Risk Management

| November 30, 2016

Risk Management

How often have you heard someone say, “Wow! I didn’t see that coming!”? Project failure is frequently attributed to unforeseen circumstances (risks) that emerge during the different phases of a project. Though project managers may be unable to fully anticipate all risks, they can make provisions for addressing potential risks that may arise in later phases of a project. It is essential to continually weigh and mitigate risks. But what about cases in which risk is deliberately increased to reach a desired outcome?

In this Discussion, you consider a scenario in which these questions arise. Based on the scenario, you generate strategies for mitigating potential project risks.

To prepare, consider the following scenario:

You are on the project team for an IT project that must be completed on time to coincide with the opening of a new hospital wing that will rely in part on this technology. You learn that the project manager has been ordering shortcuts on testing to meet the deadline. You can see that these actions keep the project on schedule and the product seems to work well, but you are concerned about the additional risk caused by the shortcuts. Do you intervene?

Post by tomorrow 9/27/16 a minimum of 550 words essay in APA format with 3 references, addressing the level one headings as numbered below:

1) A description of how you would respond to the situation described in the scenario.

2) Identify potential risks to the project if you do or do not take action.

3)Explain strategies you might use to mitigate the risks you identified. Is it ever beneficial to accept or increase risks in order to meet project goals? Justify your response.

Required Readings

Coplan, S., & Masuda, D. (2011). Project management for healthcare information technology. New York, NY: McGraw-Hill.

Chapter 3, “Project Management”
“Risk Management” (pp. 100–104)

This section of Chapter 3 provides an overview of the basics of risk management in the context of project management. In particular, the text details how to prepare risk management plans, identify risks, perform quantitative and qualitative risk analyses, plan risk response, and monitor and control risk.

Project Management Institute. (2013). A guide to the project management body of knowledge (PMBOK guide) (5th ed.). Newtown Square, PA: Author.

Chapter 11, “Project Risk Management” (pp. 309–354)

This chapter provides an overview of project risk management processes. These processes include plan risk management, risk identification, qualitative and quantitative risk analysis, planning risk responses, and monitoring and controlling risk.

Dearstyne, B. W. (2012). Smoothing the turbulence: Project management strategies for the changing workplace. Information Management Journal, 46(2), 28–33.

Retrieved from the Walden Library databases.

The author of this article examines numerous successful project management strategies. The article goes into detail about essential elements of successful project management.

de Bakker, K., Boonstra, A., & Wortmann, H. (2012). Risk managements’ communicative effects influencing IT project success. International Journal of Project Management, 30(4), 444–457.

Retrieved from the Walden Library databases.

In this article, the authors explore how risk management contributes to the success of information technology projects. The article also differentiates the instrumental and communicative effects of risk management.

Engle, P. (2011). Crunch time. Industrial Engineer, 43(6), 20.

Retrieved from the Walden Library databases.

This article examines the causes of information technology projects failing to achieve their objectives on time. The article focuses in particular on estimating scope, fluctuating project requirements, and a variety of distractions.

Kendrick, T. (2009). Identifying & managing project risk: Essential tools for failure-proofing your project(2nd ed., Ebrary version). New York, NY: AMACOM.

Retrieved from the Walden Library databases.

Chapter 4, “Identifying Project Schedule Risk.” (pp. 70–99)

In this chapter, Tom Kendrick explores the causes of project failure. Kendrick emphasizes schedule delays and problems with estimates and dependencies.

Langley, M., & Hoffman, E. (2012, June 6). How risk reduction is (and isn’t) rocket science [Blog post]. Retrieved from http://blogs.hbr.org/cs/2012/06/when_risk_reduction_is_rocket.html

In this article, the authors provide examples of how NASA reduces risk in its project management process. The article focuses on the importance of strategic vision, executive sponsors, and talent development.

Required Media

Laureate Education (Producer). (2013g). Project risk [Video file]. Retrieved from https://class.waldenu.edu

Note: The approximate length of this media piece is 5 minutes.

In this video, Dr. Judy Murphy speaks in depth about minimizing project risks through the use of a SWOT analysis. She also offers methods to minimize psychological risks in order to ensure everyone is on board with a new project from the beginning.

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