Risk Management Plan & Identification Response in Projects - Management Assignment Help

Assignment  Task -

Introduction 

PMI Definitions 

• Project 
• Project Planning 
• WBS 
• Risk Management Plan 
• Risk Identification 
• WBS as a basis leading to RBS 
• Team brainstorming is key 
• Lessons learned from previous projects
• Risk may be identified in all WBS levels
• Areas to look for risk in construction 
• Risk register

PMI Definitions 

• Project 
• Project Management Plan 
• WBS 
• Risk Management Plan

PMI Definitions 

Project: 
 
A Project is a temporary endeavour undertaken to create a  unique product, service or result. 

Project Management Plan:  

The Project Management Plan defines how the project is  executed, monitored and controlled, and closed

• Project subsidiary plans: 
•  Cost plan or Budget  
•  Time plan or Schedule 
•  Quality plan 
•  HR plan 
•  Communication plan 
•  Procurement plan 
•  Risk plan Scope management plan

PMI Definitions 

WBS:  

The Work Breakdown Structure is a deliverable oriented  hierarchical decomposition of the work to be executed by the  project team to accomplish the project objectives and create the  required deliverables, with each descending level of the WBS  representing an increasingly detailed definition of the project  work. 

Risk Management Plan: 

The Risk Management Plan describes how risk management will  be structured and performed on the project. It becomes a subset  of the project management plan.

Risk Identification 

Methods include: 

• Brainstorm using WBS lines or boxes as checklist 
• Review recorded lessons learned from previous projects
• Conduct project SWOT and relate project to corporate SWOT 
• Seek expert opinion using survey techniques such as the Delphi  method 

Read insurance policies; covered and excluded risk Use the Ishikawa approach for risk decomposition into common  causes such as material, machinery, manpower, management Question the assumptions Risk Identification 

Higher level task groups in construction projects include:

• Permits 
• Engineering 
• Made-to-measure material 
• Common building material 
• Site preparation 
• Site grading 
• Foundation 
• Structural steel erection 
• Form and pour concrete 
• Carpentry

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