Project Execution, Monitoring, and Control - Risk Management Case Study

Benefits of Project Risk Management

On successful completion of this assignment, students should be able to:
Outline in detail different facets of project execution, monitoring, controlling, and closing;
Explain specific inputs, tools, techniques, and outputs that allow project managers to execute, control, and close projects effectively;
Explore the entire range of key issues and fully articulate the potential pros and cons of the possible measures; and Make effective project management decisions and communicate succinctly. 
Textbook/Case Source
Milosevic, D. Z., Patanakul, P., & Srivannaboon S. (2010). Probability and Impact. In Case studies in project, program, and organizational project management (pp. 245-246). Hoboken, NJ: John Wiley & Sons Inc. 
This probability and impact case study presents the use of probability and impact as a risk analysis procedure. The case discusses the development of appropriate risk thresholds for the nature of risk events during the execution of projects. This case shows how risk analysis procedures can be adjusted to address different types of risks.
Description
In your analysis of this case, you must ensure that you include the following:
An introductory paragraph and brief summary of what this case study is about. 
An explanation the benefits of project risk management (provide at least three benefits), providing details as to how risk management was conducted in the case.
Explain the components of a robust Risk Management Plan and Risk Register and discuss how risk management was conducted in this case. 
A short paragraph as conclusion.
Submission Instructions 
Read the Case Study associated with the specific unit carefully, then proceed as follows: 
1.Prepare a response that is 750 words or maximum of 3 pages double-spaced (excluding title page and reference page) and should follow APA format and referencing style.
2.While there is no “formula” for analyzing case studies, the following guidelines are recommended:
a.Define the outcomes and objectives for your analysis. What questions are you trying to answer and what issues are you trying to resolve?
Rapidly skim through the case study and get a sense for how the case study has been structured
Read through the case study with paper and pencil and make notes as you go along
3.Structure the information in the case study: this is the key step.
d.Whilst addressing the case questions, think of the information given in the case study as “raw data” that you have gathered to help you answer the questions and resolve the issues in Step 2a above.
You need to structure this information in order to resolve the issues. Here are some useful dimensions along which you can structure the given information chronologically:
i.evolution of the industry in which the enterprise operates (e.g., changes in technology, customer needs, competitive landscape)
evolution of strategy - business, technology, and market - of the enterprise
evolution of technology (including manufacturing), product platforms, and product lines of the enterprise
the technology, product, and process development process within the enterprise
growth (or decline) of the enterprise with respect to market share, revenues, costs, profits, etc.
organizational structure of the enterprise
key decisions made at different stages in the life of enterprise, and the drivers for these decisions
4.Make extensive use of figures, tables, trees, etc. to shape your thinking during the structuring process. 
5.Draw conclusions, answer questions, resolve issues, and make recommendations using the structured information in Step 3.