How Do You Believe The Team Should Proceed In Handling Project Risks

1. Assume you have just been assigned to a project risk team composed of five members. Your task, as project manager, is to develop a process for handling risks to the project. Because this is the first time your organization has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects. Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out his or her proposed outline at the beginning of the meeting. Your outline should include, but not be limited

The methods that should be used for identifying risks includes: identification, analysis, response planning, and controlling risk on a project. Identification determines which risks could potentially affect the project and documents their traits. Qualitative and quantitative analysis is done the list is created to figure out which risks you need to spend more money and/or time on. Risk management is a continuous improvement process, and the every project team members should be involved to complete the project successfully.

2. What are the major components of the risk management process, and what happens in each stage? What is the role of the project manager and project team in following this process?

1. Risk Management Planning – Deciding how to approach, plan, and execute the risk management activities for a project.

2. Risk Identification – Determine which risks might affect the project and documenting their characteristics.

3. Qualitative Risk Analysis – Prioritizing risks for subsequent further analysis or action by assessing and combining their probability of occurrence and impact.

4. Quantitative Risk Analysis – Analyzing probabilistically the effect of identified risks on overall project

Once you've identified potential risks, risk treatment plan to help you prioritize them. Project managers need to be a sort of judge and jury when prioritizing risk. Project risks should be monitored and controlled daily across the entire project life-cycle to ensure proper execution of planned risk responses, and identify new risks and document them right after they occur. Project team members and stakeholders should be carefully look for warning signs and must be address them accordingly.

2. What steps would you take to begin changing the culture in a department or company towards that of project management?

The steps to take to begin changing the culture in a department or company are to define clear priorities for the success of a project. This will prevent team members from end up working at cross-purposes, causing frustration, stress, and increase overturn rates. In addition, trust is an essential element in team productivity. Building trust with your team will create an environment in which team members feel it is safe for them to report project status, and not punish them for their honesty. People will make more accurate estimation on their task completion status the fear of reporting bad