Risk Analysis

Risk Analysis

This assignment provides the opportunity to review ES risk management practices and analyze project risks to determine handling actions.

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· Identify the tools and techniques and evaluation criteria for analyzing risks. These may be of your choosing based on the project or requirements of the organization for which you work.

· Conduct a qualitative analysis of the identified risks.

· Conduct a quantitative analysis of the identified risks.

· Update the risk register with analysis information for identified risks. In addition to providing probability and impact for each risk (as aligned with your Risk Management plan), include an explanation of why each risk was assigned these “values”. What informs this information?

· Indicate risks that will be placed on a watch list and those for which a risk response will be defined. Again, the criteria used for this step may be of your choosing or set by the organization for which you work.

· As you perform the work for this assignment, you may become aware of additional risks. Be sure to add these to the risk register and perform the qualitative/quantitative analysis for these additional risks.

· Include a summary paragraph sharing how risks were analyzed, what was effective about the process and what you might do differently moving forward.

· Cite any sources. The writing style should be concise and straightforward. Please use a 12 point font.

– Textbook:  Risk Management: Concepts and Guidance, 5th edition, Carl L Pritchard

Project Overview –

Virtual PMO Services for PJM Students and Alumni

This project is one I have wanted to do for some time now – in order to move it forward to our leaders for approval, it would be very helpful to have an integrated plan to share for decision making – a draft charter/ scope statement and workplan has been created for this project. The next planning step is to complete the risk work.


Project Background


Currently, each faculty within our PJM program shares a number of project management templates used in their own project management work for use within their courses. The intent is to collect and share these templates across all sections of a course so that all students have access to a number of potential templates in that subject area and can then create their own version of the template that best meets the needs of their assignment projects. This will also store all templates in one place for easy access – regardless of the course that one is in it is convenient to locate other templates that might be helpful for the work in any course.


We also would like to make this available to alumni of the program – to allow them to benefit from our inventory of templates and also to allow them to contribute templates to the NU PJM community. This provides yet another opportunity for industry alignment and maintains a connection with our esteemed alumni.


This project is still considered to be at the beginning of its efforts. It will be a visible project within the Northeastern community – for faculty, current students and alumni.


Work to date – currently, there are many project management templates floating around our program. There has not been a coordinated effort to locate, vet and store these templates – nor have we considered if there are gaps in the templates provided.


Work includes understanding the needs of faculty, students and alumni and then creating a shared repository solution that will meet these needs. At minimum, the project will identify all available templates from faculty, reviewing these to ensure they are comprehensive, clear and ready for use and well as to review the inventory of templates against good practices in project management and the PMBOK – and that there are no copyright issues with posting on our shared site. Both faculty and students near the end of the program should be included in the review of the templates.


The shared site tool needs to be selected – this will require understanding the needs of faculty, students and alumni as well as standards to be followed in the IT constraints. The site needs to be designed and the templates uploaded.


A process needs to be created and implemented for upkeep on the templates as well as how additional templates are submitted for consideration, vetted and the site updated.

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A plan for transition and sustainment needs to be created and implemented – how will students and alumni find out about this site? Who do they contact if they have questions on the site? Who will maintain it? It would seem that setting up an internship or co-op opportunity for a PJM student to do this work for 3 – 6 months and then transition the work to another student would be an option.


I have provided preliminary information in the (very rough) draft Scope Document, below. Preliminary planning has been done – see the overview information below as well as the attached (separate document) schedule. I have volunteered our PJM 6015 course to build the risk management plan and risk register for this work. This will finalize the draft plan for the project for project review and approval.


Project Objective/ Success Criteria (Charter):


To design, build and implement a shared repository for project management templates that will meet the needs of faculty, current students and PJM alumni. In addition, to create and implement an operating plan for the transition and sustainment of the site.

Assigned Risk Manager (Charter): Members of PJM 6015 Sponsor (Charter): PJM Faculty member

Project Scope Description: The work of this project is to create shared repository for PJM templates that is then implemented within PJM CPS (Project Management at College of Professional Studies).


Work Includes

Work Does Not Include

Creation of integrated project plan and project management of project – biweekly reporting to begin after Planning approved through project end

Ongoing maintenance of site

Finalized requirements

Training on use of templates

Selection of technology


Collection, refinement and approval of templates


Communication to faculty, students and alumni


Upload of templates to shared repository


Job aides for faculty and students prepared/ Integration into courses



Process for maintaining site with industry aligned templates


Process for bringing on co-op/ intern student to manage site


Retrospective (Lessons Learned)




Acceptance Criteria


  • Faculty, students and alumni are prepared to use site
  • Templates are industry aligned and available
  • IT is prepared to support the product from a technology perspective
  • Processes and site are ready for Fall 2020 Project Exclusions – see out of scope above

Project Constraints


  • Schedule – work complete and ready for full implementation Fall Quarter 2020 Project Assumptions:
  • The core project team (you) may only devote 50 percent of available effort to this project
  • Other project resources will be negotiated per integrated project plan.
  • Hourly pay rate for each team member is $75.00


Major Milestones:


  • See project workplan