MGMT 404 Complete Course Project; The Getta Byte - New Billing System Project

Course Project Overview Objective The objective of the Course Project is to allow you to apply the skills learned in class to plan a project. Course Project Instructions Note: To facilitate the learning of this course, a Word document and an Excel template have been created for students to complete their biweekly assignments. To complete the project you will use two templates (i.e., a Word and an Excel template). Both templates can be found in the Project Templates section below. These two documents contain important information that will guide you with the assignment and help you brainstorm how to improve the basic information provided in the weekly Getta Byte project videos. The Course Project is divided into four parts. • Part 1 includes Sections A and B. This deliverable is due in Week 2. • Part 2 includes Sections C and D. This deliverable is due in Week 4. • Part 3 includes Sections E and F. This deliverable is due in Week 6. • Part 4 includes Section G and the compilation of Sections A through G. This deliverable is due in Week 8 and must be compiled into a single Word document. Expand AllPanels Collapse AllPanels Your introduction is a one-page summary of all the main aspects of the project, which include the following. • Project description. • Key stakeholder project participants. • Project management methodology and management approach. • A brief discussion of the internal and external enterprise environmental factors (EEFs), which may promote or hinder individual project decisions and the management of people, procedures, processes, and projects. In this section, the student will work on Part 1 Section A of the Course Project, corresponding to the Project Charter for the Getta Byte project.; Use of the Word template provided, which contains important information on how to complete Section A of your Course Project. To complete this assignment follow the steps below. 1. Watch the video and read the video transcript located in The Getta Byte – Project Charter section of the Week 1: Introduction and Lesson. 2. Enter the information provided in the video into Section A of your Word document. 3. Improve the various Project Charter sections by elaborating and expanding on the information provided in the video. Be creative! 4. The blue font text in the template is there to guide you with the assignment and help you brainstorm how to improve the basic information provided in the Week 1 video. Delete all text in blue before submitting your assignment. The student will complete the following project charter sections for this assignment: • Project Description • Objective • Business Need • Milestones • Budget • Acceptance Criteria • High-level Project Assumptions • High-level Project Constraints • Project Exclusions • Major Project Risks In this section, the student will continue working on Part 1 Section B of the Course Project, corresponding to the stakeholder engagement plan for the Getta Byte project. To complete Section B, use the Word document created in Section A of the Course Project, and follow the steps below. 1. Watch the video located in The Getta Byte section of the Week 2: Introduction and Lesson. The video contains important information to complete the Stakeholder Engagement Plan for the Getta Byte project. See timeframe [1:08]. 2. Enter the information provided in the video in Section B of your Word document. 3. The information on the video is incomplete. The student's job is to improve the stakeholder engagement plan by elaborating and expanding on the information provided in the video. Be creative! Make sure to identify at least 3 more stakeholders in addition to the 12 stakeholders listed in the Getta Byte video and complete the register. 4. For extra help, locate the worksheet "B. Stakeholder Engagement Plan" in the Excel template for this course. The worksheet contains instructions on how to complete the stakeholder engagement plan in your Word document. Particularly, pay attention to the prescribed engagement strategies described on the worksheet. 5. The blue font text in the template is there to guide you with the assignment and help you brainstorm how to improve the basic information provided in the Week 2 video. Delete all text in blue before submitting your assignment. In this section, the student will continue working on Part 2 Section C of the Course Project, corresponding to the communications management plan for the Getta Byte project. To complete Section C of the Course Project, follow the steps below. 1. Watch the video located in The Getta Byte section of the Week 2: Introduction and Lesson. The video contains important information to complete the Communications Management Plan for the Getta Byte project. See timeframe [2:08]. 2. Enter the information provided in the video in Section C of your Word document. 3. The information on the video is incomplete. The student's job is to improve the Communications Management Plan by elaborating and expanding on the information provided in the video. Be creative! Make sure to identify and enter at least 3 more Communication Vehicles in addition to the 3 listed in the Getta Byte video. 4. For extra help, locate the worksheet "C. Communications Mgmt. Plan" in the Excel template for this course. The worksheet contains instructions on how to complete the stakeholder engagement plan in your Word document. 