(Mt) – BUS 655 Colorado State University Project Management Project

5 PART ASSIGNMENT Part I: do a tutorial on MS Project. Open your MS Project. We will start to enter a project. You must make the assumption that the project charter is complete and signed. The project you select will be used throughout this course. In the Gantt view, enter high level categories, commonly called Summary Tasks, for your project. High level categories or Summary Tasks for building a house may include Prepare for Foundation, Foundation, Build house, Interior, and Landscaping. You may use a business project that you have been on before, or you may develop a new process for your organization, or create training for a new software or process just instituted at the company, start a new business, etc. Please do not use building a house. If you have questions, make sure to contact your instructor. Make sure that you have at least 6 high level categories or Summary Tasks. Hint make sure to include project management as a high level task. Remember if it is not in the plan it will not get done. Project management is where the administrative tasks are included. Submit the Gantt chart. (Due 19 January 2023) Part II: Create a risk management plan for the project you created in week 3. Identify at least 5 risks. Find a template for a risk plan on the internet or refer to the PMBOK Guide for items included in the risk management plan. Refer to the rubric for specific items required. (Due January 27, 2023) Part III: The MS Project Gantt chart now needs to be completed. For each of the high-level tasks normally called the Summary task, include at least 5 tasks below each summary task. Make sure the task under the summary task is indented. Add how many days it will take for each task and make sure that each task as a successors and predecessors except for the first and last task. The first task only has a successor, the last task only has a predecessor. Make sure there is a milestone for each summary task. Submit the Gantt chart. Hint the project management tasks normally are called Level of Effort and will last the entire project. (Due 3 February 2023) Part IV: This week you are going to enter resources for your tasks. Make sure that you review each resource and that they are not resourced more than 100%. To do this, you may have to extend the length of the task or put a higher level employee who may take less time or add more personnel to the task. However, remember that adding more resources is not always the answer. You will also need to put a hourly rate for each resource. I will be looking for reality for the weekly rate and that all your resources are at or below 100%. If your project requires materials (all called resources, they are just not human) these also need to be added to the list of resources and added to a task. Materials also need to have a budget. It can be all in one month or it can be spread. The budget for the materials should mirror how it will be paid. Have at least one material resource with budget. Remember to ask questions. Check the rubric for grading criteria. (Due Feb 10, 2023) Part V: Create a 5-to-8-minute video for your project sponsor and the stakeholders that are director and above. There will be vice presidents as well. You are three months into the project. At least one identified risk has occurred which impacted your schedule and budget. The risk also created 5 new issues that are impacting the project (be creative on the types of risks and issues). List the top 3 risks. Make sure to provide earned value statistics for your project. Talk to the get well plan. Let the audience know what tasks are expected to get done in the next month. If you are unable to submit a video due to deployment or another significant factor, discuss the alternatives with your instructor. (Due Feb 24, 2023) ***Note: This assignment does not need to be a video I, just need it in writing I will do the video.*** stakeholdermap.com Project Management, project planning, templates and advice RISK MANAGEMENT PLAN VERSION stakeholdermap.com RISK MANAGEMENT PLAN DOCUMENT CONTROL DOCUMENT INFORMATION Information Document Id [Document Management System #] Document Owner [Owner Name] Issue Date [Date] Last Saved Date [Date] File Name [Name] DOCUMENT HISTORY Version Issue Date Changes [1.0] [Date] [Section, Page(s) and Text Revised] DOCUMENT APPROVALS Role Name © Signature Date Project Sponsor Project Review Group Project Manager © stakeholdermap.com i RISK MANAGEMENT PLAN Quality Manager (if applicable) Procurement Manager (if applicable) Communications Manager (if applicable) Project Office Manager (if applicable) stakeholdermap.com ii RISK MANAGEMENT PLAN Table of Contents ………………………………………………………………………………………………………………………………. I ………………………………………………………………………………………………………………………. I RISK MANAGEMENT PLAN ……………………………………………………………………………………………………. I Version ………………………………………………………………………………………………………………………………. i ……………………………………………………………………………………………………………………………… i DOCUMENT CONTROL………………………………………………………………………………………………………………… I DOCUMENT INFORMATION ……………………………………………………………………………………………………………………… I DOCUMENT HISTORY ……………………………………………………………………………………………………………………………. I DOCUMENT APPROVALS ……………………………………………………………………………………………………………………….. I TEMPLATE GUIDE …………………………………………………………………………………………………………………….. 1 RISK MANAGEMENT METHODOLOGY ……………………………………………………………………………………………. 2 THE RISK MANAGEMENT METHOD ……………………………………………………………………………………………………………. 2 RISK IDENTIFICATION ………………………………………………………………………………………………………………… 3 HOW RISKS WILL BE EXPRESSED …………………………………………………………………………………………………………….. 3 RISK REPORT FORM ……………………………………………………………………………………………………………………………. 4 RISK CAPTURE AND LOGGING…………………………………………………………………………………………………….. 4 RISK ASSESSMENT METHOD ………………………………………………………………………………………………………. 5 RISK ASSESSMENT MATRIX ……………………………………………………………………………………………………….. 6 RISK RESPONSES…………………………………………………………………………………………………………………….. 7 TIMING AND FREQUENCY OF RISK MANAGEMENT ACTIVITIES …………………………………………………………….. 7 RISK FUNDING…………………………………………………………………………………………………………………………. 