1860 Module 9 Risk and Procurement PDF

1. Document the approach to identify, assess, and respond to risk events to be used on the project 2. Identifying an uncertain event or condition that if it occurs has a positive or negative effect on the Project's objectives 3. Determining the probability and impact of a risk to c...

1. Document the approach to identify, assess, and respond to risk events to be used on the project 2. Identifying an uncertain event or condition that if it occurs has a positive or negative effect on the Project's objectives 3. Determining the probability and impact of a risk to create a prioritized list of identified risks 4. Doing a more detailed analysis of risks to gain a better understanding of the probability and impact 5. Developing a response to a risk that will reduce the impact and or probability 6. Implementing the selected risk response strategy 7. Monitoring the identified risks throughout the project looking for new risks and changes in the assessment and responses Trigger might be when a weather announcement happens used to prioritize risks  1. Sprint zero in the Sprint planning meeting the team reviews the risks 2. start of Sprint 1 the team notes that the stakeholders are engaged and lowers the probability to 30% 3. start of Sprint 2 the probability is lowered to 10% as the stakeholder showed up for the Sprint demo session 4. start of Sprint to the team noted that there were issues with the internet during Sprint 1 probability has increased to 50% stakeholders attended the demo in Sprint zero. in Sprint one, stakeholders are engaged = lower risk from 8 to 6 Internet no longer stable; probability going down is higher; risk increase from three to five 1. Determine what goods and services to purchase / buy for the project and which to make with internal resources 2. Develop the plan to buy the goods and services 3. Prepare the document that is issued to potential sellers 4. Based on the responses you receive from potential sellers, select the seller you would award the work to 5. Finalize the contract with the seller 6. Manage the contract to ensure the work is getting done and resolve any disputes knowledge, experience, lessons learned dont happen if you buy 1. The buyer pays the seller for allowable performance costs plus a fixed fee payment usually based on a percentage of estimated costs; buyer assumes a high degree of risk. seller assumes minimal risk. no motivation for the seller to decrease costs 2. the buyer pays the seller for allowable performance Cost Plus a predetermined fee and an incentive bonus; fire and seller share the risk; both the buyer and the seller benefit if the total costs are less than expected 3. The seller is reimbursed for all legitimate costs but if the majority of the fee is earned based on performance criteria. determination of fee is based on seller preference 1. Cost Plus percentage fee 2. cost plus fixed fee 3. Time and materials 4. Cost Plus incentive fee 5. Cost Plus Award fee 6. fixed price with economic price adjustment 7. fixed price incentive fee 8. firm fixed price