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PJM 410 Importance of Risk Documentation Discussion Question

PJM 410 Importance of Risk Documentation Discussion Question.

PJM410 MOD5 Peer Discussion Responses

Please reply to both POST1: and POST2: in at least 250 words. I have included the original post and references only to assist you in the responses.

Original post:

What does it mean to document risks? How will you do this throughout a
project? Walk us through the life of a risk in your project and describe
when and where you would document risk events?

POST1:

Documenting a risk is a very important step in risk management that
gathers information on the risk and keeps records of it from start to
finish. There are a lot of risk that could come up so performing risk
management is vital to the success of this project. In each phase of the
project whether risk planning, risk identification, performing
qualitative or quantitative risk analysis, performing risk response,
implementing the risk plan and monitoring the risk, risks will be
documented and regularly updated throughout the project. Which will help
guide and lead the project to success. If a family is going on vacation
to Disney World. There apparent risks that can be associated with the
trip’s success. Documenting will help with current and future risks to
know what the risks are and what actions to take per risk and should be
done throughout the project. Documentation can be done by using
assumption logs, milestone lists, lesson learned register, risk
register, risk report, stakeholder register, and more (PMI, 2017).

In the case of a family taking a trip to Disney World, let’s go
through and see where documenting would look like. To identify risks,
one may brainstorm all the activities that the family wants to
accomplish, what transportation is going to be used, where they will be
staying, what they will be eating. An assumption log or a risk breakdown
structure maybe created to determine what the potential risks maybe.
For instance, if they decide to rent a car and stay off site then they
will have to pay for parking at the parks and fight for parking daily.
Performing a qualitative and quantitative risk analysis would help to
document what kind of impact and what priority the risk maybe and what
direction to take the risk. For instance, by using a decision tree
analysis, the family may find out that staying off site is more
expensive than staying at one of the Disney resorts and taking advantage
of the Disney transportation. The plan risk response may include a
lesson learned register or a risk register that will then identify what
strategies will happen for the risks. In this case the family mitigates
from staying off site to staying onsite to help them save money. With
the last steps to implement and monitor.

Resources:

PMI, (2017). A guide to the project management body of knowledge (6th ed.). Project Management Institute. Newtown Square, Pennsylvania.


POST2:

Class,

Risk is a factor in any project. Identifying areas of risk and
creating meaningful plans to mitigate or avoid risk is a key factor in
project management. The documentation of risk allows for the preplanning
of a response if the risk occurs, including how to react to it, who is
going to react to it, and potentially budgeting to pay for the risk
reaction.

This should occur throughout the project as new risks are discovered.
Damion Thomas (2018) cites ensuring that risk analysis is happening
daily as a way to ensure that projects do not miss risk. In doing so,
the project maximizes the potential to safeguard against risk.

Creating a risk register is one way that Stephanie Ray describes
staying on top of risk by gathering risk-related information. This
includes the nature of the risk, the level of risk, who owns the risk,
and potential mitigation measures.

Working on software development, there is a need for revision as we
introduce new content that overlaps existing content and changes its
expected behavior. Steven Hendershot (2018) is correct in asserting that
every upgrade project needs to start with a thorough risk analysis.
Changes like this sort of content introduction can create a lot of risk
as we need to ensure that the code content that is being altered still
meets its desired function.

Frequently, this can be caught in the planning phases of the project.
When this happens, the risk is noted and the stakeholders it affects
are made aware. However, this does occur during the production phase of
the project. When this happens, the risk is called out, the PM and
stakeholders made aware, and risk mitigation planned if needed.

Thanks,
Ben

References

Hendershot, S. (2018). Past is prologue: When organizations upgrade legacy it systems, teams must root out the hidden risks. PM Network, 12(12), 36–45. Retrieved from https://www.pmi.org/learning/library/legacy-it-sys…

Ray, S. (2017). Guide to using a risk register. Retrieved from https://www.projectmanager.com/blog/guide-using-ri…

Thomas, D. (2018) Protective measures: We asked the project
management community: How do you make sure your project team doesn’t
miss any threats to project success? PM Network, 32(7), 20–21. Retrieved
from
https://www.pmi.org/learning/library/avoid-threat-…

PJM 410 Importance of Risk Documentation Discussion Question

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