financial risks, organizationrisks, PM risks, quality risks, technical risks, and other risk categories. In addition, include such things as:

Multiple risks for single tasks

Quantitative numerical consequences, probabilities, and risk scores (rather than subjective, qualitative, or adjectival assessments)

Show risk assessment (probability, impact, and score) numerically (e.g., percentages, dollars,etc) rather than qualitatively.

Additional narrative discussion of each risk, handling method, etc.

Designation of risk "owner" or risk manager and why that person or functional position is the owner

Total of all the risk scores (risk products) for the entire project after risk controls are implemented, in dollars.

Also include some risks associated with the general ability to complete the project successfully. (You might consider these risks at Level 0, the root level, of the WBS, affecting the entire project.)

Answer all the initial risk scores (risk products) for the entire project, in dollars.

Include the following risk info for ea. risk:Title ordescriptionof item or TASK at risk;Descriptionof theRISK;Risk category or type;Initial assessmentofConsequences, impact, or cost at risk; initial likelihood or probability;Initial risk score (consequence x likelihood);Risk handling CATEGORY;Risk handling / control / mitigation / action PLAN;Designation of risk "owner";Riskresults with/after controls / handling plans implemented (Consequences or cost with controls;Likelihood or probability with controls;Final risk score (consequence x likelihood)). Answer allquestions, and include reference sources are used in thetextand included in a Referencepage.Show risk assessment (probability, impact, and score) numerically (e.g., percentages, dollars,etc) rather than qualitatively.