7 DOWNLOAD MORE PROJECT TEMPLATES ……………………………………………………………………………………… 8 stakeholdermap.com iii RISK MANAGEMENT PLAN TEMPLATE GUIDE How to use this template This is a guide to the common sections included in a Risk Management Plan. Sections may be added, removed or amended to suit your project. Example tables have been added (where relevant) these are just a suggestion; you may decide to format these sections differently. Text in Blue italics is designed to assist you in completing the template. Delete this text before sharing the final document. stakeholdermap.com 1 RISK MANAGEMENT PLAN RISK MANAGEMENT METHODOLOGY THE RISK MANAGEMENT METHOD This project will use Acme’s risk management method defined in the Acme Project Management Methodology. It is a simple four step method which is repeated continuously through the project lifecycle. Once a risk is identified, it is assessed, responses to manage the risk are agreed, and progress is monitored: 1. Identify – risks are identified on an ongoing basis, through formal risk identification workshops as well as during day to day activities. 2. Assess – once identified a risk is assessed to establish the likelihood of it occurring and the impact it will have if it occurs. 3. Respond – there several possible actions that can be taken to reduce the likelihood of a risk occurring or the impact of the risk, for example transferring, avoiding, and mitigating. In this step suitable responses are agreed, and budget approved if needed. stakeholdermap.com 2 RISK MANAGEMENT PLAN 4. Monitor – progress of the risk responses needs to be monitored and controlled, with corrective action taken if needed. Typically, progress is assessed via project team meetings. RISK IDENTIFICATION The entire project team are responsible for identifying risks and reporting them to the Risk Manager. Risks may be identified via risk workshops, but also through many other routes: HOW RISKS WILL BE EXPRESSED Risks will be expressed using the following simple statement: IF xxxx assumption proves incorrect THEN xxxxx will happen This statement ensures that the cause of the risk (the assumption) is clear, as is the impact. For example, if you are assuming shipping will take 10 days, risk of delay could be expressed as: stakeholdermap.com 3 RISK MANAGEMENT PLAN IF shipping takes longer than 10 days THEN the project will face a cost of $500 per day in unused warehouse space. RISK REPORT FORM Identified risks can be documented on a risk form and sent to the Risk Manager for assessment. Example risk form: RISK REPORT FORM Person reporting Job title Date Impact Likelihood Risk description Is the risk date driven? i.e. if the risk was to occur would be on or related to a date or event? Deliverables impacted Initial assessment Suggested risk response (see Risk Responses) RISK CAPTURE AND LOGGING Risks will be captured on a risk form and submitted to the Risk Manager, who will document the risk on the Risk Register and present it to the risk review board. The risk review board will assess the risk and accept, reject or request more information. If the risk is accepted the board will confirm the suggested mitigating and contingency actions and agree a budget for managing the risk. stakeholdermap.com 4 RISK MANAGEMENT PLAN Get a Risk Register Template RISK ASSESSMENT METHOD Risks will be assessed by impact and likelihood using a 1 to 4 numeric scale. The combined score is the risk priority and will drive the response to each risk. Likelihood scale: 1 – the risk is very unlikely to happen for example it is statistically unlikely, or action has already been taken to reduce the likelihood. 2 – the risk is unlikely to happen, but is not unheard of, for example a supplier goes unexpectedly into liquidation or a regulatory change forces a change of materials or project approach. 3 – the risk is likely to happen for example rain in September in UK or it is a common risk on projects of this type. For example, scope creep on IT projects. 4 – the risk is highly likely to happen, perhaps it is a common occurrence on projects or a common issue with location, environment, materials, equipment or the technology used. For example, projects are often impacted by staff illness. Impact scale: 1 – the risk will have little impact, perhaps there are plans or procedures in place that will reduce the impact, or there is a simple low-cost alternative. For example, holding a skype meeting is a key person can’t make it to the office. 2 – the risk will have some impact, but it can be managed or reduced easily. For example, getting cover for a non-critical staff member who is off sick or a short delay while a contingency plan is put in place. 3 – the risk will have a significant impact. It is likely to require involvement of senior management and trigger a re-assessment of the business case. For example, equipment failure causing a delay to the go live date. 4 – if the risk occurs the project will no longer be viable, perhaps the business case can no longer be achieved, the additional costs would make it ruinous or the delay would be so long as to make the project pointless. RISK ASSESSMENT MATRIX Risks with a priority between 1 – 3 will be accepted (no action will be taken). Risks with priority between 4 – 8 will be managed using the most appropriate risk response. Priority 9, 12 and 16 risks may result in the project being cancelled or put on hold until a risk response can be implemented that will reduce the priority to 8 or below. stakeholdermap.com 6 RISK MANAGEMENT PLAN RISK IMPACT RISK LIKELIHOOD 1 2 3 4 1 1 2 3 4 2 2 4 6 8 3 3 6 9 12 4 4 8 12 16 Other examples of risk matrices: 3 x 3 Risk Matrix 4 x 4 Risk Matrix 5 x 5 Risk Matrix RISK RESPONSES How to mitigate risk TIMING AND FREQUENCY OF RISK MANAGEMENT ACTIVITIES Progress will be monitored on a weekly basis. The agenda for the weekly project team member will include space for a review of the risk register focusing on the progress of the risk responses. Risks that are scored between 8 and 16 will be reviewed at the monthly Risk Review Board meeting chaired by the Risk Manager. RISK FUNDING DOWNLOAD MORE PROJECT TEMPLATES Microsoft Project Plans – real world project plans in Microsoft Project. Project Management Templates – FREE project management templates in Word and Excel Stakeholder Management Templates Flowcharts to download in Visio and PDF Risk Register in Excel – download immediately Work Breakdown Structure Excel template Work Breakdown Structure (WBS) FREE examples to download immediately. stakeholdermap.com 8

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