This unit examines the project execution process with emphasis on managing risk. The chances of risk events occurring (and their respective impact on costs) can change over the project life cycle. Consider how significant this change could be to the Project Manager. Consider the following projects that have inherent high-risk factors:
Cleaning up a toxic waste site,
The launch of a space rocket,
Developing autonomous vehicles
Select ONE of the above projects of your liking and respond to the following:
Draw from the readings this week and identify potential risk events for the project you selected.
Discuss the tools and techniques that the Project Manager should use to analyze the risks events you identified.
From the list of risks events that you identified above, identify which of these risk events the Project Manager might seek to mitigate, transfer, or absorb. In your answer state WHY he/she would choose the risk management strategy you suggested.
Course Text
Project Management: The Managerial Process
Chapter 7
A Guide to the Project Management Body of Knowledge (PMBOK® Guide)
Part 1: Section 11
Part 2: Section 3.18
Watch
easyplex. (2006, October 6). Seattle Kingdome demolition [Video]. YouTube. https://www.youtube.com/watch?v=y6wpU6OGM68
Edwel Programs. (2008, October 2). Risk management quick tip: An overview [Video]. YouTube. https://www.youtube.com/watch?v=FRvsa-yNZk8
marclar. (2006, March 22). The exploding whale [Video]. YouTube. https://www.youtube.com/watch?v=1_t44siFyb4
