Risk Reporting PM 584 (Huffman Trucking Company)

Part A & B See attachment & ERP Memo.

  • Research individually, one risk monitoring and one risk reporting practice from your project’s industry. Each synopsis must be no more than 200 words. The individual synopsis is to complete research on the tool or practice Instructor wrote the textbook is (theory and not research). Demonstrate an analysis of the research and apply it to your project scenario
    • HUFFMAN TRUCKING using the 5 key elements.

I’ve chosen: Risk Assessment monitoring tool and the “Major Project Periodic Risk Report reporting practice

  • 5 key elements ▪ Include research that shows the Risk Assessment monitoring tool is used in your project’s industry. ▪ Include a description of Risk Assessment in a theoretical way and your research description ▪ Explain how Risk Assessment is linked to other procedures in the HUFFMAN Trucking project. ▪ Explain the positive and negative aspects of Risk Assessment ▪ Include lessons learned about Risk Assessment that would apply to your project HUFFMAN Trucking scenario
  • Point out where these 5 key elements are explained in a substantive way for BOTH
  • Risk Assessment monitoring tool and
  • The Major Project Periodic Risk Report reporting practice
  • PART B* ▪ Narrative that asserts theoretical application of risk monitoring and reporting, including the analysis of project risk reporting requirements ▪ A summation of risk monitoring and reporting methods with pros and cons of each,
  • preferably with tabular format see *highlighted area to insert* supporting narrative

 
 
PM 584 Risk Reporting
 
Part A is the individual Research, of one risk monitoring and one risk reporting practice from your project’s industry. Each individual research synopsis is no more than 200 words in length.
 
I’ve chosen: Risk Assessment monitoring tool and the “Major Project Periodic Risk Report reporting practice? 
 
 

  • Include research that shows the Risk Assessment monitoring tool is used in your project’s industry.
  • Include a description of Risk Assessment in a theoretical way and your research description
  • Explain how Risk Assessment is linked to other procedures in the HUFFMAN Trucking project.
  • Explain the positive and negative aspects of Risk Assessment
  • Include lessons learned about Risk Assessment that would apply to your project scenario in this course.

 
These are the key elements of the Individual synopsis requirements of the assignment. Can you point out where these 5 key elements are explained in a substantive way for both Risk Assessment monitoring tool and the “Major Project Periodic Risk Report reporting practice? 
 
As I said previously the approach to the individual synopsis is to complete research on the tool or practice…the textbook is theory and not research…and demonstrate an analysis of the research and apply it to your project scenario using the 5 key elements.
 
PART B

  • Narrative that asserts theoretical application of risk monitoring and reporting, including the analysis of project risk reporting requirements
  • A summation of risk monitoring and reporting methods with pros and cons of each, preferably with tabular format (SEE BELOW) and a supporting narrative

 
Summation of Risk Monitoring and Reporting Methods Summation of Risk Monitoring and Reporting Methods
 

Risk Monitoring Pros Cons
Risk Audit Includes reviews of the risk management process and the responses to individual risks. It can be used for lessons learned in a project. It’s suitable for complex projects rather than for small simple projects.
Risk Survey Process Risks can be identified that may have gone undetected, can be used as semi-quantitative assessment. Not to be used often during a project cycle.
Risk register Risk register database system enable risks in a project to be easily added, updated, modified Managers only focus on negative risks
Risk Assessment    
Risk Reporting Pros Cons
Project summary risk report Is adequate for communicating risk management status in a periodic manner. Don’t covers sufficient information demanded in large complex projects.
Risk Reporting Graphic Provides a visual for likelihood and impact of a risk. Does not allow for much description of risk and consequences.
Risk breakdown structure Allows project team to manage the risk at a level of detail that is appropriate to specific business context. Unplanned risk has a negative impact
Major Project Periodic Risk Report    

Huffman Trucking Memo To: All Department Heads From: Kristen Huffman, CEO & President Re: Upcoming ERP Implementation Huffman Trucking has experienced tremendous growth over the past few years. Our fleet is now at 800 road tractors and over 2100 trailers. Our work force exceeds 1300 total personnel. This growth is a result of our burgeoning customer base which ranges from long-term US Government contracts to plastics manufacturers and mom and pop wineries. Meanwhile, our companies automated information systems and overall automation infrastructure is lagging. To address this issue, it has been decided that we will deploy an Enterprise Resource Planning (ERP) capability over the next eighteen months. This ERP will facilitate full integration of Huffman Trucking processes. The ERP will integrate all major business components; to include linkage to: the customer sales order, tracking service and bill of lading signature (delivery), preventative maintenance and overhaul requirements, HR and driver scheduling, general ledger, accounts payable, accounts receivable, etc. As we move forward with this implementation it is very important that we leverage our existing processes to preclude complete rearrangement of how Huffman does business. We do not currently plan to hire an independent staff for the implementation. The ERP vendor, DK Grant Software Solutions, will provide consultation but our existing IT staff and managers will oversee the installation while simultaneously performing their normal duties. We must be cognizant of potential risks within this key implementation. We have researched common implementations of this ERP and typical costs are around $1.2 million. We believe that we can be more efficient and have budgeted $1 million for the implementation (this includes purchase of the software, hardware and consultative support from DK Grant Software Solutions). I look forward to reading your positive status updates related to this implementation. 1