[Get Answer ]-Project Risk Management 3

Question Description


Part 1 400–600 words and references Project Risk Management

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Risks can occur as a result of both known risks,suchas for newer tasks there may be a learning curve that causes delays in thedelivery of a task, and unknown risks, such as events like anearthquake or tsunami. Also, some suggest that they take calculatedrisks, where careful consideration is taken before taking on a challenge.Risk management, in essence, is doing the same thing in a more formalized process.The discussion assignment for this week will be an evaluation of how riskmanagement can be a contributor versus an inhibitor to a project.

The following Discussion Board task will assist you inevaluating various types of risk. Research at least 2 sources (which mayinclude your textbook) to support your response.

  1. Describea project that you were involved with, or are familiar with, and the typesof risks (at least 5) that occurred.
  2. Howwere these risks handled or mitigated?
  3. Whenthe risk occurred, what impact did it have on the overall project, such asfrom a cost and schedule-deadline perspective?
  4. If arisk management process was not in place, explain why it may have helped.If a process was in place, did it help, and why?

Write 2 more paragraphs that are an introduction andconclusion to this topic. Be sure to include your references, and format yoursubmission in APA format

 Part 2 Project Risk Management 2,500–4,000 words, including many empty sections, in aWord document  


Risks fall in a few categories, known and unknown. It isextremely important in any project to effectively plan for both with acontingency budget and resources because some will happen. In this class, youare asked to develop a Risk Management Strategy and Plan that identifiespotential risks, ranks them by impact and likeliness, contains mitigationstrategies, and includes a way to control and communicate them. You will selecta project that you may have developed in a previous class or a known project inyour organization to create this strategy and plan for.

Throughout this course, you will be working on developingseveral components of a final Key Assignment. Additional information and thedeliverables for each Individual Project will be provided in the assignmentdescription for this project.

In this first Individual Project, you are asked todevelop the outline of the sections that will be included in the “RiskManagement Strategy and Plan” document and a draft of a proposal to submit toyour instructor. The other information you will include is a high-leveldescription of the project you will be conducting the risk analysis on.

You will also be setting up the final Key Assignmentoutline that you will add to each week. The combined Individual Project (IP)assignments will be your final Key Assignment deliverable.

Project Selection:

The first step will be to select a project that you todevelop a risk management strategy and plan for. This project will be used asthe basis for each of the assignments throughout the course and should conformto the following guidelines:

  1. Nontrivial: Theselected project candidate should reflect a real-life project that has atleast the major milestones identified.
  2. DomainKnowledge: You will be applying knowledge of this project to addressassignments related to identifying and analyzing risks.

Select a project that fits these requirements, and submityour proposal to your instructor before proceeding further with the assignmentsin the course. Approval should be sought within the first few days of thecourse. Your instructor will tell you how to submit this proposal and whatnotification will be given for project approval.


Your first task in this process will be to select aproject to use as the basis of your Key Assignment. You will also create theshell document for the final project Key Assignment document deliverable thatyou will be working on throughout the course. As you proceed through eachproject phase, you will add content to each section of the final document togradually complete the final project delivery, which is the Risk ManagementStrategy and Plan.

The following project deliverables:

  1. Submitproject proposal to instructor for approval
  2. RiskManagement Strategy and Plan Document Shell
  • UseMicrosoft Word
  • TitlePage
  1. Coursenumber and name
  2. Projectname
  3. Studentname
  4. Date

Tableof Contents

i. Use auto-generated TOC

ii. Separate page

iii. Maximum of three levels deep

iv. Be sure to update the fields of the TOCso it is up-to-date before submitting your project.

  1. SectionHeadings (create each heading on a new page with TBD as content except forsections listed under “New Content” below)

 . Project Outline

i. Risk Management Justification

ii. Project Risks Identification

iii. Project Risks Assessment

iv. Project Risks Responses Strategy

v. Project Risks Management Plan

vi. Project Risks Monitoring & ControlPlan

vii. Project Risks WBS & Budget Updates

viii. Project Risks Communications Plan

  1. NewContent to be Inserted in Above Shell
  • ProjectOutline

 . Brief description of the project. 

i. The milestones and/or WBS for theproject.

ii. Material can be taken from approvedproposal submitted to the instructor, and this will serve as the draft for theproposal.

iii. Be sure this project is approved by theinstructor.

  1. RiskManagement Justification

 . Discuss why risk management is soimportant to the success of the selected project in a letter to the projectsponsor.

i. Describe the steps that will be used todevelop the Risk Management Plan.

ii. Represent this process in a flow diagramas well.

    1. ProjectRisks Identification

 . Start brainstorming, at a high level, onsome categories where risk could occur in this project (Note: you will continuethis brainstorming activity in the next week with specifics, likelihood, andimpact).

Name the document yourname_MPM344_IP1.doc, and submit thedocument for grading.

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