5. The blue font text in the template is there to guide you with the assignment and help you brainstorm how to improve the basic information provided in the Week 2 video. Delete all text in blue before submitting your assignment. In this section, the student will work on Part 2 Section D of the Course Project, corresponding to the Getta Byte - Project Scope. Refer to the Word document template, which contains important information on how to complete Section D of your Course Project and continue working on your project. To complete the assignment follow the steps below. 1. Watch the video and complete the "Project Scope Drag and Drop Exercise" located in The Getta Byte – Project Scope section of the Week 3: Introduction and Lesson. 2. Enter the information provided in the video into Section D, corresponding to the Getta Byte - Project Scope Statement of your Course Project assignment. 3. Improve The Project Scope Statement by elaborating and expanding on the information provided in the video and the drag and drop exercise. Be creative! 4. The blue font text in the template is there to guide you with the assignment and help you brainstorm how to improve the basic information provided in the Week 3 video. Delete all text in blue before submitting your assignment. 5. Submit your Word document and Excel worksheet after completing Part 2 of your Course Project. Here is a list of the sections found in a Project Scope Statement document. • Project Description • Project Requirements • Project Deliverables • Project Exclusions • Acceptance Criteria • Estimated Project Schedule • Resource Requirements • Estimated cost of project • Project constraints • Project assumptions Continue working on the Word document of your Course Project and complete Part 3 Section E related to the Project Schedule and the Gantt Chart for the Course Project. To complete the project schedule, follow the steps below. 1. Watch the video located in "The Getta Byte – Billing System Project Schedule" section of the Week 4: Introduction and Lesson. The video contains information to complete this section. At timeframe [2:17], the video presents the project schedule for the Getta Byte project. It shows how the scope of the project has been broken down into milestones and work packages; it also presents the duration of each project tasks and the schedule. 2. Enter the task names and task durations provided in the video at timeframe [2:17] into Section E of your Word document, corresponding to the project schedule. The start date of your Course Project should be the same as the start date of the current session (i.e., Monday of week 1, month, year); hence, do not use the dates presented in the video. To assist you in determining the start and end dates on the schedule for each of the tasks, follow the steps below. To complete the Gantt Chart, follow the steps below. 1. Locate the worksheet "E. Gantt Chart" tab in the Excel template for this course. The worksheet contains instructions on “HOW TO USE THIS DOCUMENT TO CREATE YOUR PROJECT GANTT CHART”. Follow the instructions. Continue working on the your Course Project Word document and complete Section F, corresponding to the Resource Allocation and Budgeting. Perform your calculations in the excel template. To complete this section, follow the steps below. 1. Watch the video located in The Getta Byte – Resource Allocation and Budgeting section of the Week 5: Introduction and Lesson. Timeframe's [1:03] and [2:27] in the video contain important information related to the labor and material cost cost for the Getta Byte project. The video missed contractor/vendor costs. 2. When calculating the project cost, ensure to add the fixed cost for tasks 1.5.1 and 1.5.3 related to the development of the training modules and the trainer costs. 3. Locate the worksheet "F. RESOURCES & BUDGET" in the Excel template for this course. The worksheet contains instructions on “HOW TO USE THIS DOCUMENT TO CALCULATE THE PROJECT BUDGET”. Follow the instructions. Submit your Word document and Excel worksheet after completing Part 3 of your Course Project. Continue working on your Word document and complete the Risk Management section of your Course Project - Section G. To complete this section, follow the steps below. 1. Locate the "G. RISK REGISTER" worksheet tab in the excel template provided for this course. 2. Review the video and the transcript located in The Getta Byte – Risk Management section of the Week 6 Introduction and Lesson. 3. The video has identified three individual project risks at timeframes [1:16] and [1:30], which has been entered as examples in the Excel worksheet. The Excel worksheet has 4 negative and two positive risks examples in total. 4. The student's job is to identify 4 negative risks and 2 positive risks in addition to the examples provided in the Excel template. 