Please verify the instructions Competency Name: Project Risk and Cost Management
Competency Statement: Develop an understanding of how to increase value to an organization by identifying and managing risk using industry standards and practices.
Final Assessment Title: Final Assessment
Program Learning Outcomes: PLOs Assessed in this course include:
BUS BA 2) Our graduates will be able to demonstrate a practical and theoretical understanding of managerial and leadership skills across business disciplines.
BUS BA 3) Our graduates will be able to demonstrate appropriate analytical and quantitative skills by examining a wide range of business models.
BUS BA 4) Our graduates will be able to utilize emerging technologies in order to improve business performance.
Competency Learning Outcomes (CLOs)
- Acquire ability to identify, document, and manage risk in a project.
- Learning to apply course material to improve thinking, problem solving and decisions using earned value.
- Acquiring an interest in learning more by asking questions and seeking answers.
- Acquire understanding of methods to integrate risk management into business and project planning.
- Using APA when referencing: https://www.youtube.com/watch?v=f7vhZVlIND8
- Main tips on how to write case study analysis: https://www.youtube.com/watch?v=8BEvr-5XuIw
Purpose of the Assessment
The purpose of the final assessment is to evaluate your knowledge in this course, Project Risk and Cost Management (BUS 343). Demonstration of your knowledge of each of the course learning objectives (CLO’s) must meet a proficient or exemplary level as seen in the course final assessment rubric.
Submission Artifacts:
Case Study: Managing Risk in a Project - Integrating Risk Management into Business and Project Planning
Submission 1: Case Study Background: You are a project manager for a software development company, tasked with overseeing the development of a new customer relationship management (CRM) system for a major client. The project involves multiple stakeholders, a tight deadline, and a substantial budget. The success of the project is crucial for the company's reputation and future business prospects.
Instructions:
- Introduction:
- Provide an overview of the project and its importance for the company.
- State the learning outcomes of the case study.
- Risk Identification:
- Identify and document potential risks associated with the CRM system development project.
- Categorize the risks into relevant risk categories (e.g., technical, organizational, financial).
- Explain the process used to identify and document these risks.
- Risk Assessment and Analysis:
- Assess the impact and likelihood of each identified risk.
- Prioritize the risks based on their potential impact on project objectives.
- Illustrate how you would use appropriate qualitative or quantitative techniques to analyze the risks.
- Risk Response Planning:
- Develop a comprehensive risk response plan that addresses the prioritized risks.
- Identify specific risk mitigation strategies for each high-priority risk.
- Include contingency plans to manage risks that cannot be completely mitigated.
- Integration of Risk Management into Planning:
- Explain how the risk management process integrates with the overall project planning.
- Discuss how risk management activities influence resource allocation, scheduling, and budgeting decisions.
- Highlight the importance of considering risks during the planning phase to ensure project success.
- Risk Monitoring and Control:
- Describe how you will monitor and control the identified risks throughout the project lifecycle.
- Explain the key indicators or metrics you will use to assess risk performance.
- Discuss how you will communicate risk status and updates to stakeholders.
- Lessons Learned and Recommendations:
- Reflect on the effectiveness of the risk management process implemented in the case study.
- Identify lessons learned and provide recommendations for future projects in terms of risk management and integration into planning.
- Conclusion:
- Summarize the key points discussed in the case study.
- Reinforce the importance of identifying, documenting, and managing risk in a project.
- Emphasize the value of integrating risk management into business and project planning.
Additional Resources
Below are additional resources to aid you in the development of your product or service plan.
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Check Before Submission:
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Submit your Work
- Your completed final assessment documents should be submitted through the Final Assessment link of your competency.
- Please note, that you can upload multiple files to the Final Assignment link.
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