Project Risk Management

Assignment 2: Project Risk Management Read the appended case study: Online Course. Identify three key risks that could affect the quality process improvement change. Justify and support your choice of risk by reference to the literature. For each risk: 1. Build up the relevant risk specifications – justify your choice of impact and probability ratings. 2. Explore the potential mitigation and contingency plans and consider the budgetary implications of these plans. 3. Illustrate the risks and their management through the use of two of the techniques: Pareto analysis, EMV, Risk it Analysis Graph, or Ishikawa diagram. Justify your techniques choice considering their relevance and identifying at which part of the risk management lifecycle they are of most value. Support your proposals by making reference to relevant literature and state and justify any assumptions you have made in addition to the information provided in the case study. The paper should be in report form and 2500 words in length, with 10% leeway. Process for Coursework Submission: • The assignment is to be submitted in hard copy to the LRC, and electronically as a turnitin assignment within the sunspace module “RefDefAssignment2CETM09_1011_SEM2” by the hand-in date. • The electronic submission MUST be in MS Word or pdf format.   Appendix - Case Study: Online Course A brief review of PT-related literature establishes main principles as attributes desired for best practices; these are summarized in Table 1. QS Courses developed and taught by the author are explained within an evolutionary backdrop, based on several years of experience. An overview of “mechanics” and infrastructure of the courses is given, and a flow chart is used to explain how the courses work (Figure 1). Best practices for QS courses are further analyzed, identified, and detailed as main attributes and summarized in Table 2, consistent with the approach used to help explain PT and best practices. Attributes identified separately in PT and QS courses are aligned to demonstrate and make the case for best practices in online courses in general. Each attribute previously presented and discussed, as both PT and QS, was explored relationally and summarized in table 3, which was developed to demonstrate value-adding potentials wherever possible and appropriate, as online best practices. Table 3 shows convergence of PT and QS findings, and relationally as a basis for broader best practices in online delivery strategies and methodologies. PT Overviewed The focus of PT was to systematize instruction in scientific ways, which then could be studied and analyzed for value adding performance changes with students, based on instruction. PT framework: several main principles: • The student knows best. • Direct measure of behaviour. • Use the rate of response as a basis for improvement. • Graphically display and/or chart the process. • Use descriptors and functional definitions of behaviour. • Conduct on-going analytical investigations of best instruction. • Emphasize positive learning and behaviours. The bottom line on PT is that a data and documentation relational system is developed between learners and instructors which forms a basis for optimizing the learning process. The highly organized, readily-managed systems approach to teaching and learning can lead to fluent learners, as they mature and gain knowledge, based on accurate and timely feedback around their improvement. Decision-making rules have emerged to help guide the teaching and learning processes, as standard forms and formats. PT is a highly disciplined, economical, and “common sense” approach to the improvement process. Table 1 summarizes attributes identified through a literature review of PT. Quality Systems Courses Created in the late 1980s at BGSU in response to quality professionals’ demands, quality-related courses have been offered at the graduate and undergraduate levels, 100% online, since the late 1990s. QS courses are d