Risk Identification and Mitigation Strategies in the Cynapse Case: A Project Management Approach

Paper Instructions

Instructions: A 5 page paper identifying risks in the Cynapse case and summarizing mitigation methods, tools and strategies studied in your readings is due by end of this session.  Page 6 is for references, formatting in APA Style.

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Please make certain that you cite diverse readings assigned during weeks 1-6 of our busy semester.  In this way, your Professor is able to evaluate your understanding and ability to apply the methods and analytic processes of Risk Identification and Project Management you are learning this semester.  Creating a Risk Register is required (please use the one below). Use of a Rating Scale or Probability & Impact matrix is required.

Risk IDRisk:( Phrase concisely)Risk CategoryPM, BudgetSchedule,TechnicalIntellectual PropertyProbabilityImpactTriggerMitigation Management Strategy
001
002
003
004
005

Formatting requirements: 

  1. Length of paper – Five-page limit (number pages in footer: required).
  2. A Cover Sheet with your name, date and paper title (does not count for page count) 
  3. APA style reference citations for section entitled “References”.   Short form in the paper would be (PMI, 2017, page number) for the PMBOK Guide, for example.
  4. No abstract required!
Actions for CriteriaGrading Criteria: Actions for Outstanding1Actions for Excellent2Actions for Average3Actions for Below Average45 points
Identification of Risks section: 2 pages — Use of Methods from PMBOK Guide and assigned readings (5 points).   A Risk Register is required!Identification and careful phrasing of 5 project risks using methods from PMBOK Guide and readings assignedIdentification and discussion of project scope, budget, intellectual property (IP), and resource risks facing Cynapse  2.   Use of qualitative and quantitative risk rating with a scale of your choice: rating scales are placed at bottom of Register
Risk Management Recommendation section: 2.5 pages Risk management processes, tools and project management approaches in managerial “recommendations’ format (5 points)
Tools and best practices to mitigate schedule risksMethods to mitigate resource risks and loss of IPTechniques and tools to limit “scope creep”Methods for budgetary risks    5.    Recommendations for managing documentation risks
Actions for Overall ScoreOverall Score: _______ out of 10
Instructor Feedback:

Approved references for the paper

1.  PMBOK Guide (PMI: 6th edition, 2017)  Section 11.5.2   “Plan Risk Responses: Tools and Techniques” p.441 through 11.5.3.2 “Project Risk Mgt. Plan Updates”, page 447: these six pages are important!

2. The Standard for Risk Management in Portfolios, Programs, and Projects (PMI, 2019), Section 7.2, “Integration of Risk Management into Project Management Process Groups”, page 61.

3.  “Agile Methods”  For those interested in taking the PMP Exam see “Considerations for Agile/Adaptive Environments” under each “Knowledge Domain” in the PMBOK Guide (e.g. Page  178 for Schedule Management).

4.  https://ecampusontario.pressbooks.pub/projectmanagement/chapter/chapter-12-budget-planning-project-management/

  1.  PMBOK Guide (PMI, 2017, 6th ed.), Part 1  “Introduction:   “Overview” to 1.2.2 “The Importance of Project Management” pp.1-10 
  2.  PMBOK Guide (PMI, 2017, 6th edition), Part 1,  Ch. 11 “Project Risk Management”,  page 395 to 11.1.2.3 “Meetings”, p.404
  3. The Standard for Risk Management in Portfolios, Programs, and Projects (PMI, 2019), Ch.1 “Introduction”.    You can download the entire book for 21 days free! https://ebookcentral.proquest.com/lib/umuc/detail.action?docID=5755605
  1. JISC (2012). Risk Management article (read only up to section entitled “Qualitative Risk Analysis”):

    https://www.jisc.ac.uk/full-guide/risk-management
  2. From:  Project Management from Simple to Complex, Ch.1.1 “Project Mgt. Defined” 

