PROJ6003 : Risk Management Report - Management Report

Internal Code : MAS4050

Risk Management Report

Case Study : As project work is executed, project managers make certain that quality assurance is performed and that quality is controlled. Quality assurance consists of the activities that are undertaken to ensure that a project uses the processes needed to meet quality requirements. Meanwhile, quality control entails monitoring specific project results to determine whether they meet relevant quality standards, which have been defined with the project scope. Planning for risk management involves determining how to approach, plan and execute the various activities required for managing project risks. Because new risks may be introduced at any point in the project management life cycle, risk management is a continuous process. It begins at the project-planning phase and continues throughout the project-execution phase.Effective communication is a key factor for managing project execution. However, project managers may face challenges as they communicate with their teams and other project stakeholders. Other factors such as developing, leading and managing project team members are also critical for successfully achieving project goals. Questions : 1.What types of risks might be introduced to a project when teams are culturally or geographical diverse? How could these risks be mitigated? Can Quality Assurance and Control contribute to mitigation of these risks, and if so, how? 2.Create a risk management report for your Case Study from Assessment 1, i.e., before any changes were applied. In your report, include: 1. Risk identification and assessment

•  Identify and critically analyse the impact of possible risks for the Case Study.
•  Record the risks identified in a Risk Register.
• Use a risk probability and impact matrix to rate and prioritise the risks.

2. Risk management and reporting

• Develop risk response strategies to effectively manage each identified risk in the register.
• Identify and describe how the stakeholders will be apprised of the project's ongoing risk management activities.