Review the nine mini-case study series from the Project Management Institute on the Global Green Books Publishing company before starting this assignment.
In this assignment, you will develop a risk matrix that analyzes key risks from one of the mini-case studies. You will analyze the cause of each risk, estimate its probability of occurrence, its potential impact, and recommend a response to each risk. You will also analyze the skills and competencies needed by team members in order to effectively manage project risk.
Write a 3 page paper in which you:
- Develop a risk matrix that identifies risks, describes the cause of it, estimates the probability of occurrence, the impact and recommended a response to each risk.
- Discuss at least three skills or competencies that team members need in order to be effective in identifying and managing risks at Global Green Books Publishing and provide a rationale for your choices.
- Go to Basic Search: Strayer University Online Library to locate at least two quality resources other than your textbook to use in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.
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Project Management – A Case of the Global Green Books Publishing Company
Name of Student
University Affiliation
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Instructor’s Name
Date
Project Management – A Case of the Global Green Books Publishing Company
Project management risks analysis refers to an evaluative process that seeks to establish and understanding of the nature and magnitude of risks that an organization undertaking a project faces (Edwards & Bowen, 2013). The process involves breaking of each risk into its components but not necessarily with exactness of mathematical accuracy. Risk analysis is critical in allowing project managers in achieving the project goals through the avoidance, elimination, or reduction of problems that can cause project delay or cause unplanned project losses.
Risk Matrix for Global Green Books Publishing Company Project
| Risk | Cause of the Risk | Probability of Occurrence | Potential Impact | Recommendation |
| Lack of trained staff with knowledge in project management | Poor recruitment and inability to align project goals with skills | 90% | Ineffective leverage of new employees and inability to meet project objectives and goals. | Hire skilled workforce. There is need to have project manager with skills in project management. |
| Failure to deliver eBooks to customers within agreed time leading to loss of business. | Lack clearly defined statement of work and work breakdown structure. | 100% | Loss of business as major customers received books late, affecting classes and study plans. | Clearly define project goals and objectives that need to be attained. |
| Inability to provide quality texts. | Unqualified staff in charge of eBooks editing. Lack of clear roles that led to assigning editing duties to staff who were less qualified. | 95% | Reduced customer satisfaction and led to increased time spend in fixing defective texts. | Set clear roles and responsibilities among the employees. Employ qualified staff to handle editing to ensure only quality texts are published. |
| Escalation in costs | Poor estimation of resources, lack of clear financial plan. | 75% | Led to the company reporting losses. Losses affect the ability to meet recurrent expenditures such as salaries and acquisition of materials and equipment. | Develop clear financial plan. Involve all the departments and establish budget estimates for each department. Hire qualified financial planning expert to work with the project manager. |
Skills or Competencies Needed by Team Members for Effective Identification and Management of Risks in Global Green Books Publishing
The business environment is dynamic, fast-paced, evolving, and is characterized by rapidly changing technologies. Mainga (2017) points out the need for dynamic capability-perspectives that is focused on the required competencies that is need for effective project execution is such business environment. Since projects consist of different phases, the critical competencies required to minimize risks are varied. The competencies that are needed by team members in Global Green Books Publishing for effective identification and management of risks are effective communication, good decision-making, discipline and execution, and monitoring and control………………………………………………………………………………………………
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