pm 586 week 5
Risk Analysis
Risk is defined as “a function of the likelihood of a given threat and the resulting impact of that adverse event on the organization.” Every project involves risk, our wedding is no exception in order to identify what risk are associated with our project we must first build a profile and identify key roles with potential hazards or risk. Below is risk profile for the wedding:
Schedule
Is the schedule in order to coincide with the wedding date (End date)?
Task Estimates
Are time estimates accurate, is there enough float for emergencies?
Quality
Does the theme and price maintain a professional look?
Staffing
Is the project understaffed; are there enough personnel for task?
Vendors
Can vendors guarantee delivery on specific date?
Location
Is the location available?
Note. Table is adapted from
A risk assessment is needed to be able to identify the potential of each risk, the likelihood, the impact and the detection for each risk event. “To determine whether the identified risks could impact the success of the project, each risk was given a score of either 1 (very low), 2 (Low), 3 (Moderate), 4 (High), and 5 (Very High) in the areas of likelihood of risk occurring and risk impact on the project. The detection difficulty was scored using a scale ranging from 1 (no warning time), 2 (low warning time), 3 (moderate warning time), 4 (high warning time), and 5 (extremely high warning time). A higher score provides more time to identify and mitigate or respond to the issue.”
Risk Event
Likelihood
Impact
Detection Difficulty
When
Vendors unable to meet deadlines
2
5
1
During contract signing
Task time estimates off
2
5
3
During project execution
Venue Quality Poor
1
3
1
Upon inspection of the facility before contract
Schedule dependent on individual task completion
5
5
1
During scheduling-personnel assigned
Not enough members to assist with details (task)
2
5
3
During execution
Likelihood
5
Risk is defined as “a function of the likelihood of a given threat and the resulting impact of that adverse event on the organization.” Every project involves risk, our wedding is no exception in order to identify what risk are associated with our project we must first build a profile and identify key roles with potential hazards or risk. Below is risk profile for the wedding:
Schedule
Is the schedule in order to coincide with the wedding date (End date)?
Task Estimates
Are time estimates accurate, is there enough float for emergencies?
Quality
Does the theme and price maintain a professional look?
Staffing
Is the project understaffed; are there enough personnel for task?
Vendors
Can vendors guarantee delivery on specific date?
Location
Is the location available?
Note. Table is adapted from
A risk assessment is needed to be able to identify the potential of each risk, the likelihood, the impact and the detection for each risk event. “To determine whether the identified risks could impact the success of the project, each risk was given a score of either 1 (very low), 2 (Low), 3 (Moderate), 4 (High), and 5 (Very High) in the areas of likelihood of risk occurring and risk impact on the project. The detection difficulty was scored using a scale ranging from 1 (no warning time), 2 (low warning time), 3 (moderate warning time), 4 (high warning time), and 5 (extremely high warning time). A higher score provides more time to identify and mitigate or respond to the issue.”
Risk Event
Likelihood
Impact
Detection Difficulty
When
Vendors unable to meet deadlines
2
5
1
During contract signing
Task time estimates off
2
5
3
During project execution
Venue Quality Poor
1
3
1
Upon inspection of the facility before contract
Schedule dependent on individual task completion
5
5
1
During scheduling-personnel assigned
Not enough members to assist with details (task)
2
5
3
During execution
Likelihood
5