Team Teal_Session8 (FINAL VERSION}

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1 High-Level Risk Assessment Team Teal: Anita (Empress) Payne, Bolanle Olagundoye, Clare Williamson, Chinyere Nwogu Maruping Kenosi Maruping University of Maryland Global Campus PMAN 634 9082 Foundations of Project Management Professor William Yates November 14, 2023

2 Table of Contents Top Four Project Risks……………………………………………………………. 3 Quantitative Risk Analysis………………………………………………………… 4 Response to Each Risk……………………………………………………………. 5 Addressing Stakeholder Concerns: Delivering a Balanced Presentation…………. 6 References…………………………………………………………………………. 7 Appendix A: S- Curve……………………………………………………………. 8 Appendix B: Gizmotron Project Schedule………………………………………... 9

3 High-Level Risk Assessment This paper aims to explore the various aspects related to Gizmotron's product rollout. Firstly, we begin by identifying three potential project risks and analyzing their potential impact on the project's schedule and/or cost. Secondly, we will provide further details on the quantitative risk analysis process and its methodology for evaluating the magnitude of the risks. Next, provide a detailed description of the risk response strategy that Team Teal intends to adopt for each identified risk. It is essential to emphasize the rationale behind the chosen responses and the favorable balance between their benefits and associated costs. Finally, provide a detailed explanation of the strategy for delivering a thorough and well-informed summary of the project's timeline and financial aspects during an upcoming meeting with our sponsor and senior executives. Top Four Project Risks Three risks identified are as follows: 1. Unrealistic Timelines: The imposition of unfeasible time constraints can exert significant stress on project teams, resulting in weariness, heightened rates of errors, and insufficient time for thorough testing. The occurrence of a time lag in any operations inside the marketing and sales enterprise can negatively impact the project timeline. For example, if the sales and marketing department encounters a delay in the advancement of graphic design scripts, brochure production, and scripting for advertisements, it will disrupt the project's timeline as all activities in this project rely on the completion of tasks within this department. 2. Communication- Processes are essential for the continuous operation of projects. The process of communication significantly influences project risk. It is imperative to acknowledge the significance of effective communication inside the team and with partner organizations and foster communication among team members and other internal departments. Inadequate communication among team members can result in various

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4 adverse consequences, including heightened safety hazards, diminished productivity rates, project delays, impaired collaborative efficiency, time wastage, task ambiguity, and duplication, as well as potential project failure due to resource depletion or financial constraints, ultimately leading to non-completion. 3. Scope Creep: When the project's scope expands beyond the original definition due to unclear requirements or changing stakeholder demands, it can result in extra work and resources not included or outlined in the initial plan. 4. Missing High-Quality Data: Information on enterprise environmental factors and organizational process assets that can provide a clear project baseline for scope, schedule, and cost Quantitative Risk Analysis Project risk management is the process of identifying and mitigating project dangers. Because threats are unknown, risk management is challenging. Risk management is used by organizations to reduce their exposure to these uncertain events throughout project management and product operations (Meyer, 2015). Planning risk management, identifying risks, qualitative and quantitative risk analysis, risk response planning, and risk control are all part of a formal management process. The PMBOK Guide Sixth Edition defines performing a quantitative risk analysis as the process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives (PM1, 2017). Some inputs include a project management plan, project documents, enterprise environmental factors, and organizational process assets. While QRA proves instrumental in assessing and managing project risks, it entails significant complexities in its implementation. There is, therefore, a need to initially consider factors such as shared resources, indirect costs, and external dependencies (Zinke et al., 2020). Unfortunately, the project description does not provide key data about Gizmotron’s environmental factors and organizational process assets. That information would be needed to

5 find representations of uncertainty and perform a high-quality data analysis. Recognizing the effect of this risk, our team informed stakeholders how not having information about Gizmotron’s organization influenced the risk report. Response to Each Risk 1. Unrealistic Timelines: To mitigate the potential risk of time constraints, it is recommended to lean on the side of caution by overestimating the duration needed to complete activities during the initial planning phase and incorporating a buffer of extra time. By implementing this strategy, we will establish adaptability in our scheduling to accommodate future modifications. Furthermore, acquiring a comprehensive comprehension of tasks, interdependencies, and potential delays empowers our team to address temporal risks as they emerge effectively. 2. Scope Risk: Establishing well-defined project criteria from the outset will enhance the robustness of your project's scope. Establishing consensus on the project's scope and effectively conveying that vision to relevant stakeholders at the outset can mitigate the potential for scope creep. 3. Communication: Implementing regular progress check-ins effectively maintains alignment between the implementation of clear communication channels, the cultivation of open dialogue, and the documentation of crucial decisions, which can effectively mitigate communication obstacles and promote the development of collaborative project settings. 4. Missing High-Quality Data: Knowing that enterprise environmental factors and organizational assets are necessary for performing quantitative risk analysis, our team

6 would conduct an enterprise/organizational assessment to complete the documents needed for performing a quantitative risk analysis. Addressing Stakeholder Concerns: Delivering a Balanced Presentation In the upcoming meeting with our sponsor and senior executives, we aim to provide a comprehensive yet concise overview of our project’s progress, emphasizing critical areas and risk management strategies. Considering the limited time of the presentation, we plan to utilize a few key charts to capture the essence of our story and address potential concerns upfront, emphasizing the benefits of our strategic responses and the rationale behind their implementation. Cost Projection Chart: Our first chart will highlight the critical path, illustrating the activities sequence and interdependencies. By visually mapping out the project schedule, we aim to underscore the importance of timely execution and emphasize the potential impact of any delays on subsequent tasks. It also provides a clear overview of the project’s status, enabling stakeholders to grasp the intricacies of our timeline management. Project Schedule Chart: Our second chart will present a cost projection encompassing resource allocation and associated expenditures. By detailing the allocation of resources to different project activities, we will elucidate the financial aspects of our project, ensuring transparency and accountability. This chart will underscore our commitment to efficient resource management and cost control, addressing any concerns regarding budget adherence and cost overruns. Risk Mitigation Strategies Chart: The final chart will highlight our risk mitigation techniques, with a particular emphasis on the primary project risks, specifically unrealistic schedules, scope risk, communication challenges, and the absence of high-quality data. By identifying the prospective impacts of these potential risks on the project's timetable and financial resources, our

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7 objective is to highlight our proactive stance toward risk mitigation. Furthermore, it clarifies the steps implemented to effectively mitigate each risk, emphasizing the advantages of our strategic solutions and the underlying reasoning behind their execution.

8 References Meyer, W. G. (2015). Quantifying risk: measuring the invisible. Paper presented at PMI® Global Congress 2015—EMEA, London, England. Newtown Square, PA: Project Management Institute. Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide)–Sixth Edition: Vol. Sixth edition . Project Management Institute. Zinke, R., Melnychuk, J., Köhler, F., & Krause, U. (2020). Quantitative risk assessment of emissions from external floating roof tanks during normal operation and in case of damages using Bayesian Networks. Reliability Engineering & System Safety , 197 , 106826.

9 Appendix A: Gizmotron S-Curve

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10 Appendix B: Gizmotron Project Schedule

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Team Teal_Session8 (FINAL VERSION}

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