Risk Identification Seigler
Risk Identification
Nathaniel Seigler
CPMGT/302
July 13th, 2015
Petula Brown
Risk Identification Risk identification is an important step towards successful accomplishment for any project and any organization. This week’s efforts covered classroom conversation on risk identification and required that I complete a Worksheet developed by the University of Phoenix. That worksheet included three different scenarios, one of which I have chosen to write this brief response on. My goal is to describe how risk management could have minimized risk to the organization and how I would personally document the risk management plan. I have chosen scenario three.
Scenario Three
Scenario three involves a telecommunications company which has “just” assigned me as project manager for a product improvement. The scope, funds, and initial idea for this project is already in process. The simplistic scope is documented as “Make this product better.” As well, the organization believes that this improvement will produce a strategic advantage within the market place. (University of Phoenix) I chose this scenario for two reasons. First, I connected to hit because it hits very close to home given my personal experience as a product manager. Second, I felt that this scenario leaves the door wide open for many risk identification opportunities.
Mitigate the Risk
Risk management is concerned with changes or deviations from what is planned or expected. Positives and negatives can be identified and treated accordingly for any project. Working up front to identify and exploit these opportunities will present benefits to the project. Most importantly, a well prepared risk management plan assists the project team in protecting against the uncertainty to the project. Uncertainty can come in many forms and a well outlined planned will take into consideration any and all factors related to the project. Lastly, our text points out that the definition of risk is broader than ‘hazards.’ The risk
Nathaniel Seigler
CPMGT/302
July 13th, 2015
Petula Brown
Risk Identification Risk identification is an important step towards successful accomplishment for any project and any organization. This week’s efforts covered classroom conversation on risk identification and required that I complete a Worksheet developed by the University of Phoenix. That worksheet included three different scenarios, one of which I have chosen to write this brief response on. My goal is to describe how risk management could have minimized risk to the organization and how I would personally document the risk management plan. I have chosen scenario three.
Scenario Three
Scenario three involves a telecommunications company which has “just” assigned me as project manager for a product improvement. The scope, funds, and initial idea for this project is already in process. The simplistic scope is documented as “Make this product better.” As well, the organization believes that this improvement will produce a strategic advantage within the market place. (University of Phoenix) I chose this scenario for two reasons. First, I connected to hit because it hits very close to home given my personal experience as a product manager. Second, I felt that this scenario leaves the door wide open for many risk identification opportunities.
Mitigate the Risk
Risk management is concerned with changes or deviations from what is planned or expected. Positives and negatives can be identified and treated accordingly for any project. Working up front to identify and exploit these opportunities will present benefits to the project. Most importantly, a well prepared risk management plan assists the project team in protecting against the uncertainty to the project. Uncertainty can come in many forms and a well outlined planned will take into consideration any and all factors related to the project. Lastly, our text points out that the definition of risk is broader than ‘hazards.’ The risk
References: Harold Kerzner, P. (2013). Project Management, A Systems Approach to Planning, Scheduling, and Controlling, Elleventh Edition. John Wiley & Sons. Wheelen, T. L., & Hunger, J. D. (2010). Concepts in Strategic Management and Business Policy Achieving Sustainability (12th ed.). Retrieved from The University of Phoenix eBook. University of Phoenix (2015) Risk Identification Scenarios, CPMGT/302 Version 8 Cooper, D. F., Grey, S., & Geoffrey, R. (2005). Project Risk Management Guidelines. Retrieved from The University of Phoenix eBook Collection database.