Enn591-1 Project 1:Risk Management Success Assessment Answers

1.

Topic 1: Risk Management Success and Failure

Based on personal experience or observation/research, describe an example of risk management success or failure, including the tools utilized. Why do you think the efforts were successful or unsuccessful? Would the use of a different project management model have produced a different outcome?

2.

 Topic 2: Global Project Management Now To prepare for this Discussion, think about what you have learned so far

There are several different standards e.g. PMBOK, Prince2, ISO. Compare and contrast the use of these standards within organizations. How might your answer change if the project were global, involving cross-cultural and international teams?

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For a successful outcome of any project, risk management is one of the most significant factors. Several risk management practices can be followed throughout the growth lifecycle of the project. There are various operations in the risk management process such as identification, risk analysis, mitigation, prioritizing, monitoring, and planning (Andrat & Jaswal, 2015). There can be several instances of failure in the risk management. One such example is the bank of America that had decided to charge extra money from people who wanted to gain access to their own funds. The bank clearly did not apply any risk management analysis while taking this significant decision; therefore it had led to dumping the plan. However there are several instances of success as well. One such example is the Papa John International Inc. which had done the risk management analysis as they could understand who important that is for any successful project. They had used several risk analyzing tools such as the risk appetite survey, risk pyramid risk heat map, therefore they had responded to the specific risk immediately which had come their way in the project management.

There are various models of project management such as Waterfall, Agile, Critical path Method (CPM), Scrum, Critical Chain Project Management (CCPM), Six sigma etc. These models are generally used to get diverse outcomes from the model. The Scum model is generally for determining the prioritized job, whereas the Six sigma model is utilized for reducing the waste in any project. The CPM and CCPM model differ from each other as where the CPM model is utilized for analyzing the potential issue with the resources; the CCPM model is utilized to analyze the correct use of the resources (Frigo & Anderson, 2012). The effort can turn into a successful one as a risk management plan is created that aligns with the specific business requirements. The leading indicators are to prevent the risk and to monitor if there is one. The company had accepted the fact that mitigation is not possible in all the scenarios, therefore had built a contingency plan while dealing with the risk.

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PMBOK, ISO and PRINCE 2, three different models have been contrasted and compared with each other and the result had shown that the standards are generally utilized for various purposes. The ISO 21500 is for the general framework of a project that is already developed; therefore it acts a shared language which can act as the bridge between different ways used to develop the project. The PMBOK is taken as a national standard which includes the local framework condition, therefore provides the guide for the external and internal quality control. It also takes care of the external and internal quality assurance for the developed project. PRINCE2 is focused on the maximum number of the actual outputs (Rui et al., 2017). It is a methodology that can define the standardized methods and the aftereffect of the application. In this case, the internal outcome is a combination of the quality control and the external outcome includes the quality assurance. The internal part is reflects the project assurance whereas the external process reflects the quality assurance.

International project management is generally applied within the organization to emphasize the needs of the company and recognize the cultural claim to work with the employees coming from diverse origins. Therefore the organization requires choosing the right certification for the globally established project management. Using the standardization, the organization can be helpful in different ways such as the reduction of the cost as the company will not be developing the project from scratch (Andrat & Jaswal, 2015). It will also be useful for the company as it can find skilled resources all around the globe that have specialized to work in a particular field, therefore the international communication will be improved. This implementation will also simplify the trade procedure in the current business.

References

(2016). Axelos.com. Retrieved 30 November 2016, from https://www.axelos.com/CMSPages/GetFile.aspx?guid=4bf6bd26-2805-4b7f-8cba-c56a899eb871

Andrat, H., & Jaswal, S. (2015, December). An alternative approach for risk assessment in Scrum. In 2015 International Conference on Computing and Network Communications (CoCoNet) (pp. 535-539). IEEE.

Frigo, M., & Anderson, R. J. (2012). Strategic Risk Mangement: The New Core Competency. John Wiley & Sons Limited.

Rui, X. U. E., Baron, C., Esteban, P., & Zheng, L. (2016). Integrating the ISO/IEC 15288 Systems Engineering Standard with the PMBoK Project Management Guide to Optimize the Management of Engineering Projects. In Complex Systems Design & Management (pp. 291-291). Springer International Publishing.