POST BUS623 Complete Course May 2023 Latest

BUS623

Unit 1 Discussion Board

Unit 1.1 Discussion: Project-Program-Portfolio

Imagine you are doing a training for employees on the difference between the Project Program, and Portfolio. How might you describe them in a way easy to understand to people not familiar with these terms? You are welcome to write your answer, create a diagram or another means of expressing the differences and any similarities.

In response to your peers: Comment adding additional information or insight into the initial post. You may also ask questions regarding the initial post.

Unit 1.2 Discussion: Why Risk Management

Based off your reading and understanding of the topic, is risk management necessary for project success? Give reasons to support your answer from the readings and or outside resources.

In response to your peers: Comment adding additional information or insight into the initial post. You may also ask questions regarding the initial post.

 

BUS623

Unit 2 Discussion Board

Unit 2.1 Discussion: Risk Identification

Why is risk identification critical to the risk management process? What are 2 tools/ techniques for risk identification?

In response to your peers: Use one of the methods that your peers denoted, to identify 1-2 risks for your project. (Please make sure you denote both the probability and impact for each risk.)

Unit 2.2 Discussion: The Processes of Risk Management

Select one of the Risk Management processes (beyond Identify Risk) and share an example of how you have used this process or how you might use it.

In response to your peers share how you might use one of the processes they detailed, even if you haven’t used it before.

 

BUS623

Unit 3 Discussion Board

Qualitative versus Quantitative Risk Analysis

Detail an example of using either qualitative risk analysis or quantitative risk analysis for a project.

For your response posts, talk about your peer’s scenario and detail why that process of analysis was used and why it was appropriate to use. You must respond to at least one qualitative risk and one quantitative risk example provided by your classmates.

 

BUS623

Unit 4 Discussion Board

Unit 4.1 Discussion: Cost Estimation

What types of cost estimation have you used? (If you don’t have project management experience, consider an estimate you did for a repair (home or car), trip you took, or party/ event you planned.)

In response to your peers’ answer: Which types have you not used but think might be valuable, based on other student responses.

Unit 4.2 Discussion: Earned Value

What is the purpose of Earned Value? How do you assess project completion without Earned Value?

In response to your peers: Detail 2 benefits of using Earned Value.

 

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Unit 5 Discussion: Quantitative Risk Analysis Tools & Techniques

COLLAPSE

Describe a quantitative risk analysis tool or technique and how it is used. (Please try to detail a tool or technique which has not been detailed by another student.)

In response to your peers: Compare the quantitative risk analysis tool described to another tool/ technique of quantitative risk analysis.

 

BUS623

Unit 6 Discussion Board

Contingency Reserves and Management Reserves

Why are both contingency reserves and management reserves important for risk management?

In your response, please provide an example of each.

In response to your peers: Why are both contingency reserves and management reserves important for managing project risks?

 

BUS623

Unit 7 Discussion Board

The Risk Management Plan

Why is it important to have a Risk Management Plan? What is included in the Risk Management Plan? Provide an outline of topics for your risk management plan. Use this to work through your final project.

In response to your peers: Comment on items your peers might have missed or what questions you may have regarding their plan. You may also praise them for items that have been done well.

 

BUS623

Unit 8 Discussion Board

Unit 8.1 Discussion: Monitor Risks

Provide an example of using the Monitor Risks process for a project you have worked on, or the project you are using in this course.

In response to your peers: Suggest the next step after the Monitor Risk process has been completed.

Unit 8.2 Discussion: Lessons Learned from the Course [Not Graded, Please post at least 1 reply.]

Detail two (2) techniques which you could use to improve the management of your projects.

In response to your peers: How would these improve your project and what benefits would implementing these techniques have for your sponsor(s) and stakeholders?

 

BUS623

Unit 1 Journal: Project Management

Journal a project you would like to use for assignments in this course.

Provide the project scope statement, high-level budget and high-level schedule (at minimum the project milestone start and end dates).

This assignment is due by Sunday before midnight; however, if you post before Sunday, I will be able to provide you with feedback. Then, you may reply to my comments in your journal and improve your assignment by doing so. I highly encourage you to post in your Journal before Friday this week.

Your project proposal will be reviewed and you will be provided with feedback. Please respond to any questions posed, as we discuss this. Your journal assignment will be completed when your proposed project has been approved. Note that you will use this project for a number of assignments throughout this course.

 

BUS623

Unit 2 Assignment: Risk Identification – Initial Development of a Project Risk Register

Identify risks for the project which you selected to use in this course.

Develop a Risk Register (aka Risk Log), identifying ten (10) risks for the project which you selected and I approved last week. Please format the spreadsheet such that it is understandable to all project stakeholders regardless of their knowledge of Project and/or Risk Management, and easily viewable, for reporting purposes. The format should be valuable to both technical team members and your project sponsor. Please make sure you only complete the Identify Risk process. This Project Risk Register will later be updated in this course as you learn about the other Risk Management processes of qualitative risk analysis and risk response planning.

