Premium Essay

Project Risk Management Paper

In: Business and Management

Submitted By anissawebb1
Words 2262
Pages 10
Course Project
Project Risk Management

Contents
Introduction 4
Statement of work 5
Statement of Work—Project Description and 6
WBS 8
Risk Analysis and Probability Matrix – Qualitative Analysis 10
Risk Register 11
Decision Tree 11
Decision Tree Analysis 11
Fault Analysis Tree 12
Fault Tree Analysis Summary 12
Conclusions 13
Works Cited 13

Introduction
Sherdon and Anissa Webb have been working parents for over 18 years. Both individuals understand the hardship of starting out and making yourself marketable in the corporate world. Now that their eldest son is in college, and they have seen how hard it was for him to get summer jobs and student work studies, they want to make the path a bit easier for their younger children. Their hope is to start a small business that will eventually become a family affair. This business will help the community as well as allow their children to have summer work growing up and instill in them the entrepreneurial spirit.

As part of working class America, Sherdon and Anissa do not have a lot of income at their disposal. They will be investing all of their savings into this business, therefore, proper planning is a must.

The business that they have decided to open is an employment agency. After researching the industry, both feel as though there is a market for this service and that the time it will take to open the business is reasonable. Additionally, they believe that if they can use a line of credit, their initial investment will be low and their risk a bit lower compared to other industries.

To begin their journey to small business ownership, Sherdon and Anissa will approach their planning by way of using a project plan, especially focusing on managing their risks as they have a lot at stake.

Statement of work

Similar Documents

Free Essay

Energy Risk Management

...Innovation Centre Risk Management for Energy Efficiency Projects in Developing Countries _______________ Paul KLEINDORFER 2010/18/TOM/ISIC Risk Management for Energy Efficiency Projects in Developing Countries 1 Paul Kleindorfer * * The Paul Dubrule Chaired Professor of Sustainable D evelopment, Distinguished Research Professor at INSEAD Social Innovation Centre, Boule vard de Constance, 77305 Fontainebleau , France and Anheuser-Busch Professor Emeritus of Man age ment Science and Publi c Pol icy, The Wharton School of the Universi ty of Pennsylvani a Ph: +33 (0) 1 60 72 91 28 Email: paul.kleindorfe r@insead.edu A working paper in the INSEAD Working Paper Series is intended as a means whe reby a faculty researcher's thoughts and findings may be communi ca ted to interested readers. The paper should be considered preliminary in nature and may require re vi sion. Printed at INSEAD, Fontainebleau, France. K indly do not reproduce or circulate without permission. 1 Paper prepared for the UNIDO Project “If industrial energy efficiency pays, why is it no t happening?” Risk Management for EE Projects (V3) 15/3/2010 2 Risk Management for Energy Efficiency Projects in D eveloping Countries Abstract/Summary The present paper addresses risk management fundame ntals for energy efficiency (EE) projects in developing countries. The starting point for th is paper is that there are many profitable EE projects in nearly every industrial...

Words: 1678 - Pages: 7

Premium Essay

Bus 519 Project Risk Management Entire Course

...BUS 519 Project Risk Management Entire Course https://homeworklance.com/downloads/bus-519-project-risk-management-entire-course/ BUS 519 Assignment 1: Assess Organizational Readiness ( EQI in SIWA ) Due Week 3 and worth 200 points Note: The assignments are a series of papers that are based on the same case, which is located in the Student Center of the course shell. The assignments are dependent upon one another. Review the assigned case study and complete this assignment. Write a five to seven (5-7) page paper in which you: 1. Analyze how the Critical Success Factors (CSFs) apply to the facts of the case study. Provide examples to support your analysis. 2. Determine the project benefits, organizational readiness, and risk culture of the company in the case study. Provide justification for your response. 3. Develop at least three (3) project risk recommendations based on the analysis from criteria number 1 and 2 of this assignment. 4. Identify the initial categories of risk (RBS Level 1 and 2) that you see as being present in the case study using the Example Risk Checklist (Figure A-2, Hillson & Simon text). 5. Use at least four (4) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides. • Include a cover page containing the title of the assignment...

