Risk management – principles of project management assignment

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Read the following scenario:

Dr. Bill Mattes, the Provost for Harrisburg University (HU), is hosting a campus event and she wants to ensure it is a complete success. Your group has been asked to manage risks associated with the planning for the event. The project team leader, Virat Kohli, is new to project management and has about 6 months to plan and execute the project. The budget for the entire project is $20,000.

An outdoor site venue will be used for the event, which includes a live band for the entertainment. The finance department has allocated funds, additional funding is needed (through sponsorship of the event and by selling tickets) to meet the total cost burden of the event. Promoting the event will be important to raising funds.

The outdoor event site used must be returned in the condition it was found. Security is also important as alcohol will be served. Neighbors are already concerned about noise and vandalism.

Dr. Mattes has a risk neutral personality. She is the project sponsor and has asked that $500 be used from the project budget to manage risks. The university has a culture of risk seeking (as evidenced by their recent decision to pursue e-Sports).

For this event, the senior management at HU has no tolerance (or appetite) for risks that can impact the project schedule. “The schedule must be protected”, Dr. Mattes stated, “because we can’t hold an event any later than the planned weekend.” Senior management has high tolerance for risks that can impact the project budget. “We’ve come through the challenging times of the early years and are now in great shape, particularly with the high enrollment numbers of foreign students”, said Joe Dokes, Chief Financial Officer at HU.

For this 6-month long project, Dr. Mattes has asked for risk and other project status reports each month. These are low-key meetings using the relevant elements of the risk register. Dr. Mattes is not familiar with the risk register, so it will be important for your group to spend some time explaining in the RMP how to use it, and to provide examples of how to write a proper risk statement.

Based upon this scenario, complete the following tasks:

1. Part 1 – 25 points. Write a Risk Management Plan (RMP) using the content found in the PMBOK 6e (Section 11.1.3.1). At a minimum, the plan should address all elements of a RMP found in the PMBOK. The plan should include the following figures and tables:

Risk breakdown structure (RBS) to level 2.
Probability and Impact scale definitions for time, cost and quality.
Probability-Impact matrix with scoring scheme

The scale definitions and scoring scheme should be based upon 5 levels for probability (very low, low, medium, high and very high) and 5 levels for impact.

The methodology must also include a sample risk statement for threat and opportunity that demonstrates an understanding of how to capture the necessary information for each type of risk.

The risk register provided in this unit will be an attachment to your plan.

Your group can create additional characters in the scenario in order to fulfill roles needed to manage risk.

2. Part 2 – 25 points. Using the techniques described in Chapter 11, CPM 4e and Chapter 11, PMBOK 6e, identify five threats and five opportunities (a total of 10 risks), one each for the different types of risk responses (e.g., accept, enhance, mitigate, share, transfer, exploit, avoid escalate).

3. Part 3 – 15 points. Prepare a 400-word paper discussing the process used to identify threats and opportunities, why it was chosen, and how it worked for your group. Hint: Risk Identification is addressed in the PMBOK and CPM texts. At a minimum, groups should discuss and amplify upon the tools and techniques included in Figure 11-6.

4. Part 4 – 25 points. Using the risk register template provided in this unit, document the 10 risks. Complete the register in its entirety including using properly formatted risk statements (risk descriptions), determining the appropriate response strategy/technique, writing a risk response description that is consistent with the chosen response strategy/technique, identifying the risk trigger(s) and assigning a risk owner. Risks should be sorted & presented in priority order.

Mechanics (10 points) It is expected that the risk management plan will have excellent mechanics (presentation, grammar and spelling) exhibit the quality of work capable of a group of graduate students and working professionals. All sections of the plan must be readable at 100% magnification. The plan should not exceed 4 pages.

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July 1, 2023

9.1 The United States in the International Economy

1) Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in

A) China retaliating by raising tariffs on some U.S. exports.

B) China halting the sale of all products in the United States.

C) U.S. firms never being able to meet the demand for U.S.-produced tires.

D) the government demanding price cuts from U.S. tire manufacturers.

2) Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because

A) they do not want to offend their employers who want them.

B) politicians lobby to convince workers the restrictions will make them better off.

C) they believe the restrictions will protect their jobs.

D) they don't understand that the restrictions will threaten their jobs.

3) The intention of the U.S. tariff on Chinese tires was to

A) protect jobs in the U. S. tire industry.

B) protect infant industries in tire U.S. tire market.

C) insure that Chinese tires meet U.S. quality and safety standards.

D) save the government money by restricting the sale of more expensive Chinese-made tires.

4) In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________.

A) of 100 percent; 20 percent

B) above 50 percent; less than 1.5 percent

C) of less than 10 percent; over 40 percent

D) of 17 percent; 33 percent

5) A tariff is a tax imposed by a government on

A) exports.

B) services.

C) imports.

D) luxury items.

6) Goods and services bought domestically but produced in other countries are referred to as

A) exports.

B) imports.

C) transfer payments.

D) foreign consumption.

7) Exports are domestically produced goods and services

A) sold to other countries.

B) sold to the government.

C) sold at home.

D) which are used to produce other goods and services.

8) When Roxanne, a U.S. citizen, purchases a designer dress from Barneys of New York that was made in Milan, the purchase is

A) both a U.S. and an Italian import.

B) a U.S. import and an Italian export.

C) a U.S. export and an Italian import.

D) neither an export nor an import for either country.

9) When BMW, a German company, purchases a welding machine that was made in Toronto, the purchase is

A) both a German and a Canadian import.

B) a German import and a Canadian export.

C) a German export and a Canadian import.

D) neither an export nor an import for either country.

10) Which of the following statements about the importance of trade to the U.S. economy is true?

A) Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.

B) Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.

C) The United States is the second largest exporter in the world.

D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.