IP Ref&Dis Week 11 Sonu

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University of the Cumberlands *

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634

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Industrial Engineering

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Apr 3, 2024

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docx

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Reflection and Discussion Forum Week 11 2023 Fall - Initiating the Project (BADM-634-M40) - Full Term. Submitted in partial fulfilment of the requirement for the degree of Masters. By Sonu Jadhav Student ID: 005012528 SUBMITTED TO Dr. Margo Moreno Faculty University of the Cumberland’s, Williamsburg, Kentucky. fall 2023

Reflection This week, we go over Chapter 11: Project Risk Planning. The project management handbook's Chapter 11 teaches managers how to prepare for hazards. Risk identification, analysis, and reaction planning are done throughout the project. Risk planning requires a risk registry that includes hazards, consequences, and mitigating actions. Data is gathered by project teams for risk management ( Sundara et al., 2021) . During these discussions, team members come up with ideas for problems. Investigating danger expansions and variants can reveal other problems. Stakeholder interviews are another method used to evaluate risk perceptions. Risk information is gathered via SWOT and Delphi analyses. Analysis is essential to risk planning because it assists the team in identifying risks and their consequences. Risk evaluations, both qualitative and quantitative, are needed for this. Relationships between risk and cause are qualitatively evaluated. Project managers can assess possible problems and investigate the root causes to identify remedies. Graphs showing causes and effects support the findings. Quantitative risk analysis is carried out when qualitative analysis is unsuccessful. These techniques evaluate risk and likelihood more accurately. They are excellent at responding quickly and handling project schedule and budget changes. They improve collaboration within projects. Behaviour targets are also essential in risk management. Risk tolerance analysis for both individuals and organisations is included in this. This information aids in accepting and managing risks wisely. Risk planning helps lessen the effects of hurricanes in projects like the Texas Medical Centre, where they are inevitable. Risk management assessments examine recorded threats, activities, and outcomes related to satellite development projects. Setting project risk priorities enables the team to concentrate

on pressing issues. Proactive risk management throughout the programme is ensured by identifying related project hazards. Discussion 1. Define and provide one example each of a known known, known unknown, and unknown unknown you have encountered on previous projects. Which of the these would be addressed during planning phase? Which of the basis for listing on a risk register? Why? Knowledgeable knowns in project management are risks or uncertainties that can be predicted based on experience or information. A technology project software upgrade is a known known. Since they have done comparable upgrades before, the team knows the possible issues and has a plan to overcome them. However, known unknowns are dangers with incomplete information. A government regulatory change could affect a construction project (Alzoubi, 2022). The team knows regulatory changes are possible, but their nature and impact may not be recognised until they happen. Unexpected risks are unknown unknowns. They often appear without warning and are not part of the initial project planning. A unexpected and severe weather event could disrupt outdoor construction. These risks are hard to predict and plan for because the project team didn't notice them. In project planning, known knowns and unknowns are prioritised. Based on experience and information, best practises and mitigation plans address known knowns. Recognising unknowns and creating contingency plans for potential circumstances. Risk registers typically include known knowns and unknowns. Due to their nature, unknown unknowns are not considered during planning (Sundara et al.,2021). However, they should be recorded in the risk register and any mitigation measures. Comprehensive risk management requires listing all risks on the risk register. It helps the project team allocate resources, create

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