Project Risk Management

Project risk management is the practice of identifying, understanding, analyzing, and planning for events that may or may not occur as a project progresses through the phases of the project life cycle. Risk events can be negative or positive in nature. Negative risk events are undesirable events that, if realized, can negatively affect the scope, budget, and/or cost objectives of the project. Positive risk events represent opportunities that, if realized, can be leveraged to help achieve the scope, budget, and/or cost objectives of the project.

Week 1:

Week Introduction:

Risk Management and the Project Life Cycle

This week, we will consider project risk management in light of the phases of the project life cycle. You will become familiar with the project risk management processes, recognize how they relate to the initiating, planning, executing, and closing phases of the project life cycle, and gain insight into the iterative and ongoing nature of risk analysis throughout the life cycle of a project.

Books & Resources:

Book

Project Management Institute. 2013 A guide to the project management body of knowledge (PMBOK Guide)

Instruction:Read Chapter 2 and pages 309-312.

Cooper, D., Bosnich, P., Grey, S., Purdy, G., Raymond, G., Walker, P., & Wood, M. 2014 Project Risk Management Guidelines

Instruction:Read pages 1-40.

Article/Journal

Kadar, M., Achim, I. M., & Cabulea, L. (2010). Risk management plan in the case of an infrastructure development project funded by the sectoral operational programme increase of economic competitiveness. http://search.proquest.com.proxy1.ncu.edu/docview/856209052?

Instruction:Read article

Website Link

Phillips, J. (2012). Risk management planning [Video file]. https://www.youtube.com/watch?

Instruction:Watch video

Assignment: Categorize Project Risk Management Processes by Project Life Cycle Phase (10 Points) Due: 05/08/2016

Instructions:

Using tools available in MS Office, graphically depict how the six Project Risk Management Processes identified in the PMBOK Guide relate to the Initiating, Planning, Executing, and Closing project life cycle phases identified in the PMBOK Guide. You may use a table or any other graphic approach. Ensure that you clearly associate each of the six Project Risk Management Processes with at least one of the project life cycle phases in your graphic depiction. Your graphic depiction must appear in the body of a Word document and you must submit only as single Word document file. In the Word document that you submit, which contains this graphic depiction, also includes 4-6 pages of text that summarize the life cycle phases, the Project Risk Management Processes, and the rationale for the approach you took to create graphic depiction.

Support your paper with a minimum of three (3) external resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.

Length: 4-5 pages, including the graphic, but not including title and reference pages

Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Be sure to adhere to Northcentral University's Academic Integrity Policy.