Apply project risk management techniques

Task 2
Activity 2A. Define four methods that may be used to
monitor the risks.
1. Recommended preventive actions:
Unlike the corrective actions, preventive actions aim
to prevent the risk of even occurring. They work as
planning and they neutralize the risk before it becomes
tangible.
2. Recommended corrective actions:
This are actions that focus on correcting defined
actions once a risk is identified and has manifested. They
are identified through contingency plans; the main
intention is to either cancel the risk or mitigate it.
3. Status meetings:
Status meeting should be held frequently to assess
and identify risks. It should be one of the business in
project management meetings’ agenda and so risks can
be identified and monitor before even occurring.
4. Risk register and updates:
It works like a logbook – identified risks should be
archived in a file attached to the project, either physically
or electronically. These logs need to be updated and keep
track of risk probability, ranking, impact and responses.

Activity 2B. For the Universe Electronics case study

(assessment task 1), list the risks and potential
consequences in the table below:

Ra Risk Consequence if not

nk dealt with
1) Exceed timeframe Delay the final content
2) Power shortage Lose important data
3) Exceed budget Spend more money/time
then what was planned
4) Unsuccessful Bad final product quality
training

Using the risk Likelihood/Consequence ranking matrix

from the Learner’s Guide, rank the Severity of each of the
risks you identified in the table below:

Ra Risk Ranking
nk

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 1) Exceed timeframe High
2) Power shortage High
3) Exceed budget Medium
4) Unsuccessful training Medium

Activity 2C. Describe possible changes in the business or

project environment that might require risk management
approaches and plans to be amended.
If suddenly we determine that there is a business process (new
one) that should be managed into the new system, there should
be a new risk management approach.
In addition, if one of our key users wants to leave our company
or we decide to finish his/her contract with us before the project
has gone live, we would have to redo risk management and plan.
Also, if a risk, or a mitigation plan for a risk, delay in other new
risk that we did not contemplate at the beginning the risk
management plan should be amended.
As well, if the initial project plan changes in any way, the risk
management plan has to be redone as the risks could have
changed
If suddenly we determine that there is a business process (new
one) that should be managed into the new system, there should
be a new risk management approach.
In addition, if one of our key users wants to leave our company
or we decide to finish his/her contract with us before the project has
gone live, we would have to redo risk management and plan.
Also, if a risk, or a mitigation plan for a risk, delay in other new
risk that we did not contemplate at the beginning the risk
management plan should be amended.
As well, if the initial project plan changes in any way, the risk
management plan has to be redone as the risks could have
changed.

Activity 2D. Identify three mechanisms for reporting

risks. Describe how each of these may be used to report
project risks.
Verbal – The verbal you can communicate your partners in
person. The negative point is that they can forget and you can’t
prove that you warned, and the positive point is that you can
influence the opinion of others if you are good at oratory
Written – The writing is a documentation. The negative point is
that he can get lost, spoil, wet, rip. And the good point is that you
can write with your words and require a signature, and if well
kept, it serves as proof by law

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 Electronic – In my opinion the electronic is the best option and
only has a positive point. Is fast, you can send to other people in
the same second, is cheap and also serves as proof by law.
Any of these mechanisms have to be used as the following to
report a risk:
1. Select the reporting format
2. Establish the reporting policy
3. Relate the reporting policy to the treatment/resolution
procedure
In addition, the report should have a SWOT analysis to
determine Strengths, Weaknesses, Opportunities and Threats of
the risk to be reported.

Activity 2E. The manufacturing software project for

Universe Electronics is now into the third month. The
software developers, never fail, have notified you that
they have encountered an unforeseen compatibility issue
with the new software and some of the production
equipment. They have estimated that the completion of
the project may be delayed by 2 weeks.
Suggest corrective actions that you might implement to
keep the project on schedule. Name the project personnel
who are likely to have the delegated authority to
implement the corrective actions you have suggested.