5. The risk register worksheet in the template contains instructions on “HOW TO USE THIS DOCUMENT". Follow the instructions. Submit your Word document and Excel worksheet after completing Part 4 of your Course Project. Instructions • Describe how the student applied theoretical and technical knowledge of the project management discipline to manage the Course Project successfully. • Conduct a short self evaluation on how successful the project management concepts, techniques, and skills have been applied to the Course Project. Section E Videos Welcome back. In this recording, we're going to show you how to create the Gantt chart using the information from the Week 4 lesson, we gear up by section time frame 2:17 and the Excel template provided for this course. Please make sure to enter only the inflammation in the yellow cells. Also, remember that the project start date is the same as your course date. Let's start. Please enter the project title , the company name, the project manager's name, as well as your name. Bringing start date. For example, on the third January 2022. In today's cells enter today's date; Monday 3rd, January 2022. The display week cell will move the display window, for example; right now we have it displayed Week 1, that is the date that the project starts, if you want to move it to Week 3, January 17, then you only need to enter the Number 3, January 17. Now, let's go back, January 3rd. Next, follow the steps below. Make sure that you enter task names and the task duration in the yellow cell. The pink columns represent the salary in Sunday. The dark orange cells are the holidays, and those are blocked for work. The light orange cells represent the task durations. For example, that one is 5, 8, therefore, you will have five cells displayed in Week 1. The total hours would be calculated automatically. If you have done this correctly, this is what it should look like right now in your spreadsheet. Let's be sure we remove those cells that we don't need. Next, we're going to enter, "Insert Rows" to enter the milestones. For example, we have six milestones. We're going to be entering or inserting the milestones before select vendor. Highlight row 13 and insert the milestone. Copy row 10 and paste it in row 13. As you have done this correctly, this is what your spreadsheet it should look like right now. In the next step, we will enter the milestone's name. For demonstration purposes, I have entered the milestones names' milestone 1,2,3,4,5 and 6, as well as the task and the WBS index number. In the next step, we're going to highlight the area that we're going to bring. The way to do it will be by using the copy function and then inserting the information in your Word document. Make sure that you enter the picture format. Next, we will print the race of the Gantt chart. For the rest of the Gantt chart, make sure that you have moved yourselves to the 1/8 or 1.33. We're going to highlight the following areas. Right- click. Copy. Again, make sure that you have liked the area from row 6 to row 3, 2 and that you have moved or rolled up the cells to the eight. Once you highlight the area, right click and use the function copy. Once you copy that area, go to your Word document and paste it. Make sure that you use the picture function. Next, I will show you what you should do if for some reason you delete some of the information and the formulas on the start and end date are compromise. For example, if you, for some reason, made an error and delete the row, then everything else is not going to work. Also, if you decide to, for example, to change the start date of your activities, then these also will not work because the cells have a formula to create the Gantt chart instantly. A waterfall approach; one task after the next one. If you decide to compress the schedule, then these information is not any more useful. In that case, you will need to enter the information manually. You will need to determine the start date and end date and iterations, and you will need to enter the information manually. For example, over here, I move the start date of dash2 to Thursday, January 6. That's it. Thank you for listening. Hello, welcome. Today we're going to continue working on the course project, The Getta Byte-billing system project. We're going to be covering Part 3, Section E, the project schedule. The Gantt chart will be covered in a different video. For the brief schedule, let's scroll down to Section E of your Word document. Let's read what it says because it contains very important information. It tells us to watch the video located in the Getta Byte section of the week 4 Canvas lesson. The video contains information to complete the section. At timeframe 2.17, the video presents the project schedule for the project and it shows us how this scope of the project has been broken down into milestones and work packages. It also presents the duration of the project scope and the schedule. We need to enter the task names and durations provided in the video at time frame 2.17 into Section E of your Word document corresponding to the project schedule. The start date of your course project should be the same as the start date of the session. Hence, do not use the days presented in the video. To assist you with the dates of the schedule use the Gantt Chart, worksheet in the Excel template. Let's do what it tells us to do. Let's go to Canvas week 4. Here's the modules in Canvas. We need to go to week 4 lesson. Once you are in this section, let's move down to the Getta Byte section to Getta Byte video clips. Let's go to timeframe 2.17. This is the information that we would be using for this part. It gives us the task names , the project title, the milestones, the milestones are in black. The first one is the project title and then we have the task under each of those milestones. It also gives us the duration of the task. The only issue that you need to enter are these column and the task durations. The start and finish dates are going to be different and the predecessors are also going to be different. Your professor could give you more information on that. Let's do that. We're going to enter the task names, I've done it for