Husky Air Assignment 8 – Chapter 8

The Risk Management Plan

After reviewing your project plan, Husky Air’s management has decided that the project’s schedule needs to be cut by 10% and the project budget must be reduced by 20%. For example, if your original project plan estimated that your project would be completed in 100 days, you now need to revise your plan so that the project will now be completed within 90 days. If the project budget was estimated to be $50,000, it now has to be revised so that the project does not cost more than $40,000.

Before you begin, be sure to make a backup copy of your original project plan!

Please provide a professional-looking document that includes the following:

  1. Project name, project team name, and the names of the members of your project team.
  2. A brief project description.
  3. The project’s MOV. (This should be revised or refined if necessary.)
  4. A printout of the Project Summary Report (original project plan). Provide a copy of your original project schedule and budget. This is a canned Microsoft Project Report.(From the View menu, choose Reports, Overview, and then Project Summary). This will provide a baseline for revising your project plan.
  5. A printout of the Project Summary Report (revised project plan).Modify your project plan so that your project schedule is reduced by 10 percent and the project budget by 20%.Provide a printout of the Project Summary report to show that the project schedule and budget now meets your client’s needs. Provide a discussion as to how you reduced the schedule and budget and logically support why you feel this strategy will not create a serious risk to your project. If your logic suggests that your original estimates were padded (i.e., you were overly “conservative”), then you can expect that Husky Air’s management will ask you to revise your project schedule and budget even further.
  6. A project risk analysis and plan.
  7. Using the IT Risk Framework in Figure 8.2 as a basis, identify a total of 5 risks to your project.More specifically, identify 1 risk for each of the 5 phases of the IT project methodology depicted in the outer ring of the framework. Then, use the framework for analyzing each risk by moving from the outer ring to the center.
  8. For each of the five risks identified, assign an owner to each risk and describe a strategy for managing each particular risk.