Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.
Also, provide a graduate-level response to each of the following questions:
- You are hosting a large dinner party. What are two possible risks you would encounter? Identify at least one trigger for each.
- Give an example of a risk you have chosen to accept on a previous project. How did you make the decision to accept it? In retrospect, was that the right decision to make?
- In your own experience, have you seen companies integrate quality within their project planning processes? If so, how and when have they done so? If not, do you think it would have been more beneficial to address quality in one area of the overall project plan or continuously throughout the plan?
- Give some examples of common and special cause variation that you have witnessed. Which of these causes of variation can be addressed through continuous improvement?
[Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion]. [Your initial post should be at least 450+ words and in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review]
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Risk Register ExerciseThis week’s exercise will be to create a Risk Register for the Week 2 Business Case that you have utilized throughout the semester. Additional instructions are in the Word template.You will complete the attached Risk Register in Excel. A risk needs to be identified for each of your six (6) Key Deliverables (this would be listed under the Category column). This needs to be a thorough, well thought out risk register which provides detailed thought and consideration. An example of the Risk Register is available in Exhibit 11.9 on page 370 of the textbook.The following is a description of what should go under each column.Risk Description: Identify the Risk associated with the Deliverable.Impact: This is a narrative of potential impact if the risk should occur.Category: This will be the associated DeliverableProbability: This is a score of 1-5. A score of 1 would be if the probability of the risk occurring is very slight and a score of 5 is that is will almost likely occur.Impact: This is a score of 1-5. A score of 1 would be the impact would have little impact if the risk occurs and a score of 5 would be catastrophic impact if risk event occurs.
Score: This is the Probability multiplied by the Impact.Mitigation Strategy/Solution: This should be a detailed plan on how to either limit the Probability of the risk event from occurring and/or a plan to reduce the Impact if it does occur. This must include direct correlation to the scores assigned to Probability/Impact.
