Think of an organization whose projects and products all strongly align with its goals, mission, and culture. For instance, it has been said that Apple Inc. has found great success by making sure each of its projects closely aligns to its corporate culture and goals. Similarly, the more an individual project aligns with corporate goals, the greater impact it may have on the success of an organization. In this week’s Discussion, you will consider two scenarios and analyze the relationship of enterprise and project risk management concepts and their associated impact on the overarching goals of an organization.
With these thoughts in mind:
Post by Day 3 a response that answers the prompts for this Discussion. Before posting, please review the “Discussion posting guidelines” under Course Assignments in the Syllabus. Be sure to support your work with specific citations from this week’s resources and any additional sources.
Examine two project scenarios. Identify which project you think will have the greatest negative impact on the organization. Explain why.
Scenario #1
As Chief Risk Officer (CRO), you have assembled a team to oversee a new corporate product. The team has identified 62 risks associated with the product. They have also determined what would trigger the risks and have ranked them on a risk rating matrix and tested their assumptions and measured the precision of the data used. The team is continuing to move through the risk management process. Nevertheless, you have forgotten to include the involvement and input of other stakeholders.
Scenario #2
You have been appointed as the new project risk manager of a large and complex project. Because this project is business-critical and very visible, the executive management staff has told you to analyze the project’s risks that may impact the organization’s social responsibility to the consumer and prepare mitigation strategies for them as soon as possible. The organization has risk management procedures that are seldom used or followed, and has had a history of handling risks badly. The project’s first milestone is in one week.