 

BUS623

Unit 3 Assignment: Qualitative Risk Analysis

Overview: Perform Qualitative Risk Analysis process the Project Risks which you identified in the Unit 2 assignment.

 Instructions: Update your Unit 2 Project Risk Register completing a qualitative risk analysis for each of project risks you identified. This includes assessing both the probability and impact of each risk and the resulting prioritization or project risks.

 Also, provide details on the qualitative risk analysis tool(s) you used to complete this process. Requirements: •

 Complete in MS Excel, updating the Risk Register from the previous assignment. • There must be a minimum of 10 risks in the risk register.

• Perform Qualitative Risk Analysis (including the best practices of this process) Be sure to read the criteria by which your work will be evaluated before you write and again after you write.

 

BUS623

Unit 4 Assignment: Earned Value Management Case Study        

You are the project manager in charge of a building project. Your project is the construction of a multi-store commercial building which is 15 stories in height. Based on the project plan, the cost of the construction will be $95,000 per floor. The project will take 9 months to complete.

Three months into the project, you have spent $270,000 and completed 3 stories of the building.

You have been requested to report on the performance of your project and determine how much time it will take to complete the project and how much money it will cost to complete the project. Use the approach outlined in the reading (Polaris Lessons in Risk Management, Appendix A, Earned Value Management) to determine your project’s performance and report on its Earned Value.

Instructions: Evaluate the above Earned Value Management Case Study, using the EV (earned value) equations detailed in the Byrne book. Also, answer the following questions:

 1) Is the project on schedule? If not, it is behind or ahead?

 2) Will the project be completed within budget? If not, will be over budget or under budget?

3) What recommendations do you have to get the project back on track? Requirements: Use the equations detailed in the Byrne book and answer the questions detailed in this assignment.

 

BUS623

Unit 5 Assignment: Quantitative Risk Analysis

After qualitative risk analysis of project risks, quantitative risk analysis is used for risk of high priority (either high threat or opportunity risks). This assignment focuses on some common quantitative risk analysis tools/ techniques.

Decision Tree Analysis is one of the tools and techniques of quantitative risk analysis. Decision trees use Expected Monetary Value (EMV) which is another tool/ technique of quantitative risk analysis. Program Evaluation and Review Technique (PERT) is another tool which uses estimation to complete quantitative risk analysis.

Remember: The Impact used in EMV is in days or dollars. PERT is a particular type of 3-point estimation, where the Most Likely estimate is weighted 4 times the optimistic or pessimistic estimates.

All 3 estimates are used to calculate PERT. Below are exercises in both decision tree analysis and PERT estimation

. Instructions for Exercise 1 and Exercise 2:

Exercise 1 Scenario: You are the project manager on a project and you are developing the project schedule, this includes estimating the duration of activities for the project. You ask one of your team members how long it will take them to complete development of a feature in a web application. You want to provide the best numerical estimate possible so you employ the tool/ technique of PERT estimation.

Your team member provides the following estimates for this activity:

• Optimistic = 5 days BUS623 – Project and Risk Managment Quantitative Risk Analysis

• Pessimistic = 20 days • Most Likely = 12 days Be sure to answer the following:

• What is the equation used for the PERT estimate?

• What is the PERT estimate for this activity?

Exercise 2: Given the following Decision Tree, perform decision tree analysis to determine which is best to do, make or buy a software application as part of a development project? Remember that this requires the use of EMV. The Simple and Difficult solutions of the Make decision have costs and losses associated with them, as shown in this diagram. The Buy decision also has costs associated with them. Note: The probabilities of the branches do not add up to 100%, as this is not required. Be sure to answer the following:

 • What is the equation for EMV?

• Should you make or buy the system? Note: When calculating the EMV, please make sure profits are calculated as positive (+) values and losses are calculated as negative (-) values. System Make Profit [$50,000]

 

BUS623

Unit 6 Assignment: Complete Risk Response Planning, Update of Project Risk Register

Instructions: Select a risk response strategy and risk response plan (actions or acceptance/ no action, as appropriate) for each of the project risks which you have identified and assessed in your project risk register.

Also, update your project risk register based on feedback provided from previous assignments. Requirements:

• MS Excel spreadsheet

 • At least 10 risks with a response strategy and risk response plan (as appropriate) for each risk

 • Use each of the risk response strategies at least once

• Use proper APA format and make sure to use citations for all references in the Plan.

 

BUS623

Unit 8

Final Assignment: Develop a Risk Management Plan

Overview:

 For your final project, develop a Risk Management Plan which details the plan for managing risk for your selected project. Instructions:

The plan should include all necessary sections based on the reding and course work during this course.

Please don’t confuse this with the Risk Register or Risk Response Planning. See Polaris: Lessons in Risk Management, Dr. Byrne, Chapter 2, Risk Management Planning and the PMBOK Guide for guidance.

 There is no template for this assignment, as this assignment is to demonstrate your understanding of what must be included in a Risk Management Plan. Requirements:

• Page Requirement: 4-8 pages.

• If needed, make sure to site and proper APA format.