PROJ 595 Entire Course Guide Week 1 – 8

PROJ 595 Week 1 Discussion 1 – ATOM and PMBOK
PROJ-595 Week 1 Discussion 2 – Why Practice Risk Management

PROJ 595 Week 2 Discussion 1 – Risk Identification
PROJ-595 Week 2 Discussion 2 – Stakeholders and Risk Management

PROJ 595 Week 3 Discussion 1 – Quality of Data
PROJ-595 Week 3 Discussion 2 – Analyzing Risks

PROJ 595 Week 4 Course Project: Application of Risk Management to a Project – Part 1
PROJ-595 Week 4 Risk Paper 1: Earning My MBA
PROJ 595 Week 4 Risk Paper 1: Buying A New Home
PROJ-595 Week 4 Discussion 1 – Risk Response Strategies
PROJ 595 Week 4 Discussion 2 – Response Appropriateness

PROJ 595 Week 5 Quiz
PROJ-595 Week 5 Discussion 1 – New Risks
PROJ 595 Week 5 Discussion 2 – Risk Monitoring and Control

PROJ 595 Week 6 Course Project: Application of Risk Management to a Project – Part I & II
PROJ-595 Week 6 Discussion 1 – Decision Tree Analysis
PROJ 595 Week 6 Discussion 2 – Senior Management and Risk Management

PROJ 595 Week 7 Risk Paper 2: Home Renovation Project
PROJ-595 Week 7 Discussion 1 – Contract Management – Part 1
PROJ 595 Week 7 Discussion 2 – Contract Management – Part 2

PROJ 595 Week 8 Final Exam (Version 1)
PROJ-595 Week 8 Final Exam (Version 2)
Course Project: Application of Risk Management to a Project

COURSE RELATED TUTORIALS

1. Question. (TCO A) A stakeholder analysis in risk management
2. Question. (TCO A) When using the ATOM process to manage risks, an initiation meeting should be used for
3. Question. (TCO B) All of the below are risk identification methods, except
4. Question. (TCO D) In risk response planning, which is the difference between active and passive acceptance?
5. Question. (TCO E) A common tool for use in risk monitoring and control is
6. Question. (TCO H) When using the ATOM process to manage risks, which is the importance of an initiation meeting?
7. Question. (TCO A) When is a risk register created? What is its importance of a risk register to a project?
8. Question. (TCO B) You are the project manager for a major technological project. You are concerned about doing qualitative risk analysis. How do you ensure consistency when doing qualitative risk analysis across all risk evaluators?
9. Question. (TCO D) Explain transference as a risk response strategy, and provide an example of its use in a project.
10. Question. (TCO E) What is the purpose of performing reserve analysis during the risk management process?
11. Question. (TCO H) You are in a status meeting with key project stakeholders. You are discussing residual and secondary risks in your project. The key stakeholders ask for an explanation and example of each. How would you describe each? Provide an example of a residual and a secondary risk. 