you are ready. I enter the task names of the break title, the 1.1 milestone and 1.2 milestone. Now makes sure that the project title is flush to the left, milestones need to be indented once, and the task under the milestone needs to be indented twice. Originally you probably have it like that you need to indent it twice, it's a way twice indent it to the right. You enter the task durations and the start days and finish days. If your session is going to start on let's say on January of 2022, then that would be a Monday, it's going to be Monday 3 and then you need to add five days to that. If you count 3, 4, 5, 6 and 7, those will be five days. It will start on Monday and we'll finish on Friday. Since we finish on Friday, the next Monday, is going to be Saturday, is going to be 8, Sunday is going to be 9, the next Monday is going to be 10. These activity will have to start on the 10th day of the month, January 10th. Then you add five days that we'll be counting the 10th up to Friday is going to be January 14, that would be five days. As you can see this is a little bit too tedious to enter the starts and finish dates. For that, I will recommend you to use the Excel template as presented in the next video. Thank you for watching. Section F Video Welcome. In this recording, we are going to demonstrate how to complete this section F of your course project. Please watch the week 5, Getta Byte video located in week 5 Canvas lesson. First, let's try to understand the methodology that we're going to be using to do these assignment. Very first step is to determine the manpower, the skills, and resource requirements needed for the project. It has been determined that the skills required for the project are operating manager, a developer 1, developer 2, data architect, and a data dpecialist, quantity 1. Next, you need to understand if your team has those skills. That information is provided to you in the timeframe 103 of the Getta Byte video. Here, you have the skill and the name of the resource, as well as an hourly rate. Please enter the name of the resources, the hourly rate. Also, please notice that all of your teams are available full time, so they are available 100 percent of the time. The only team member that is available 50 percent of the time is Nonia Buzness. The same timeframe presents to us the information regarding the hourly rates. Please enter the correct hourly rates. The second step is determining the team skills capabilities to do the work, you have done that is provided in the timeframe 1.03. Next, determine the skill gaps and decide whether to outsource or adding more team members with the skills needed to complete the project. In the video, they are serving activities for which your team does not have the skills required, for example, activity 1.5.1, develop training modules, and your team does not have those skills, therefore, you will need to outsource with a self contractor. Here is the skill required. Developer of training modules. You do not have those skills, you need to hire a contractor. The same is true for activity 1.5.3, conduct training, you will need a trainer. The estimated costs for these activities has been placed to around 10,000 for this task 1.5.1 and 5,000 for task1.5.3. Also, notice that the same timeframe provides to as the information on the materials, software purchase, $50,000. We have entered the information in table 2. Software, the quantity require is one, so enter one. The unit cost of the software, and this is going to be calculated immediately. Now, there are other materials that have not being assigned to the course project. In this example, I am adding three personal computers for your team members. The quantity required is three and the cost of each unit is $1,000, and the estimated material cost for the personal computers is $3,000. Once you enter this information, the Figure Ground 1, we present the plan project budget, that is the amount of money required for materials, for manpower, and for fixed cost. Now, this is not yet complete, we really need to enter the correct information, the hourly rate, as well as the assigned task, we need to know what are the assigned task to these team members. That would tell us the total amount of hours required to complete those tasks. With that information, we're going to multiply that by the hourly rate of the team member. Now, how do you do that? Timeframe 225 provide to us key information. It gives us the task name, the WBS number, the duration of the task, and the allocation of the resources. For example, activity 1.1.1, Ima Payne has been assigned to this activity, to activity task 1, task 2, task 3, task 4, and so on. This is key information that you're going to enter in table B. Please proceed to enter the task names, as well as the task durations. For example, for task duration, you have that task 1 will take five days and task 2 will take five days. These information is very important because it gives us the task duration in hours for each activity. Now, these number is going to be calculated automatically, you don't have to do anything. The only information that you need to enter are the task names and the task duration. Next, we need to determine to which activities have your team members been assigned. For example, Ima Payne, who is the Project Manager, has been assigned to activities, T1, T2, select vendor, that is T3, negotiate contract, that is task 4, and then activities developed training with vendor, schedule