Your Perfect Assignment is Just a Click Away

We Write Custom Academic Papers

100% Original, Plagiarism Free, Customized to your instructions!

glass
pen
clip
papers
heaphones

PJM 410 Colorado State University MOD2 Risk Breakdown Structure for a Foodbank Project

PJM 410 Colorado State University MOD2 Risk Breakdown Structure for a Foodbank Project

Question Description

I’m working on a management project and need support to help me study.

Option #1: Collaboration: Risk Breakdown Structure for a Food Bank Project

Identifying and managing project risks are critical tasks for project managers. From a project management perspective, risks must be managed from the start of a project until its completion; therefore, the Risk Breakdown Structure (RBS) is an important tool that project managers use to successfully complete projects. Assume that you are a project manager assigned a project to set up a food bank facility for your local community within a two-month period, starting from today. Develop a risk breakdown structure that identifies sources of project risks. Consider Figure 11-4 below and the tasks that might be associated with this project.

1. Identify the risks in the form of “cause-risk- effect,” as described below:

One of the most common risk-identification mistakes is considering things to be risks when they are not. One approach is to treat anything with a probability of greater than 80 percent as a certainty. “Lack of resources” is not a risk, nor is “not enough time to complete the project.” If it is known that the length of time required to complete a project is shorter than the time allocated, then this is not a risk—it’s a fact. Such facts should be addressed in the project management plan through crashing, fast tracking, re-estimating, removing scope, using other forms of schedule compression, and bringing the situation to management, but not as part of risk management.

“To differentiate risks from facts and to adequately define risks, use the ‘cause-risk- effect’ format for naming risks: As a result of (definitive cause), (uncertain event) may occur, which would/could/may lead to (effect). Such definition of risks provides enough information for the team to follow the rest of the project management process. See the following examples of risks in the cause-risk-effect format:

  1. As a result of lack of clear direction for the scope of work for the XYZ component, there could be rework and wasted efforts, which could delay the project completion from two to four weeks.
  2. As a result of the amount of work the customer is trying to accomplish on many projects during this project’s completion, a delay in the response to our requests for approvals may occur, which could result in a two-week delay in project completion. Effects could relate to project objectives, project constraints, and risk tolerances.” (Mulcahy, 2003, p. 90)

2. Discuss and analyze the importance of each of the four types of risk identified in Figure 11-4 (technical, management, commercial, and external).

3. Create a risk breakdown structure and attach as an appendix (see attached sample and use the blank RBS linked under this assignment in Module 2).

4. Discuss the importance of creating an RBS.

RBS LEVEL 0 RBS LEVEL 1 RBS LEVEL 2
0. ALL SOURCES OFPROJECT RISK 1. TECHNICAL RISK 1.1 Scope definition
1.2 Requirements definition
1.3 Estimates, assumptions, and constraints
1.4 Technical processes
1.5 Technology
1.6 Technical interfaces
Etc.
2. MANAGEMENT RISK 2.1 Project management
2.2 Program/portfolio management
2.3 Operations management
2.4 Organization
2.5 Resourcing
2.6 Communication
Etc.
3. COMMERCIAL RISK 3.1 Contractual terms and conditions
3.2 Internal procurement
3.3 Supplies and vendors
3.4 Subcontracts
3.5 Client/customer stability
3.6 Partnerships and joint ventures
Etc.
4. EXTERNAL RISK 4.1 Legislation
4.2 Exchange rates
4.3 Site/facilities
4.4 Environmental/weather
4.5 Competition
4.6 Regulatory
Etc.

(Source: PMI, 2017, Figure 11-4)

5. Reach out to at least one other student and discuss your findings about project risk management, based on your review of the case study, to gain greater insight into the main considerations in managing projects. Include the name(s) of the other student(s) with whom you collaborated, and specify the value added by your collaboration with your classmate(s) and what new insights you gained. (Your collaborating colleagues do not need to choose the same Critical Thinking option as you do.)

Your well-written paper should meet the following requirements:

  • Be 3-4 pages (900-1200 words) in length, not including the cover page, references page, or appendix. (Remember that the appendix follows the references page.)
  • Be formatted according to the CSU Global Writing Center. (Links to an external site.)
  • Cite a minimum of three sources to support your responses, two of which should be current academic, peer-reviewed, scholarly sources. Note: Current research in this class means the most recent five-year period. Although research older than five years may be used, it will not count toward the assignment requirement. The CSU Global Library is a great place to find these resources. Additionally, in the Module 1 lecture material, you were reminded of what constitutes academic, peer-reviewed, scholarly sources and how to find them in the CSU Global Library.
  • Demonstrate thoughtful consideration of the ideas and concepts that are presented in the course, and provide new thoughts and insights related directly to this topic.

Refer to the Critical Thinking Assignment grading rubric below for more information on assignment expectations and grading.

References

Mulcahy, R. (2003). Risk management: Tricks of the trade for project managers: A course in a book. Minneapolis, MN: RMC Pub.