1. Question (TCOs A and B) An EVM analysis employs which factors to evaluate risks?
2. Question (TCO G) You have completed all design drawings and have a complete scope for your project. You need to hire a contractor to build the product to your designs. Which type of contract would be best in this situation?
3. Question (TCO D) In which risk response strategy is the responsibility for the risk moved to a third party?
4. Question (TCOs A and B) You have been appointed as a project manager for a high-dollar project for a government agency, and you have been asked by your boss to identify the stakeholder groups and the individuals who make up those groups in order to start the stakeholder analysis. Identify at least six groups of stakeholders and the individuals who comprise those groups, and explain when the stakeholder identification process should take place during the planning of the project.
5. Question (TCO B) Due to globalization within your industry, you have been appointed as the project manager for an R & D project. Your task is to create a new technologically advanced solar cell. You want to employ the PMBOK® Guide risk management process. Senior management would like you to briefly describe the process and all its steps. Please create a short briefing for senior management below.
6. Question (TCO I) You are the project manager on a critical project for your corporation. You have decided to employ fault-tree analysis on your project. What is fault-tree analysis, and how can it be applied to your project?
7. Question (TCO H) Senior management is concerned about risk owners on your project. What is the role of a risk owner in the risk management process?
8. Question (TCO F) You are a project manager for a large healthcare R & D project. Senior management has asked you to utilize a sensitivity analysis and a tornado diagram to quantify risks on your project. Senior management’s major concern is the price of raw materials in the development of the new drug. Describe how to perform a sensitivity analysis and use a tornado diagram to quantify risks to your project.
9. Question (TCO G) Describe and discuss when one should use an FPEPA contract. Compare and contrast this to a typical FP contract.
10. Question (TCO E) Senior management has just returned from a risk management workshop. One of the topics was reserve analysis. Management does not completely understand the concept and asks you what the purpose is of performing reserve analysis during the risk management process.
11. Question (TCO D) You are the project manager for an important healthcare project. You are performing qualitative risk analysis. Below are the values of probability and impact for the top six risks that were given to you by project team. Assuming a neutral stakeholder tolerance, which risks must be addressed proactively if possible?
12. Question (TCO C) You are the project manager for a large health information technology project. You are confronted with an important decision on your project: How much scenario testing is appropriate for this project? Employ decision tree analysis to provide senior management with the best course of action for this decision.

1. Question (TCOs A and B) Quantitative risk analysis does all of the following, except
2. Question (TCO G) You need to ensure your project is completed by July 1 of next year. You do not have time to do all the design work yourself, so you decide to contract out that work. Which type of contract would likely be best in this situation?
3. Question (TCO D) Which risk response strategy is most appropriate for risks on the watch list?
4. Question (TCOs A and B) You have been appointed as a project manager for a high-dollar project for the public sector, and you have been asked by your boss to identify the stakeholder groups and the individuals who make up those groups in order to start the stakeholder analysis. Identify at least six groups of stakeholders and the individuals who comprise those groups, and explain when the stakeholder identification process should take place during the planning of the project.
5. Question (TCO B) Due to globalization within your industry, you have been appointed as the project manager for an R & D project. Your task is to create a new technologically advanced solar cell. You want to employ the PMBOK® Guide risk management process. Senior management would like you to briefly describe the process and all its steps. Please create a short briefing for senior management below…….
6. Question (TCO C) You are the project manager for a large health information technology project. You are confronted with an important decision on your project: How much posttesting of the design is appropriate for this project? Employ decision tree analysis to provide senior management with the best course of action for this decision………….Full testing will cost $10 million and has a 75% chance of success. If it is unsuccessful, rework costs are likely to be $30 million. Which solution is appropriate for this project?
7. Question (TCO D) You are the project manager for an important healthcare project. You are performing qualitative risk analysis. Below are the values of probability and impact for the top six risks that were given to you by project team. Assuming a neutral stakeholder tolerance, which risks must be addressed proactively if possible?
8. Question (TCO E) Senior management is very interested in creating an effective risk monitoring and control system that is tied to a performance monitoring system for your project. Describe what a good monitoring and control and performance measurement system for your project would look like. Be sure to include an example to help illustrate your answer.
9. Question (TCO F) You are a project manager for a large healthcare R & D project. Senior management has asked you to utilize a sensitivity analysis and a tornado diagram to quantify risks on your project. Senior management’s major concern is the price of raw materials in the development of the new drug. Describe how to perform a sensitivity analysis and use a tornado diagram to quantify risks to your project.
10. Question (TCO G) Describe and discuss when one should use an FPEPA contract. Compare and contrast this to a typical FP contract.
11. Question (TCO H) You are in a status meeting with key project stakeholders. You are discussing residual and secondary risks in your project. The stakeholders are becoming concerned about these concepts. The key stakeholders ask for an explanation and example of each. How would you describe each? Provide an example of a residual and a secondary risk.
12. Question (TCO I) You are the project manager on a complete overhaul of your corporation’s IT infrastructure. You have decided to employ fault-tree analysis on your project. What is fault-tree analysis, and how can it be applied to your project?