Project Risk Management

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Week 5

This week, you will finalize your project risk management plan. You will use the template provided in Unit 1 to complete the items in the Project Risk Communications section.

  • Fill out the communications matrix for communicating the risk elements to your project stakeholders. The matrix should include the following:
    • Individual stakeholders (who)
    • Risk content (what)
    • Method used to transmit the information (how)
    • Frequency (when)
  • Write a memo to the project sponsor describing the risk approach, the appropriateness of the risk identification process, an overview of the risk analyses activities, the response strategies you did not use, and improvement ideas to use in future projects.

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Project Risk Management

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Summative Discussion Board

Review and reflect on the knowledge that you have gained from this course. Based on your review and reflection, write 300–500 words responding to the following questions:

  • What were the most compelling topics that you learned in this course?
  • How did participating in discussions help your understanding of the subject matter? Is anything still unclear that could be clarified?
  • What approaches could have yielded additional valuable information?

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Project Risk Management

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Assignment Details

Risk mitigation is a strategy to prepare for and lessen the effects of a threat or to decrease the likelihood of occurrence. For this unit, you will use the provided template to complete the Project Risk Controlling sections. First, you will discuss and develop a plan for reviewing and monitoring the risk responses on any given project. Second, you will develop a plan for identifying new project risks.

This section should discuss how the project manager would work with project stakeholders to review the current risk response plan and identify an approach and a mechanism to identify and develop a risk mitigation strategy for new risks.

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Project Risk Management

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The monitor risk process involves implementing risk response plans, tracking and monitoring identified risks, identifying and responding to new risks as they occur, and improving the risk management process. This enables decisions to be made with the most current information about overall and individual project risks.

Review the Risk Management in Projects article and discuss the following questions:

  • What do you think about the project risk management methodology the author discussed in this article? Share examples to support your perspective.
  • In the conclusion section, the author explains, “risk management is not the end of the activity in terms of efficient risk management. It is a constant learning process for project managers to continually improve their practices to increase the efficiency of the process”. Do you agree with this conclusion? Why or why not? Share examples from the article or real life experience.
  • Choose one of the risk monitoring principles discussed in the article. How would you use it in the process of planning and conducting the project?

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Project Risk Management

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This week, you will use the provided template to complete the Project Risk Analyses and Risk Response Strategy sections. You may use those risks that you identified in Unit 2 or come up with new ones based on a different project scenario of your choosing.

  • Complete the Project Risk Analyses section by doing the following:
    • For at least 5 risks, perform a qualitative risk analysis, and complete the probability and impact matrix.
    • For at least 5 risks, perform a quantitative risk analysis, and complete the quantitative risk analysis results matrix.
    • For each risk, estimate the probability of occurrence and the potential impact level using scales of 1–5, with 1 being the lowest probability and potential impact.
  • Complete the Project Risk Response and Implementation Strategy section by doing the following:
    • For the above risks, determine the type of response strategy that you will use for each.
    • Describe your response strategy for each. Describe the specific method of handling each risk.
      • Strategies for positive risks include accept, enhance, exploit, and share.
      • Strategies for negative risks include accept, mitigate, avoid, and transfer.

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Discussion Board

Risk response strategies are the ways in which risks can be handled if they occur. For negative risks, the appropriate strategies are the following:

  • Accept
  • Mitigate
  • Avoid
  • Transfer
  • Escalate

For positive risks, the strategies are as follows:

  • Accept
  • Enhance
  • Exploit
  • Share
  • Escalate

Respond to the following questions:

  • Describe the Plan Risk Response process and share an example of three tools and techniques used. Why is it critical for project managers to have a risk response strategy in place?
  • Describe one positive and one negative risk for any project scenario and select the proper risk response strategy. Why do you think the strategy you chose is the best fit for the situation?
  • How will you work with the project team to determine the risk response and implementation strategies for each risk in your project?

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Project Risk Management

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Use this risk template to complete the Project Risk Identification sections as follows:

  • Describe at least 10 risks for your project (i.e., 5 negative and 5 positive). You may use the categories that you described in Unit 1 to help you define the risks or choose another project example.
  • List the risks identified in the Risk Register table in your template. Be sure to provide detailed descriptions of the risks and the potential impact on the project if the risk events were to occur.

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Discussion Board:

Risks are the negative or positive events that may occur and impact a project. Risks can impact all areas of project elements, such as the schedule, cost, budget, quality, and deliverable. 

Based on your knowledge or assigned readings, respond to the following questions: 

A common way to structure risk categories is with a Risk Breakdown Structure (RBS). Describe at least three risk categories and share two risk examples that might occur in each. Why do you think it is important to categorize risks on a project? 
A risk register provides information on threats and opportunities that may affect project execution. Describe your approach to creating a project risk register and keeping it maintained. Why do you think it is critical to engage stakeholders in this process? Share your thoughts and experience about the effectiveness of the risk register in helping keep a project on track. 
Describe the Probability and Impact Matrix. What are your thoughts about how you would use it in real life?

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By completing a project risk management plan, you will be able to understand methods of identifying risks, performing risk analyses, determining risk responses, and monitoring risks.

For this assignment, you will develop components of a risk management plan based on a project of your choosing.

Some examples of projects are the following:

  • Replacing computers in an office building
  • Improving a claims process
  • Developing a marketing strategy
  • Building a bridge
  • Taking inventory in a warehouse
  • Creating a new software program for a bank

You can get ideas for projects based on your experiences. For example, if you have a marketing background, the development of a marketing strategy may be a good choice. If you have experience in software, the development of software for a company could be an option.

Week 1 assignment

This week, you will complete the Project description (outline) sections of the template, as follows:

  • Briefly describe your project and the project deliverables.
  • Discuss the overall risk management strategy for your project.
  • Describe the high levels of risk categories you believe risk events may occur in, such as technological, vendor, customer, employees, government, weather, and so on.

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Project Risk Management

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This week, you will develop the risk management plan for your Capstone Final Project.

Risk Management Plan
Use the Risk Management Plan Template, provided in this week’s Learning Resources, as your guide. The requirements for the content and length of each section are provided in the template.

Before you answer the Risk Management Plan Template you have to read the attachment Files with the Assignment , ( Project Scope , Resources, Schedule and cost Template) and ( Stakeholder Engagement and Communications Plan)

You have to answers all elements mentioned in Project Risk Management Template related to my project in Detailed Accurately, 

ProjectRiskManagementTemplate

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