training with CSR, conduct training, and go live. Once you identify the to which activities a team member has been assigned, please enter a one on those tasks for Ima Payne, the Project Manager, these numbers have been entered for you. Once you enter these and these, the total amount of hours require from these particular team member would be calculated automatically. We know, for example, the information for Ima Payne, she will be required 40 hours for task 1, she's going to require 40 hours for task B, and so on. You will need to calculate this information. The total amount of hours is displayed here automatically. These numbers are going to change once you enter the correct duration. You need to do the same for developer 1, developer 2, data architects , and data analysts. Look at the resource allocation, how the resources has been allocated to those tasks in the project. Once you do that, this information is going to populate table 1, and the total estimated work cost is going to be calculated automatically. Thank you for watching. Section G Videos Welcome. In this recording, we're going to continue working on your course project section G. Please locate the Excel template and review the video and the transcript located on the Week 6 Canvas lesson. The Excel template have array of information from the video. Three negative risk will identify in the Week 6 [inaudible] video. Those has been enter in the Excel template as examples. In addition to that, we have enter. Another negative risk and two positive risk as examples as well. Your job is to identify four negative risk and two positive risk. To do that, let's understand how these document is used. First, it's important to understand that when using the resistor, we're actually implementing risk management processes, that are we identify risk process, perform qualitative risk assessment, plan risk response, implement risk plan and monitor risk. For each of these processes, we will be conducting certain activities as listed in Row 9. Let's start explaining how to use these document. To identify risk columns WBS and task name. Please refer to Section A of your course project. Section A of your course projects corresponds to the project schedule. The project schedule document contains important information on the task names and the WBS. If you identify a negative risk, please enter the and the task name on the negative risk area. If you identify a positive risk, then enter the information in the positive risk area. The next column correspond to risk category. To select the risk category, please click on any cell to activate the drop-down menu. Risk categories available are technical, external, organizational, or project management. Select accordingly. The next cell is the risk identify column. For this column, you will need to identify the risk for that particular activity. For these ask yourself the question, what could go wrong in the execution of the activity? Once you identify the risk, please complete the next column. That is the root cause of the risk, try to determine the root cause or the risk asking why or how could this happen? Next determine the impact of the risk. The real impact are on the project objective, the image could be positive or negative, is the risk is negative, please select from the drop-down menu either negative impact on schedule, a negative impact on budget, on quality, or a negative impact on the schedule, budget and quality. [inaudible] happens to be a positive risk, please delete the positive impact. A positive impact on the schedule, a positive impact on budget or a positive impact on quality. The next process is the perform qualitative risk assessment. To perform these processes, please determine what is the probability of occurrence of the risk identifier. If the probability of occurrence is high select a Phi. If it is low, select a one. Likewise, determine the impact of the risk on the project objectives on goals, on a schedule or on quality. If the impact is high please select a Phi. If the impact is low please enter one. The reading score colon will be calculated automatically. The risk score is nothing else than the risk exposure of that risk, and is calculated by multiplying the probability of occurrence times the highest impact among cause it's schedule or quality, and then normalize by five. In the next process, we will be conducting the plan risk response process. For that, you will need to determine the risk owner, the risk strategy to be used and the risk response plan. The risk owner. The risk owner is a subject matter expert from the core theme or from a different department who is familiar with the project tab. For risk history, you will have options. If this is a negative risk, please let among escalate, avoid, transfer mitigate, and asset strategies by clicking on the drop-down menu. If this is a positive risk select for escalate [inaudible] exploit , share or asset. Again, by clicking on the drop-down menu. Next, determining what is going to be the risk response plan. Determine what are going to be the action to take in order to mitigate the occurrence of the risk if you select mitigation as the risk strategy, determine what are the steps or actions in order to mitigate that particular risk. If you select for example, exploit, determine what are the actions that you're going to implement in order to exploit that positive risk. The next process is the implement risk plan process. In this process, you determine who