Project Management Individual Project Management Plan Essay

Project Management in the Information Age
Team Project - Individual Project Management Plan
Assignment
Project Risk Management (Uber Tour)
Introduction
This project documents the processes, procedures, and tools used to manage and control events that negatively impact the Uber Tour project. The project team, project manager, and risk experts will work together to develop solutions to enhance the project's performance and success. Every user department will be responsible for assessing and developing effective solutions for the risks that are directly linked to their department. Risk experts will help the project team in identifying the risks and developing practical solutions.
Team members will report to their department heads, who will report to the project manager. The project team will complete the risk management system that finally determines how to control and oversee the project's effectiveness and fulfillment. The team will also approve risk management policies and define its framework. The project manager and risk experts will ensure threats have a reduced effect on the project outcome. At the same time, enhance the probability of gaining from specific opportunities along the project life cycle.
Risk identification
Risk identification is an essential process in risk management. It involves the process of assessing, identifying risks to a project, its operations, and workforce (Dinu, 2016). Today, as businesses grow and technology advances, organizations often become exposed to threats and legal challenges. Uber Tour, a technology company that seeks to connect customers to favorite tourist attractions, will face a myriad of risks. Different tools and techniques will be used in identifying risks, including the Delphi technique, documentation review, brainstorming, checklist analysis, interviews, questionnaires, mind maps, interviews, documentation review, and root cause analysis, to mention a few.
With risks stemming from different sources, the project team will review various factors, including the cost estimates, project scope, key performance restrictions, performance challenges, interoperability, stakeholder expectations vs. current plan, internal dependencies to identify significant risks. The team will also analyze other factors, including supportability, cost deviations, the company's ability to handle threats, safety, security, implementation challenges, supply chain vulnerabilities, schedule, technical maturity, and integration with an aim to identify risks.
Historical data from the Original Uber project, risk lists, and stakeholder interviews will provide valuable insight into areas for consideration of risks. As the project advances, useful information will be gained about the project, including project design, and the risk statement will be accustomed to mirror the present understanding. New risks will also be identified as the project progresses through the life cycle.
In this project, critical participants in identifying risks will include customers, team management, project manager, team members, end-users, risk management experts, assistant project managers, team management, stakeholders, investors, and the final customers. As risks may evolve or are identified as the project progresses, the project manager and risk experts will ensure that every chance is understood clearly and unequivocally to support useful analysis and solutions.
Qualitative Risk Analysis
Normally, projects are exposed to many risk, thus making it impossible for project managers to deal with all of them. Sometimes, the resources that may be spent to mitigate a risk may outweigh the risk itself. Thus said, it is important for project manager to prioritize risks according to likelihood and impact, identify main areas of risk exposure and increase the understanding of the risks.
Once the project team identifies a potential risks, they consider the impact and the likelihood of the risks to the project. The risks will then be classified as either threats or opportunities. The project then estimates the impact of each risk on the scale of 1-5. That is, 1= very low, 2=low, 3= medium, 4= high and 5= very high. Next, the project team will estimate the likelihood of every risk occurring using a similar scale. For example, 1=rare, 2= unlikely, 3=probable, 4=probable, and 5= very probable. Ultimately, the scores are multiplied to create a total risk ranking that describes the severity of the risk.
In this analysis, data breach to have the highest risk score of 25, competition with 20, unmanageable customer growth with 12, complex app with 6, and low customer acceptance with 6. This is to mean data breach and competition are severe risks that affect the project. Unmanageable customer growth is a significant risk that may affect the uber Tour app. Complex apps and low customer acceptance are the main risks that affect the project, as illustrated below.
Very probable





Data breach

Probable



Unmanageable customer growth


Competition

Possible


Poor customer acceptance




Unlikely



Complex app



Rare







Very Low

Low

Medium

High

Very high

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Severe Main risks significant risk
Quantitative risk analysis
Quantitative risk analysis will ...