Risk in Project Management Assignment

Added on - 16 Sep 2019

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Minor Template Change:3.1 wording changed to reflect 1.2 and 5.3There has been a minor change to the Charter Template for Assessment 1. If you areworking on a previous version, there is no need for you to change versions, but pleasedo take note of the following:Sections 1.2, 3.1 and 5.3 ask you to provide information about three deliverables of theproject. You are to use the same three deliverables for each question.Section 1.2 and 5.3 use the terminology key deliverable and sub-deliverables. Section3.1 originally only mentioned key deliverables, this has been changed to reflect 1.2 and5.3.Key Deliverable- this refers to the main output (end product) of the project.Sub-deliverables- deliverables that are necessary or desirable in the delivery of the KeyDeliverable.Example:If your project was to build a four bedroom brick home.Key Deliverable: A four bedroom brick home.Plumbing installation would be considered a sub-deliverable and would be necessary forthe delivery of the 'Key Deliverable'.Landscaping would also be considered a sub-deliverable and would more likely be seenas desirable rather than necessary.You do not have to list whether your sub-deliverables are necessary or desirable.High level risksWhat is the definition of risk in Project Management?It is something that:might happen (uncertainty)could impact (either positively or negatively)Start with an event that might occur – then think about the effect (impact) it would have ifit happened. Now think about why this event might have occurred – the cause.Or you might want to think chronologically (X might causes Y to occur and if it did thenthis would mean Z.) However care should be taken to ensure common effects or impactssuch as ‘Increases to cost and project delay’ are not used as the ‘event’.Use language that demonstrates to the marker you understand that this event hasn’thappened yet, and that it is not certain that it would happen.CauseEventEffectThis could happen if...There is a possibility that...could occur.If this did happen it wouldresult in...
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