PROJ 586 Week 6 Course Project Deliverable; Risk Management and Quality Management Case Study Presentation

Risk Management and Quality Management Case Study By: PROJ586 DeVry University XYZ Cruise Lines The Quality Assurance Manager asked the reason for the missed deadline. IT Project Manager was asked for the Risk Management Plan. A risk matrix wasn’t created and the risk for the developer to have a heart attack was not considered. The project was delayed and the company lost an opportunity to improve their competitive advantage, which equaled to millions of dollars in potential future bookings. What are the project risk management processes as described in the PMBOK® Guide? The Risk Monitoring and Control process is applied to: monitor identified risks identify new risks ensure the proper execution of planned risk responses evaluate the overall effectiveness of the risk management plan in reducing risk Risks are to be identified and dealt with as early as possible in the project. Risk identification is done throughout the project life cycle, with special emphasis during the key milestones. Risk monitoring and controlling or risk review is an iterative process that uses progress status reports and deliverable status to monitor and control risks. This is enabled by various status reports, such as quality reports, progress reports, follow-up reports, etc. The efficiency of risk analysis and management is measured by capturing the following metrics during project closure. The analysis results are used to decipher lessons learned, which is updated in the organization's lessons learned database. Risk Audit- This is not a “process adherence” audit, but an aid to enhance the quality of risk identification and risk analysis. This is also used as a forum to benchmark and identify good practices of risk management among various projects in the organization. Explain why a project manager, or any stakeholder, should not view risk planning for projects as only a negative activity? Stakeholders are individuals who are impacted by your project or have any kind of interest in it. Stakeholders can be internal, external, positive, negative, high power, low power, etc. However, to complete your project successfully you have to manage all these stakeholders and fulfil their expectations. If you fail to do so, your project may not be successfully completed. Good management of stakeholders throughout a project should ensure they view the project in a positive light, regardless of the actual outcome. Negative stakeholders are often overlooked by the project manager and the project team, which increases the project risk. Ignoring positive or negative project stakeholders will have a damaging impact on the project. Therefore, it's important that you, as the project manager, start identifying the project stakeholders early on in the project. The different project stakeholders can have different and conflicting expectations, which you need to analyze and manage If the risk is negative, you will try to avoid or minimize the impact of the risk. If the risk is positive, you will try to make it happen so you can realize its benefits. The strategies to deal with negative risks are: escalate, mitigate, transfer, avoid, and accept. it pays to engage with