    http://open.lib.umn.edu/projectmanagement/part/chapter-11-managing-project-risk/
  3. Mizra, Pourzolfaghar, Shahnazari,  “Significance of Scope in Project Success”, Procedia Technology, 9 (2013 ) 722 – 729

    http://www.sciencedirect.com/science/article/pii/S221201731300234X
  1.  “Scope creep” – Case Study.  
    https://standardsplus.pmi.org/SharedPosts/Show/SCO_5/b61922e8-6467-475b-bc8f-ee00ff06c36b
  2. You may want to keep this compact Risk Management Processes Overview – PMBOK 2017.pdf (compiled by Professor Gaya Agrawal) handy throughout the course as a useful reference.
  3. PMBOK Guide (PMI, 2017, 6th edition), Part 1, section 11.1.3 “Plan Risk Management: Outputs” page 395  to 11.2.2.6 “Meetings”, page 405.
  4. PMBOK Guide (PMI, 2017), Part 1, section 5.6  “Control Scope”, p.167 through 5.6.3.4 “Project Document Updates”
  5. The Standard for Risk Management in Portfolios, Programs, and Projects, Ch.2 “Context and Key Concepts of Risk Management” 
https://ebookcentral.proquest.com/lib/umuc/detail.action?docID=5755605
  1. The Standard for Risk Management in Portfolios, Programs, and Projects, Appendix (X6.1), “Risk Management Plan”, (page 127 – 128)
  2. PMBOK Guide (PMI, 2017), Part 1, section 6.4 “Estimate Activity Durations”, page 194 to section 6.4.3 “Estimate Activity Durations: Basis of Estimates” p.204 (important!)
  3. Dash, S.N. (MPGU, 2015)   “PMP Prep: Qualitative vs. Quantitative Risk” 

    http://www.mpug.com/articles/pmp-prep-qualitative-vs-quantitative-risk-analysis/
  4. Baccarini, D. & Archer, R. (2001). The risk ranking of projects: A methodology. International Journal of Project Management. 19, 139-145. This case is uploaded under “Content” Session 2: please print out and read carefully.
     
  5. Kendrick, T. (2008) “The PERIL database” from Identifying and Management Project Risk, 2nd edition (NY: Amacon Publishers):  this short article is uploaded under “Content” session 2 – please print it out
  6. “Risk Ranking” – Case Study
    https://standardsplus.pmi.org/SharedPosts/Show/idAlpha_55/62d4fe27-af4b-4abf-8573-6fcb3348aaef
  1. PMBOK Guide (PMI, 2017, 6th edition), Part 1,  Section 11.2.3 “Identify Risks: Outputs” p.417  to 11.2.3.3  “Project Document Updates”, p.418.
  2. PMBOK Guide, Part 1, Section 11.3 “Perform Qualitative Risk Analysis” p.419  to section 11.3.1.2  “Project Document”, page  421

3. JISC (2012). Risk Management article (read  section entitled “The Risk Log” and “Assigning Numeric Scales”):

https://www.jisc.ac.uk/full-guide/risk-management

4. The Standard for Risk Management in Portfolios, Programs, and Projects (PMI, 2019), Ch.3 “Framework for Risk Management in Portfolio, Program, and Project” 

https://ebookcentral.proquest.com/lib/umuc/detail.action?docID=5755605
  1. The Standard for Risk Management in Portfolios, Programs, and Projects (PMI, 2019), Appendix (X6.2), “Identify Risks”, (page 129 – 135)
  2. The Standard for Risk Management in Portfolios, Programs, and Projects (PMI, 2019), Section 7.1.1 “Project Risk Identification”, (page 58 – 59) 
  3.   “Pareto Chart” from Tague, Nancy ,  The Quality Toolbox, (ASQ Quality Press, 2004),  pp.376-377 (article is uploaded into “Content” here in session 3).
  4. “Mitigation of Risk in Construction: Strategies for Reducing Risk and Maximizing Profitability” (McGrawHill, 2011) — this article is uploaded for you under “Content” session 3
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