A risk management plan is “a component of the project, program, or portfolio management plan describes how risk management activities will be structured and performed.” For the purposes of this class, the risk management plan will contain the potential risk events that could impact a project, risk analysis results, risk response plans, and the methods of monitoring risks.
The definition above is taken from the Glossary of Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Sixth Edition, Project Management Institute Inc., 2017.
Risks are events that can impact a project; by focusing on these potential events, project managers and other stakeholders can reduce the impact of these events on the project. For example, a risk for a hardware replacement project could be that the technology may change prior to completion of the project. One way to reduce the impact is to have contract terms with the hardware vendor to obtain the newest hardware.
By completing the project risk management plan in class, 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 a risk management plan based on a project of your choosing.
Some examples of projects include 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.
You can also view sample projects from one of the following Web sites:
Rutgers Business School
Note: You will use this project for the duration of this course.
Click here to download a Word template for your project, or use the following shell to create your risk management plan:
Risk Management Strategy and Plan Document Shell
Use Microsoft Word
Course number and name
Table of Contents
Use autogenerated TOC
Maximum of 3 levels deep
Be sure to update the fields of the TOC so it is up-to-date before each submission.
Section Headings (create each heading on a new page with TBD as content except for the sections you are working on each week)
Risk Management Justification
Project Risk Identification
Project Risk Analyses
Project Risk Response Strategy
Project Risk Monitoring
Project Risk Communications Plan
Create the document shell using the given template or the criteria above. The section headings should be centered and should each begin at the top of a new page.
Page 1 – Title Page
Page 2 – Table of Contents
Page 3 – Project Outline
Page 4 – Project Risk Identification
Page 5 – Project Risk Analyses
Page 6 – Project Risk Response Strategy
Page 7 – Project Risk Monitoring
Page 8 – Project Risk Communications Plan
Page 9 – References
This week, you will complete the Project Outline section. This is the overview of your project to include the project deliverable. You must include the following in this section:
Describe your project and the project deliverable
Identify the method for your project: agile or waterfall. Discuss why you chose this method. You will need to explain that again for your Sponsor in a memo in Unit 5.
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.
Complete the Project Risk Identification section.
List at least 5 risks for your project. These risks can be in categories such as weather, finances, resources, government oversight, unions, technology, and other areas.
NOTE: Be sure to include the pages with only section headings and TBD as the content that will be completed in later units
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