Risk management and project sizing criteria

Project Management

Project Initiation" Please respond to the following:

One of the most important aspects of managing risk for a project is to accurately define the size of the project. Determine the criteria that must be considered to perform the project sizing and create one additional factor with rationale.

It is important to measure several important things. First, the amount of money that will have to be invested has to be measured. This includes not only payment of people that will be working on the project and the cost of goods and services necessary to get everything put together but also includes lost productivity (if any) that occurs due to the project. The next major dimension is the time it takes to get the project completed, at least a projected amount. Another measurement that has to be looked at is the impact that project failure, in whole or in part, can have on the company. If it would just be a bump in the road if the project fails, the project size and scope is probably pretty small. If the effects would be moderate, then it's probably a medium-sized project. If it would be cataclysmic if the project fails, up to and including the folding of the business, it is certainly going to be critical and complex/large in size (Hilson & Simon, 2012). (170 words)

Suppose the size of the project was not determined correctly and a large, complex project was defined as a medium project instead. Predict the outcome of the risk management process within this organization. Include examples (i.e., the incorrect schedule of the risk management review, incorrect schedule of quantitative assessments) to support your prediction

First of all, the project risk measurement done for the prior points in the project obviously either found the error completely missed it. The project risk assessment as well as the risks to the firm in general would all have to be re-measured and reassessed to insure that the proper metrics and impacts are taken into account. It is obvious that the facts presented to risk management and/or the metrics taken by risk management were entirely off-base. The process of risk management should at least be looked at and, if necessary, tweaked or even reengineered entirely. Missing the size of a scope of a project and the risks involved can lead to a major blow to an organization if/when the project fails (Hilson & Simon, 2012). (132 words)

Stakeholder Analysis" Please respond to the following:

Using the "Stakeholder Analysis Template" (Appendix B2 in the Hillson and Simon text) for a company that you currently work for or you are familiar with, determine the key stakeholders and categorize them by their attitude, power, and interest dimensions. Justify the categorization for each stakeholder and post the completed appendix for the class to see.

The first group would be the employees. Attitude would probably be apprehensive to accepting depending on the level of buy-in demanded and garnered. Their interest would be high but their power level rather low. The second group would be the executives and owners. Their attitude would likely be in favor of the change and they have a lot of the power. They would also be very interested. However, their power could be mitigated (or contradicted) based on the buy-in (or lack thereof) of the employees and other stakeholders. Another group of stakeholders would be the customers. Their power level SHOULD be high but may be not if there is lack of focus on part of the company and its employees and/or there are legal/ethical barriers in the way. However, their interest would clearly be high (Hilson & Simon, 2012). (135 words)

Analyze how stakeholder analysis affects the overall project risk management within an organization. Include an example to support your response.