is going to be the risk actual owner. The risk owner are in charge to ensure the implementation of the risk response plan. These person will ensure the risk response plan is actually executed. Information about who has been assigned to particular task could be found on the section F of your course projects corresponding to resource allocations about your theme. Finally, determine the risk status. For the risk status, you have the following options, expire, active, core, or escalate. In my next recordings I'm going to provide examples of a negative and positive risk. Thank you for watching. Welcome. Welcome back. In this recording, we're going to demonstrate how to enter a negative risk in the risk register. An important aspect of this assignment is to understand that when using the risk register, you are actually implementing the risk management processes, that are: identify risk, perform qualitative risk assessment, plan risk response, implement risk plan and monitor risk. For each of these processes, we will be conducting various activities as listed in in Row 9. Let's start. To identify individual project risk, please refer to your project schedule. The project schedule has important information. It could provide to you the WBS index number, as well as the task name. Let's assume for a moment that you have identified an individual project risk in task 5. Execute purchase. Is that the case, please proceed to enter the WBS and task information in the risk register. The task is gather requirement from users. The risk category for these particular activity is going to be external. You have options in the risk category. The options are technical, external, organizational and project management. Because we're gathering requirements from users, we're going to categorize this risk as external. Next, you need to identify the risk. The risk is in the scope definition. If your interview users that don't have the experience or knowledge of the billing department, then the information gathered is going to be wrong. The risk identified is on the scope definition, and the root cause is due to the interviewees. The interviewees might not have the right knowledge. The next step would be to determine the impact on the project objectives. Project objectives are to finish the project on budget, on the schedule, and with quality. What is the impact of this identified risk on the project objectives? You have the option to select from negative impacts to the schedule, to the budget, to quality, or all of the above. You also have other categories for project risk, please, we're working on negative risk. Your selection should be from the negative risk selection. In this example, we have determined that the impact is going to be on the schedule, the budget, and quality. In the next process perform qualitative risk assessment. We're going to determine the probability of occurrence of the identified risk, as well as the impact on the project objectives. For the probability of occurrence, ask yourself the question; what is the likelihood of occurrence of the identified risk? If the likelihood is high, select a five, if it's low, select a one. In this example, we have determined that the likelihood of collecting wrong information is a four. Next, determine the impact on the cost, on the schedule and on quality. If the impacts are high, select a five, if they are low, select a one. For this example, the impact on course, has been selected to be a three and on schedule and quality to be a four. Next, calculate the risk score. In order to calculate the risk score, multiply the probability of occurrence times the highest impact. In this case, you could choose either a schedule of quality because both are four, and then divide by five. Four times four is 16 divided by five, that would be 3.2. The risk score is 3.2. The risk score happens to be the risk exposure of these negative risks. In the next process, the plan risk response process, we're going to determine who is going to be the risk owner. We're going to determine the risk a strategy that we going to be using for these negative risks as well as the response plan. The risk owner is a subject matter expert from the core team or from a different departments who is familiar with the project task. You could actually select from the drop-down here, either to be the project manager , a developer, the data architect, or a particular department or office. In this example, we have selected that the risk owner is going to be the project manager. Next, we're going to identify the risk strategy that we're going to select. You have the options for negative risk strategies to select either escalate, avoid, transfer, mitigate, or accept. For this particular example, we have selected to use this strategy, mitigate. Next, we're going to create a risk response plan. Here in the cell, you're going to enter the actions or steps that you want to take to mitigate the risk as shown. Next, we're going to move to the implement risk plan process. Here, we will need to determine the risk action owner. For this example, there risk action owner is going to be the project manager, Imma Payne. For information about who has been allocated to perform a particular activity, please refer to Section F, resource allocation and budgeting. In the section, you will be able to determine who was assigned to perform a particular activity. Next, we need to conduct the last process, which is monitor risks. For these process, you