PM 692 Project Risks Discussion Essay Responses
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
PM 692 Project Risks Discussion Essay Responses
Content Type
Initial Post
Directions
After reviewing the materials from this week, discuss the basics of risk management. Ensure you are noting the following:
What is project risk and why is it important to plan for risk?
Define a threat and an opportunity. Why is it important to know what these are on your project?
What are the risk response strategies?
Please find an additional reference source and cite the source in your discussion post. Sources must be used to enhance the learning experience. By finding a referenced source, you are enhancing the learning experience by searching for another source of information on the topic. Also, please ensure you are using a source that is peer-reviewed to ensure the accuracy of information (select peer-reviewed journal articles in the Park Library).
Your original post should be in the format of an executive summary (must contain verbiage and bullet points to name the key points). Use APA formatting.
Please respond to each student and use references
Student 1 Tracey
Q: What is project risk and why is it important to plan for risk?
A project risk is a potential and unforeseen trouble spot that may occur when a project is implemented (Larson & Gray, 2020). Some examples of risks are:
Scope creep – is when additional work is added that does not fall under the agreed upon requirements or has not been authorized Define a threat and an opportunity
Low performance – is when the project does not perform as it was expected
Over budget – When the cost of the project exceeds the agreed upon budget
Improper resources – When the project does not have the appropriate recourses needed to meet the demands of the project
In research from Carbone and Tippett (2004) failing to plan for risk is planning to fail and it is crucial to have a plan to manage project risks. Risks can cause a project to not reach its goals and objectives or even cause complete failure of the project.
Q: Why is it important to know what these are on your project?
It is important to know the risks on your project because good risk identification creates good project communication which results in good decisions being made on how to manage the risks. By identifying, avoiding and dealing with potential risks in advance, you ensure that your employees can respond effectively when challenges emerge and require intervention (Duggan, 2019).
Q: What are the risk response strategies?
The risk response categories are mitigating, avoiding, transferring, escalating, and retaining (Larson & Gray, 2020).
Risk Mitigation: This response strategy involves taking actions to reduce an organizations exposure to potential risks and reduce the change of the risk happening. An example of a risk mitigation is if a project has a risk of a ransomware attacks, they can have security put in place to reduce the likelihood of these chances.
Avoiding: This response strategy involves adjusting the original projects plan so that the risk is no longer present, this can only be done when the risk can be eliminated. In manufacturing they might not store or use certain products because they are considered dangerous, this is an example of avoiding a risk.
Transferring: This response strategy involves shifting the impact of the threat to a third party. An example of transferring is purchasing insurance for company vehicles incase of a wreck.
Escalating: This response strategy involves raising the risk to others with more authority because you do not have the authority or knowledge to handle the risk. An example of escalating is when the project manager is notified that an employee may be leaving the project, they must notify their HR or PMO to get a new resource identified so that work does not stop.
Retaining: This response strategy involves making the decision to accept the risk and whatever comes with the risk. An example of retaining is when a company purchases a new building they may see that the flooring is bad, but they decide to still purchase the building. They do this then they can budget for the floor to be fixed at another time.
Resources
Carbone, T. A., & Tippett, D. D. (2004). Project Risk Management Using the Project Risk FMEA. Engineering Management Journal, 16(4), 28–35. http://faratarjome.ir/u/media/shopping_files/store…
Duggan, T. (2019, February 19). Why Is Risk Management Important to Project Success? Small Business – Chron.Com. https://smallbusiness.chron.com/risk-management-im…
Larson, E. W., & Gray, C. F. (2020). ISE Project Management: The Managerial Process (ISE HED IRWIN OPERATIONS/DEC SCIENCES) (8th ed.). McGraw-Hill Education.
Student 2 Belinda
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
|
|
GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
|
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!! |
|
|
PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!