Project Management Institute. (2017). A guide to the project management body of knowledge: (PMBOK® guide) (6th ed.). Newtown Square, PA, USA: Project Management Institute.

Option #2: Collaboration: Risk Breakdown Structure for an International Training Facility Project

Identifying and managing project risks are critical tasks for project managers. From a project management perspective, risks must be managed from the start of a project until its completion; therefore, a Risk Breakdown Structure (RBS) is an important tool that project managers use to successfully complete projects. Assume that you are a project manager who is to manage a project to set up a training facility in China to teach project management classes. This project is to be completed within a two- month period, starting from today.

1. Identify the risks in the form of “cause-risk-effect,” as described below:

One of the most common risk-identification mistakes is considering things to be risks when they are not. One approach is to treat anything with a probability of greater than 80 percent as a certainty. “Lack of resources” is not a risk, nor is “not enough time to complete the project.” If it is known that the length of time required to complete a project is shorter than the time allocated, then this is not a risk—it’s a fact. Such facts should be addressed in the project management plan through crashing, fast tracking, re-estimating, removing scope, using other forms of schedule compression, and bringing the situation to management, but not as part of risk management.

“To differentiate risks from facts and to adequately define risks, use the ‘cause-risk- effect’ format for naming risks: As a result of (definitive cause), (uncertain event) may occur, which would/could/may lead to (effect). Such definition of risks provides enough information for the team to follow the rest of the project management process. See the following examples of risks in the cause-risk-effect format:

  1. As a result of lack of clear direction for the scope of work for the XYZ component, there could be rework and wasted efforts, which could delay the project completion from two to four weeks.
  2. As a result of the amount of work the customer is trying to accomplish on many projects during this project’s completion, a delay in the response to our requests for approvals may occur, which could result in a two-week delay in project completion. Effects could relate to project objectives, project constraints, and risk tolerances.” (Mulcahy, 2003, p. 90)

2. Discuss and analyze the importance of each of the four types of risk identified in Figure 11-4 (technical, management, commercial, and external).

3. Create a risk breakdown structure and attach as an appendix (see attached sample and use the blank RBS linked under this assignment in Module 2).

4. Discuss the importance of creating an RBS.

RBS LEVEL 0 RBS LEVEL 1 RBS LEVEL 2
0. ALL SOURCES OFPROJECT RISK 1. TECHNICAL RISK 1.1 Scope definition
1.2 Requirements definition
1.3 Estimates, assumptions, and constraints
1.4 Technical processes
1.5 Technology
1.6 Technical interfaces
Etc.
2. MANAGEMENT RISK 2.1 Project management
2.2 Program/portfolio management
2.3 Operations management
2.4 Organization
2.5 Resourcing
2.6 Communication
Etc.
3. COMMERCIAL RISK 3.1 Contractual terms and conditions
3.2 Internal procurement
3.3 Supplies and vendors
3.4 Subcontracts
3.5 Client/customer stability
3.6 Partnerships and joint ventures
Etc.
4. EXTERNAL RISK 4.1 Legislation
4.2 Exchange rates
4.3 Site/facilities
4.4 Environmental/weather
4.5 Competition
4.6 Regulatory
Etc.

(Source: PMBOK, 2017, Figure 11-4)

5. Reach out to at least one other student and discuss your findings about project risk management, based on your review of the case study, to gain greater insight into the main considerations in managing projects. Include the name(s) of the other student(s) with whom you collaborated, and specify the value added by your collaboration with your classmate(s) and what new insights you gained. (Your collaborating colleague(s) do not need to choose the same Critical Thinking option as you do.)

Your well-written paper should meet the following requirements:

  • Be 3-4 pages (900-1200 words) in length, not including the cover page, references page, or appendix. (Remember that the appendix follows the references page.)
  • Be formatted according to the CSU Global Writing Center (Links to an external site.).
  • Cite a minimum of three sources to support your responses, two of which should be current academic, peer-reviewed, scholarly sources. Note: Current research in this class means the most recent five-year period. Although research older than five years may be used, it will not count toward the assignment requirement. The CSU Global Library is a great place to find these resources. Additionally, in the Module 1 lecture material, you were reminded of what constitutes academic, peer-reviewed, scholarly sources and how to find them in the CSU Global Library.
  • Demonstrate thoughtful consideration of the ideas and concepts that are presented in the course, and provide new thoughts and insights related directly to this topic.

Refer to the Critical Thinking Assignment grading rubric below for more information on assignment expectations and grading.

References

Mulcahy, R. (2003). Risk management: Tricks of the trade for project managers: A course in a book. Minneapolis, MN: RMC Pub.

Project Management Institute. (2017). A guide to the project management body of knowledge: (PMBOK® guide) (6th ed.). Newtown Square, PA, USA: Project Management Institute.

Order Solution Now

Our Service Charter

1. Professional & Expert Writers: Gold Grades only hire the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Gold Grades are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Gold Grades is known for timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Gold Grades, we have put in place a team of experts who answer all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.