PM-FP4010_McClainKathleen_Assessment 5-Attempt 1.docx - RISK AND QUALITY MANAGEMENT Risk and Quality Management Kathleen McClain PM-FP3000 Capella

PM-FP4010_McClainKathleen_Assessment 5-Attempt 1.docx -...

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RISK AND QUALITY MANAGEMENT 1 Risk and Quality Management Kathleen McClain PM-FP3000 Capella University November 17, 2019
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RISK AND QUALITY MANAGEMENT 2 Risk and Quality Management Risk Assessment Matrix Project: Chase/Keys Wedding Project
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RISK AND QUALITY MANAGEMENT 3 Project Manager: Kathleen McClain
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RISK AND QUALITY MANAGEMENT 4 *Matrix does not represent the full scope of project risk but is limited to function within the constraints of this paper. Risk Identification and Assessment Possible Impact of Risk Event
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RISK AND QUALITY MANAGEMENT 5 The risk event to be addressed for this paper is the change in weather conditions. This event is identified as high impact due to the wedding and reception being an outdoor event. Historical information indicates the date of the event has a low probability of occurrence however, the geographic area has historically shown high winds, even in good weather, is an influence within this potential threat. Steps to Manage and Monitor this Risk Risk management is an important part of any project. Stakeholder support is important to successful the risk management process and therefore should be established early in the project and made part of day to day operations. In the process, the next step would be identification of risks. This step, when performed early in the project allows opportunity for stakeholders to gain awareness of considerations of the project and contribute to acceptable mitigation. Reviewing threats may include human threats such as indicated by over or under attendance parameters. Operational issues may occur such as the wedding cake not being delivered on time. Also, to be considered would be procedural impacts, financial threats and natural events such as the inclement weather as identified for this paper.
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RISK AND QUALITY MANAGEMENT 6 Talking to the industry experts with experience in this type of project can help to more thoroughly identify common risks. Considering weather risk to the event, online resources have provided historical data to establish likelihood as low. The next step involved in this risk is establishing mitigation response both in the case of rain and wind as possible factors. In this project, the venue provides both mitigation and opportunity. Mitigation is afforded by availability of indoor facilities. Opportunity stems from the ability to relocate the event within the facility eliminating need to move the event, related vendors, and attendees to an alternate location. “Communication at this stage is crucial. Including communication of risk as part of all meetings is effective to illustrate the importance of risk management, share the risk potentials and provide a platform for discussion”.
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