This week ask your internship supervisor to help you identify a project that you will be working on (or that you are already working on) and from which you can enter the following information into the Project Context section of the RMP (Risk management Plan) template:
In a commercial project most of this information will come from the scope statement.
Once you have done this, during the course of this week you will complete the Project Context section, then identify and analyse the main risks.
Next week, the last week of Risk Management, you will complete the final section of your plan which we call the “Risk Treatment Plan”
This week we start investigating how to complete a “standards based” RMP (Risk Management Plan and you will use as your primary resources the PE Risk Management Plan Template from last week, and again, the Risk Management Guide for Small Business.
The template is split into three parts
Part 1: Project Context (To be completed this week)
The section gives us an overview of the project and the environment in which it will be managed. Additionally it indicates why the project is needed, what it will deliver, and how this will benefit the company.
The fields include:
Plan prepared by
In this case it will be your name of course, but it would normally be the name of the Project Manager.
“A sponsor is the person or group who provides resources and support for the project and is accountable for enabling success.
The sponsor may be external or internal to the project manager’s organization. From initial conception through project closure, the sponsor promotes the project. This includes serving as spokesperson to higher levels of management to gather support throughout the organization and promoting the benefits the project brings.
The sponsor leads the project through the initiating processes until formally authorized, and plays a significant role in the development of the initial scope and charter. For issues that are beyond the control of the project manager, the sponsor serves as an escalation path.
The sponsor may also be involved in other important issues such as authorizing changes in scope, phase-end reviews, and go/no-go decisions when risks are particularly high. The sponsor also ensures a smooth transfer of the project’s deliverables into the business of the requesting organization after project closure.” (PMBOK guide, Fifth Edition, p123).
what’s in a name?
This is a short name to make it easy to reference the project, e.g. “Windows 12 Upgrade”. In many organisations, a register of projects is maintained by the Project Management Office, and they issue “names” (often containing numbers, e.g. XY-789-01) for the Project Managers to use.
This will be one or two sentences, e.g. “Upgrade all desktop computers to MS Windows 12”
This can be a problem to solve (a threat) or a benefit to pursue (an opportunity). E.g. “We need to implement a new ERP system, but it will run only on Windows 12, so all our computers need to be upgraded to Win 12”
The products, services or results that the project will deliver. E.g.. “Computers upgraded to Windows 12, support manuals updated, staff trained in Win 12”
The key phrase in this sentence is “business benefit”. In our example, upgrading to Windows 12 is not a business benefit; it is simply an “enabler”. In this case the business benefit could be, “The company will be able to use the new ERP system, to increase efficiency”.
What will it take to produce these deliverables?
Part 2: Risk Register (To be completed this week)
There are three main steps to creating a Risk Management plan
In last week’s lesson you learned that risk analysis occurs at two levels:
This is the first step. It is a subjective analysis, and usually employs words, such as “low”, “medium” and “high” rather than numbers (but simple number can be used, e.g. 0 to 5, to keep engineers happy).
When you have completed your qualitative analysis, the more important risks may be subjected to quantitative analysis (more precise numbers, data ranges, and historical information)
For PE you will carry out Qualitative Risk Analysis only
You will notice in the note above for Quantitative Analysis, it says “ important risks may be subjected to quantitative analysis ”.
According to the PMBOK guide, it might not always be necessary to Perform Quantitative Risk Analysis and it’s up to the project manager to decide if it can be justified on the project. (PMBOK guide, Fifth Edition, p335).
Identity your project’s risks
Using the RMP
after discussion with your supervisor, complete the
side of Part 2: Risk Register (i.e. the first five columns, ending in “Risk Consequences”. You should list at least 8 possible risks.
Details of fields in the RMP Risk Register:
Upload your updated template to the Forum by Wednesday night.
Analyse your project’s risks
Analyse the risks in your project; you may discuss these with your supervisor. Using the RMP template again, complete the right hand side of Part 2: Risk Register (i.e. Impact and Likelihood). Do not change the Rating column, it will be calculated for you automatically by the spreadsheet.
Upload your updated template to the forum by Saturday midnight AEST.
Remember marks are awarded on your work as follows:
Week 7 Journal
Reflect on this week’s Professional Environments, Internship activities and learning. Remember that this is your document to help you recall new and significant things from your week and plan for your future. Only you and your tutor can read this journal.
You should write at least 200 words on something you have learned this week that may include:
NOTE: If you are not currently in an internship, or have completed your internship, you should consider reflecting on some of these other related activities.
Your reflection may cover more than one of these categories.
Use the Reflective Journal Reading article as a guide to possible career development activities.
0 marks if there has been no journal entry.
1 mark if you simply summarise what you have learned in the seminar this week
2 marks if you just summarise your seminar and list your internship activities
3 marks if you can relate what you have learned in the seminar to your internship or other workplace activities
4 marks if your journal shows reflective thought and application of what you have learned this week to your ongoing and future professional development.
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