have the options to select between expire, active, occur, or escalate. If the risk is active, select active, if the risk has already expired because we are late in time in the project schedule, in the project life cycle, then is the risk didn't occur, then it has expired. If the risk occurred, select occur, if the risk was escalated to different departments, select escalate. Thank you for watching. Welcome back. In this exercise, we're going to demonstrate how to identify a positive risk and enter the information in the risk register. An important aspect of this exercise is to realize that when using the risk register, we're actually implementing the risk management processes that are identified risk, perform qualitative risk assessment, plan risk response, implement risk plan, and monitor risk. For each of these processes, we are going to be conducting various activities. Let's start. To identify individual project risks, please refer to the project schedule. The project schedule will have important information regarding the WBS index number, as well as the task name. For a moment, let us assume that we have identified T5 to have a positive risk. We're going to enter the WBS and task information in the risk register. The reason I have you identify is on planning, significant savings on software purchase will happen if bought on Black Friday. This happens to be an external risk. The root cause of these risks are the holiday coming up. Next, we're going to identify the impact on the project objectives. The project objectives are to finish the project on budget on the schedule, and with quality. Now, because of the significant savings, we are assuming that the impact is going to be on the budget. The next process that we're going to be working on is the perform qualitative risk assessment process. To conduct this process, we need to determine the probability of occurrence of the risks and the impact that the risk will have on the project objectives; cost, schedule, and quality. Now, how do you determine the probability of occurrence? Please ask yourself the question, what is the likelihood of occurrence of the identifier risk? What is the likelihood of achieving savings during Black Friday? If it's high, give it a five, if it's low, give it a one. In this example, we know that the probability of holidays coming up are high, and they usually come with discount. The probability of these events of happening is a five. The impact is going to be high for the budget. The impact on cost is going to be a five. The impact on the schedule and on quality is going to be a one. The risk score is achieved by multiplying the probability of occurrence times the highest impact and then dividing it by five, 5 times 5 is 25, divided by 5 is a 5. In the next process, the plan risk response process, we're going to identify who is the risk owner, what is the risk strategy that we're going to be using for the positive risk, and we're going to create a risk response plan. The risk owner is a subject matter expert from the core team or from a different department who is familiar with the project. In this case, the person conducting this activity happens to be the project manager. The risk strategy. For the risk strategy, we will the select the strategy exploit, because the probability of occurrence is high, and the impact is high, we have a high-risk exposure. Unless we really want this positive risk event to happen, we would like to use the exploit strategy. Part of the response plan when using this strategy is to add activities to your work breakdown structure. You really want to ensure actions are taken for the positive risk to happen. You will also perform other activities such as meet with management and vendor or delay the purchase until Black Friday to capture those discounts. The next process is the implement risk plan and the monitor risk. For the implement risk plan, the activity that we need to perform is to define who is going to be the risk actual owner. The risk actual owner is going to be also a member of the team, and more likely a person who is working on that particular activity. To find that information, please refer to Section F of your course project; resource allocations and budgeting. For information of who is going to be performing each activity is provided. Next, you will need to determine what is the risk status. For the risk status, you will have four options, if the risk is expired, active, occurred, or escalated. In this case, the risk is still active. The key difference between positive risk and negative risk is that positive risk you're really wanting to become a risk event. You really want positive risk events to happen. In contrast, negative risk you want to avoid them or mitigate them. Thank you for watching. Part 1 week 2 Part 2 week 4 Part 3 week 6 Part 4 week 8 Guidelines The Course Project provides an opportunity for you to practice and apply specific project management skills learned in this course. The knowledge learned will help you to further your professional or personal goals. The title of your Course Project is the "Getta Byte - Billing System" Project, and it is divided into four parts. • Part 1 is due on Sunday of Week 2. • Part 2 is due on Sunday of Week 4. • Part 3 is due on Sunday of Week 6. • Part 4 is due on Saturday of Week 8. Part 4 is the integration of all parts in a single Word document. Each part contains the following sections. Part 1 week 2 Part 2 week 4 Part 3 week 6 Part 4 week 8