Prior to class make enough copies of the Risk Management scenario sheets and the Follow-up sheets for everyone to get a copy. If you choose to use them also generate a project manager role sheet for each project group. There are 4 versions so depending on the number of groups in the class some project managers may be playing the same role. The students will work through the risk management exercise in their existing project groups.
At the beginning of class ask students to get into their project groups and hand out the Risk Management scenario sheets. If the project groups do not already have a project manager they are directed to select one in the scenario. This should be a short selection process or students should be instructed to select one prior to coming to class. Once students have selected a project manager you can optionally take the managers aside and hand out a project manager role (give only one role to each manager). Give them a few minutes to prepare for the exercise.
Next, direct students to begin the risk identification step. Twenty to 30 minutes should be enough time. Remind them that this is brainstorming not analysis so all potential project pitfalls should be considered. At the end of the exercise each group should have a list of the potential problems that could hamper the success of their projects. If the risk management process cannot be completed in one day this would be a good place to break.
Once risk identification is complete direct the students to start into the risk analysis phase. Twenty to 30 minutes should be adequate for risk analysis. At the end of this exercise each group should have a top 10 list of potential problems along with a likelihood and impact rating.
The last exercise for phase I is risk planning. Allow students 20 minutes to generate mitigation or avoidance plans for each of their top 10 risks.
Once the planning phase is complete pass out the follow-up questions. Have students begin to answer the questions on their own and begin a class discussion by having each project manager list his/her group’s top 10 risks on the board. Require students to turn in their top 10 risks (it works best to have it due at the start of the next class period so they can be typed). These will be used in a later assignment and are a good source of exam questions.