Risk, Cost, and Quality Analysis Report.docx

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Running Head: RISK, COST, AND QUALITY ANALYSIS REPORT Risk, Cost, and Quality Analysis Report Bradley Kiewiet Braxton Mitchell Clayton Hooten Tad Miller Tarleton State University – MGMT 5312 Submitted March 10, 2019
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Running Head: RISK, COST, AND QUALITY ANALYSIS REPORT Introduction Regarding any type of project, there will always be risks associated with completing objectives. Project managers sometimes fail to consider the risks that may hinder their chances of completing projects in a successful and timely manner. Developing a realistic risk analysis report is the most efficient way to plan for what lies ahead by assessing risks with hopes of managing them effectively in the future. Meredith and Mantel’s, Project Management: A Managerial Approach, refers to qualitative risk analysis as being “...more precise and typically more accurate” (Meredith & Mantel, 2012, p. 54). Therefore, accurately representing risks in the beginning stages of the project increases project performance rates. Team Project Child Save’s project can be considered a high-risk venture due to the central objective of the group. This resource allocation mission is accompanied by highly-complex risks because project completion ultimately lies in the hands of donors. By planning, identifying, analyzing, and monitoring risks, Team Project Child Save’s chances of meeting project objectives, efficiently managing costs, and satisfying stakeholders will increase (Meredith & Mantel, 2012). Risk Analysis Report In the previous documents, Team Project Child Save (PCS) has already began the risk management process (described by Meredith & Mantel). We have identified risks and contingency plans for the entire project. The goal of this risk analysis report is to quantify the true risks within this project and provide specific solutions to mitigate or “soften the danger of the threat” (Meredith & Mantel, 2012, p. 258). Focusing on threats and solutions before project acceptance and continually assessing project risk, is what makes
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Running Head: RISK, COST, AND QUALITY ANALYSIS REPORT projects more adaptable to change and successful. Other options exist to respond to risk, which includes avoidance, transfer of task/resources, and risk acceptance (Meredith & Mantel, 2012); but more detail on the contingency plans will come later. Team PCS has identified several risk/threats that could hinder the completion of the proposed project to fund a rescue mission. Refer to Appendix A for the quantitative data on the risks and threats identified for this project. As you can see from Appendix A, Team PCS chose the FMEA application to assess risks/threats to determine the highest priority threats to this project. Qualitative data is important to projects but this process allows for “more precise data” (Meredith & Mantel, 2012) to be captured and recorded.
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