Identifying risk early in a project and preparing for the result can make or break a project.

please respond to each student and use a reference please don’t start with I agree with you

student 1 Belinda

Executive Summary

How will what you learned in this course modify your project plans?

Identifying risk early in a project and preparing for the result can make or break a project. Risk management is not only about being aware of what might happen, but also about undertaking actions to prevent any negative issues from becoming a reality. Project managers should also look to identify and maximize the opportunity for positive risks or opportunities to give their project the greatest chance of success (Hydra, 2022). Being aware of all the risks in a project allowed me to modify some of security issues in the project. The importance of the risk management plan and applying it to our project will modify our project plan.

What type of updates will you make based on what you learned in this course based on the additional work and unexpected event?

Some of the updates will be having better communication process while in the planning phase to avoid having additional work such as procurement of our software and hardware simultaneously. Also, having a solid risk management plan in place and how to resolve the unexpected events in the plan will make the schedule run on time and create a small fluctuation in our budget.

What specific modifications are being made to your project plan?

After review, we have discovered that it would be in our best interest to solicit a qualified consultant to manage our cyber security systems to reduce the breach of confidential information. Now more than any other time in the age of the Internet, companies of all sizes require online protection as well. Investing in cybersecurity consulting management has become an essential component of the modern business model.

There are a few ways a business can benefit from working with a consulting team:

  • Cost Reduction- saves to consult and pay by the hour versus hiring an onsite person who works full time.
  • Risk Reduction- hiring a professional will help to mitigate the risk associated with cyber-attacks and security breaches.
  • New technologies- hiring a consultant will give the newest safety technologies in cyber security
  • Helps to train staff on current technologies

What modifications do you think should be made? Do these recommendations match your team’s recommendations?

The hiring of a consulting company to manage the security for Enterprise Information Inc. should be a modification of the project. The team review the project plan, and all agreed upon the recommendation.

References

Hydra (2022) 3 Steps to Better Managing Risk in your Projects, 

Top 4 Reasons to Work with a Cybersecurity Consulting Management Team, retrieved on 7/20/2022 from 

Mutakyahwa, A & Marnewick, C. (2021). Information Technology Governance Practices and Stakeholder Management: A Multinational Organisational Perspective. Journal of Modern Project Management9(1), 102–121. 

Larson, E. W., & Gray, C. F. (2021). Project Management: The Managerial Process. New York: McGraw-Hill.

Student 2 Joshua

‘Joshua Andersen

Park University

PM692 Communication, Risk, and Stakeholder Management

Dr. Matt Keogh

Video Discussion Week 7

21 July 2022

Video Link: 

Executive Summary

How will what you learned in this course modify your project plans?

This course has largely changed the way I look at communication. Throughout all three main objectives, Communication, Risk Management, and Stakeholder Management, communication was extremely important throughout. In past courses our project plans have focused mainly on factual representations of what work needed to be done, with little focus on the relationships in between. Relationships, especially with stakeholders and outside agencies we may rely on for risk mitigation are essential to project success (Larson & Gray, 2021). Recently we learned more about stakeholders and how their impact has changed over the last few years, and through communication and relationships, we need their buy-in for our project (Jenkin et al., 2019). Our team needs to readdress key locations in our project plan to reinforce the communication channels with our stakeholders, as well as address the risks we identified in our risk management plan in their appropriate sections.

  • Communication is hands down the most important aspect, especially through risk and stakeholder management
  • Our project plan needs to reflect lines of communication especially with stakeholders
  • The risks we identified in the risk management plan need to be mentioned in other sections of the project plan

What type of updates will you make based on what you learned in this course based on the additional work and unexpected event?

The main focus of the modifications being done this week are in relationship to the changes we have made during this courses deliverables. Since we used past information as a baseline to create our communication plan, risk and stakeholder management plans, we need to go back to their source sections and make sure they are in line with what we have recorded later in the project plans. Most of the updates being made will be in the verbiage of sections, but some of the tables and charts may change to either reflect accurate information, or modified entirely. Luckily most of the modifications will not change the actual steps in the WBS and will not modify the critical path of our project so no major change requests will be required.

  • Each section will need to updated to reflect new steps and paths in this courses deliverables
  • Mostly verbiage will need to be updated and some tables and charts will be modified
  • No major changes are needed and will not affect the WBS or the critical path of the project

What specific modifications are being made to your project plan?

We are specifically changing portions in the cost risk section since we have since further elaborated on our risks and how we plan on addressing them in the risk management plan. Certain sections in the earlier documents that discuss the project plan and certain steps we need to take such as with the local government, and other vendors we rely on will be updated to coincide with what we have identified in our stakeholder management plan. Sections in the budget plan need to be updated to reflect accurate numbers that we identified later in the risk management section.

  • The cost risk section will be changed to reflect items discussed in the risk management plan
  • Steps that include engagement with stakeholders will be updated to include steps we added in the stakeholder management plan
  • Areas where we discussed budget will update to reflect funds we allocated in the risk management plan

What modifications do you think should be made? Do these recommendations match your team’s recommendations?

The modifications I believe that need to be made is to reflect all of the lines of communication we have added in the communication plan. In previous courses communication was hinted at, such as saying x person should be notified, or pass the information to the team lead etc. Now that we have made a set plan, we need to adjust the verbiage to reflect not only more detailed communication plans, but also ensure the correct people are being communicated with. Our team is very flexible and operates with a high level of mutual trust, since we propose ideas to one another and wait for feedback we typically do not have many disagreements. As we brainstorm ideas together we always arrive on a consensus or adjust our approach and fine tune it. Our team all has different sections of the project to check for updates so we do not have many differing opinions, rather we adjust our approach based on each other’s ideas.

  • Lines of communication need to be adjusted across most of the project to mirror what was identified in the communication management plan
  • Our team will look through different sections of the project for updates that need to be made and discuss as a team to ensure we are all accountable

References

Jenkin, T. A., Chan, Y. E., & Sabherwal, R. (2019). Mutual Understanding in Information Systems Development: Changes within and across Projects. MIS Quarterly, 43(2), 649–671. 

Larson, E. W., & Gray, C. F. (2021). Project Management: The Managerial Process. New York: McGraw-Hill.

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