Corrective action Responsible Timeframe

person
Overtime Management Human 1 week
Resources
Extend the deadline CEO 2 week
Hire more skilled Human 2 days
developers Resources
Get better equipment Purchasing 4 days
Sector

Activity 2F. When coming up with a solution for corrective

action, what things do you need to consider?
The position there you are on the company
If you will depend of money, and the budget that you will need
Which plan that you will use
The numbers of the employers that you will use in your
corrective action

Activity 2G. Define the term contingency plan.

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 For the Universe Electronics case example, review the
risks you identified in
Qs 2, provide examples of contingency plans that could
be applied.
Contingency Plan is the procedure implemented in case of any
risk happens. It is created according to the prevision of the
possible risks on the project.

-RISKS x Contingency Plan

Exceed timeframe – Implement indicatives that has the quality
to inform the management team if the projects run according
to the Management Plan
Power shortage – Implement a special technology that avoid
any power shortage
Exceed budget – Make sure with a financial schedule and
defined projections how much the project is demanding of the
estimate budget. Present the data to the CEO
-Unsuccessful training – Organize training meetings in
different schedules to make sure that all the workforce receive
the training execute the job

-Lack of adaptation to the new software - Contingency

plan 1:
Procedures:
Definition & implementation of a proper training plan.
Follow Up Actions:
Include the training plan in the scheduled project plan.
Assemble all parts involved on the new training plan.
Measure the training plan results.

-Lack of adaptation to the new software - Contingency

plan 2:
Procedures:
Make video trainings for the employees.
Follow Up Actions:
Create the video trainings based on the new system
procedures.
Send the videos to every employee
Install the necessary tool in the computers for the users to be
trained.

-The implementer (Never fail Software) does not

understand our processes completely - Contingency plan 1:
Procedures:
Design and do workshops first weeks of the project
Follow Up Actions:

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 Choose the right key users for the workshops
Ensure the provider understood our processes completely by
excel given.

-The implementer (Never fail Software) does not

understand our processes completely - Contingency plan 2:
Procedures:
Planning processes implemented demos
Follow Up Actions:
Schedule a week for the demo week, where all the demos
should be done by the provider.
Schedule key user agenda to be ready for the demo week.
Follow up a document with all of our processes listed to not
miss any of them.

-The project takes more than 5 months - Contingency

plan 1:
Procedures:
Design and do workshops first weeks of the project
Follow Up Actions:
Choose the right key users for the workshops
Ensure the provider understood our processes completely by
excel given.

-The project takes more than 5 months - Contingency

plan 2:

Procedures:
Planning processes implemented demos
Follow Up Actions:
Schedule a week for the demo week, where all the demos
should be done by the provider.
Schedule key user agenda to be ready for the demo week.
Follow up a document with all of our processes listed to not
miss any of them.

-Manufacturing interrupted - Contingency plan 1:

Procedures:
Maintain a parallel system to avoid interruptions on production.
Follow Up Actions:
Create two teams to be able to manage two systems at the
same time. One team for the old system, one team for the new
one.
Introduce all the new data in the old system as on the new
system.

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 -Manufacturing interrupted - Contingency plan 2:
Procedures:
Work in night shifts for production employees.
Follow Up Actions:
Advance the work lost during the night if productions stops at
any time.
Contract more employees for production plant.

Activity 2H. Briefly explain the procedure of identifying

and reporting opportunities in projects.
Make an analysis of the risks and threats, create solutions for
the problems that you found and report it to your superiors,
The report can be verbal, written or electronic.
Opportunities are identified just as risks: by keeping a “close
eye” on all projects steps and reviewing all activities
constantly; communicating with stakeholders of the project on
a constant frequency; reviewing the progress of risks (as a risk
status change, new opportunities might occur), etc. and as for
reporting, they can be reported also the same way of risks –
what differentiate risks from opportunities is the probable
outcome: if has a negative impact for the business, it is called
a risk; if has a positive outcome, it is an opportunity.

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