CLASS: BUS 519: PROJECT RISK MANAGEMENT
INSTRUCTIONS: PLEASE DO NOT PLAGIARIZE. PLEASE CONFIRM AS SOON AS POSSIBLE.
URGENT DUE TOMORROW MARCH 22 AT 10 PM
BELOW are the students comments to be answer and are based on the main discussions I did below. Please see below the main discussions: For the main discussion 1 and the main discussion 2, both main discussions are at the end of students comments.
There is no minimum or maximum words count, just answer correctly, precise and concise.
DISCUSSION 1 (A, B, C)
A) FROM DOYLE
Critical path methodology sound interesting. Controlling time can save you money. I can see this in construction.
B) FROM MITCHEL
The ATOM process is a great way to identify the risks and make sure that any threats and/or opportunities are addressed for the company. It is very important to be able to identify the risks that may affect an organization and to make sure specific personnel are ready to handle the situations. Like you stated, the ATOM methodology is effective and would ease a lot of grief in the workplace. Thank you for post, good luck to you and your future endeavors.
C) FROM VICKY
Good point Liz. Critical path methodology would be a good use for time management. It can develop a clear concise focus on managing the timeline of a project.
MY MAIN DISCUSSION FOR DISCUSSION 1 (BUS 519)
From the e-Activity, choose one project risk management methodology (not ATOM), compare and contrast the steps of the methodology you chose with ATOM. Provide an example of how each methodology is clearly used.
The project risk management methodology that I have chosen is the critical path methodology. This is a technique that involves identifying the longest path of a project. It is a critical path in avoiding project delays, and providing contingent provisions for dealing with risks without necessary delaying the whole project. The similarity between the ATOM methodology and critical path methodology is that both are aimed at reducing the risks that faces the project. Particularly, both address project-scheduling issue that involves project time. However, the critical path methodology emphasis on time as a means of avoiding critical risks that may affect the project. For example, flooding on a construction project may lead to project delay. Critical path methodology would come in to assist in time management and avoid delay on the project despite the risk occurring.
Determine if you would choose ATOM as the most significant methodology for all of your project risk management. Justify whether or not you would replace the one you researched with ATOM. Support your response
I would choose ATOM methodology as the most significant methodology for the entire project risk management. ATOM methodology would assist in risk identification as compared to the other approach, which emphasis on time of completing the project. Risk identification is an important aspect of the project. It assists in developing a risk management plan to reduce the effect of the risks. In line with this, the ATOM methodology would assist in developing a response mechanism in cases where the risks identified occur. Furthermore, this methodology involves a review process, which would assist in determining the deviations from the set plan. This is an essential issue for the smooth running of the project. Therefore, the ATOM methodology is the effective approach in the project risk management.
Hill, C., & Jones, R. (2013). Strategic management: An integrated approach (10th ed.). Independence, KY: Cengage.
DISCUSSIONS 2: ( A, B & C)
A) FROM BARRY
Hi Liz, Risk identification is important. If we know what the issues are, we can develop a plan to deal with them as they arise. We can also turn them into opportunities. Just ask the person who messed up the glue and stuck it on paper. He gave it to his boss’s secretary who loved it so much they decided to produce it and call it post its.
B) FROM VICTORIA
I agree Liz. Risk identification is key. Identifying risk may be most important as response and planning around this identification may move faster and more accurate.
C) FROM LYNETTE
Thanks for your post. I have also learned a lot from this course and I hope to retain the information as much as possible. I did enjoy learning about all the concepts and methods but I really liked working on the assignments for the case study. The case study was interesting to me as things like security breaches happen so often and the case study really pulled me in to what to do in such a situation. The case study reminded me to be aware of what is going on in the organization at all times even if it takes meeting with staff often. I think all persons who hold positions should conduct their work to their fullest potential and make sure that the upper management is aware of all happenings or lack there of.
MY MAIN DISCUSSION FOR DISCUSSION 2 (BUS 519)
Course Lessons Learned in Project Risk Management
Identify three concepts that you have learned in this course that will be useful for project work in your current organization.
Generally, this course has been essential in illustrating various project management concepts, which are important to the organization. The three concepts that I have leaned in this course involve the risk register, ATOM methodology, and critical path analysis. The risk register is an important document that would identify risks, response strategies, and probability and impacts, and risk owners. This is an essential issue in the organization as it prepares the organization for future uncertainties. Next, the ATOM methodology is essential in the risk management process of the organization. It highlights a comprehensive approach of implementing the projects. Lastly, the critical path analysis is crucial for project scheduling. Time is a critical issue in a project. Therefore, it is important to identify an approach of creating buffer of time despite of various challenges that affect project timing.
Explain how you would justify the use of the three concepts identified to other members of your organization
Justifying to other members of the organization on the importance of three concepts is vital for the project success. To begin with, I would point out to the members of the organization on the significance of risk identification. I would explain to them the fact that risks is inevitable, and there is need to have a methodology that would assist in the risk management process. The use of risk register is also justified. There is need to document the risks identified and the response mechanism. Furthermore, risk register would identify the risk owners, and avoid confusion that may exist if no definite risk plan and owners are known. Finally, the critical path analysis is justified for use in organizational projects. Time is a critical issue since it would affect the budget and resources needed for the project. There is need to complete the project according to the set timeline. This would assist in avoiding challenges as far as budget and resource utilization is concerned.
Heldman, K. (2005). Project manager’s spotlight on risk management. San Francisco: Jossey-Bass.