Assessment 3 instructions: risk identification

Complete the second part of Section 2 – Risk Scope, Components, and Value of the risk management plan by applying qualitative and quantitative processes to identify sources of risk and the corresponding potential impact on project outcomes for your chosen case study or work project.

Risk identification includes qualitative and quantitative analysis to identify, evaluate, and assess risk. These processes support the examination and evaluation of risks. Other methods and processes—such as sensitivity analysis, expected monetary analysis, decision tree analysis, Monte Carlo simulation, and PERT tree analysis—provide unique approaches to evaluating and assessing risks. 

Analyzing risk begins with identifying risks and recording them in your risk matrix or risk register.

The next step is to conduct a qualitative risk analysis to prioritize and rank the risks in your matrix. This can save time and effort, because you will be able to focus on the typical 20 percent of the risks that often generate 80 percent of the threats to your project’s success. Next, each identified individual risk is evaluated based on the probability and potential impact to the project. Following the qualitative analysis, a quantitative analysis may be performed for each high-priority risk, using various tools, such as a monetary or time analysis to assign a dollar amount or a number of days to the risk probability.

Preparation

Microsoft Project is the recommended software tool for this course due to its wide industry acceptance and its use in many project management professional roles. This is provided to you through MS Imagine.

Microsoft Software

1. If you have a Capella MS Imagine account, go to Step 2. Otherwise, see the instructions for registering an account at MS Imagine: Registration.
2. Log into the Capella Microsoft Imagine WebStore.
3. Identify the version of MS Visio 2016 and Project Professional 2016 that is compatible with your operating system.
4. Download and install.

If you encounter any difficulties in the download and installation process, post a detailed question in the Ask Your Faculty Discussion in the menu dropdown when you click the image of your faculty.

Introduction

This assessment includes developing the risk identification in a risk management plan. Review the Risk Management Plan Template before beginning this assessment. Note: Developing a risk management plan for a project requires specific steps in sequence. Complete the assessments in this course in the order in which they are presented.

Not all methods may work for a certain situation. It is beneficial to evaluate them, based on the types of risks, and determine which is most useful for specific risk assessments.

Requirements

Microsoft Project is the recommended software tool for this assessment.

Section 2 – Risk Scope, Components, and Value

Use the Risk Management Plan template you started in Assessment 1 to record the second part of your analysis for Section 2 – Risk Scope, Components, and Value. You must include the following sections. Refer to the template for directions on what to put in each.

• 2.4 Determine the Risks.
• 2.5 Evaluate and Assess the Risks.
• 2.6 Qualitative and Quantitative Processes.

Deliverable Format

• References: Use scholarly or academic sources where applicable. There is no set number of references required for this assessment.
• Format:
  • Use the Risk Management Plan Template you started in Assessment 1.
  • Insert appropriate supporting tables and other supporting information, if needed.
  • Do not submit multiple files, PDF files, or ZIP files.
  • Follow the Academic and Professional Document Guidelines [PDF]. Be sure to use single-spaced paragraphs. 
  • Use APA style and format for references and in-text citations.
• Length: No specific length requirements. Include all pertinent information.

Evaluation

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:

• Competency 2: Evaluate risk impact analysis methods for application in a project.
  • Identify sources of risk and the potential impact on project outcomes.
  • Define the elements of the risk breakdown structure for use in evaluating project risk.
  • Integrate risk analysis techniques to create a risk breakdown structure.
  • Apply qualitative and quantitative risk analysis techniques to categorize risks.

Your course instructor will use the scoring guide to review your deliverable as if they were your immediate supervisor. Review the scoring guide prior to developing and submitting your assignmen