Words: 1539 - Pages: 7

Premium Essay

Bus 519 Week 1 Bus519 Week 1

...http://workbank247.com/q/bus-519-complete-course-bus519-complete-course/22300 http://workbank247.com/q/bus-519-complete-course-bus519-complete-course/22300 BUS 519 Week 1 Discussion "What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you...

Words: 2421 - Pages: 10

Premium Essay

Bus 519 Week 5 Bus519 Week 5

..."What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you are familiar with, determine the key stakeholders and categorize them by their attitude, power, and interest dimensions. Explain how stakeholder analysis affects the overall project risk...

Words: 2422 - Pages: 10

Premium Essay

Bus 519 Week 11 Bus519 Week 11

..."What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you are familiar with, determine the key stakeholders and categorize them by their attitude, power, and interest dimensions. Explain how stakeholder analysis affects the overall project risk...

Words: 2422 - Pages: 10

Premium Essay

Dfdffd

... |Information Systems Risk Management | Copyright © 2010, 2009, 2008, 2006 by University of Phoenix. All rights reserved. Course Description This course identifies and defines the types of risks that information systems professionals need to consider during the development and implementation of computer based information systems. This course will survey remedies and prevention techniques available to address the risk areas present. Organizational policies and current regulatory considerations will also be examined relative to development, implementation, and use of computer based information systems. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Cooper, D. F., Grey, S., Raymond, G., & Walker, P. (2005). Project...

Words: 1982 - Pages: 8

Premium Essay

Bus 519 Complete Course Bus519 Complete Course

...http://workbank247.com/q/bus-519-complete-course-bus519-complete-course/22300 http://workbank247.com/q/bus-519-complete-course-bus519-complete-course/22300 BUS 519 Week 1 Discussion "What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you...

Words: 2421 - Pages: 10

Premium Essay

Bus 519 Week 4 Bus519 Week 4

..."What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you are familiar with, determine the key stakeholders and categorize them by their attitude, power, and interest dimensions. Explain how stakeholder analysis affects the overall project risk...

Words: 2422 - Pages: 10

Premium Essay

Bus 519 Week 7 Bus519 Week 7

..."What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you are familiar with, determine the key stakeholders and categorize them by their attitude, power, and interest dimensions. Explain how stakeholder analysis affects the overall project risk...

Words: 2422 - Pages: 10

Premium Essay

Bus 519 Week 8 Bus519 Week 8

..."What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you are familiar with, determine the key stakeholders and categorize them by their attitude, power, and interest dimensions. Explain how stakeholder analysis affects the overall project risk...

Words: 2422 - Pages: 10

Premium Essay

Bus 519 Week 2 Bus519 Week 2

...http://workbank247.com/q/bus-519-complete-course-bus519-complete-course/22300 http://workbank247.com/q/bus-519-complete-course-bus519-complete-course/22300 BUS 519 Week 1 Discussion "What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you...

Words: 2421 - Pages: 10

Premium Essay

Bus 519 Week 9 Bus519 Week 9

..."What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you are familiar with, determine the key stakeholders and categorize them by their attitude, power, and interest dimensions. Explain how stakeholder analysis affects the overall project risk...

Words: 2422 - Pages: 10

Premium Essay

Bus 519 Week 10 Bus519 Week 10

..."What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you are familiar with, determine the key stakeholders and categorize them by their attitude, power, and interest dimensions. Explain how stakeholder analysis affects the overall project risk...

Words: 2422 - Pages: 10

Premium Essay

Bus 519 Week 3 Bus519 Week 3

..."What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you are familiar with, determine the key stakeholders and categorize them by their attitude, power, and interest dimensions. Explain how stakeholder analysis affects the overall project risk...

Words: 2422 - Pages: 10

Premium Essay

Bus 519 Week 6 Bus519 Week 6

..."What is Risk?"  Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you are familiar with, determine the key stakeholders and categorize them by their attitude, power, and interest dimensions. Explain how stakeholder analysis affects the overall project risk...

Words: 2422 - Pages: 10