Business Question

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.

Click here to download a Word template to complete this assignment

. You will use this template to complete Individual Projects in Units 1–5.

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.

MPM344 Project Risk Management
Project Name
Your Name
Date
NOTE: The highlighted instructions should be followed while you work and deleted after the
information is added.
2
Table of Contents
Project Outline – Week 1………………………………………………………………………………………………….. 3
Project Description………………………………………………………………………………………………………. 3
Overall Risk Management Strategy ……………………………………………………………………………….. 3
Risk Categories …………………………………………………………………………………………………………… 3
Project Risk Identification – Week 2 ………………………………………………………………………………….. 4
Project Risks ………………………………………………………………………………………………………………. 4
Risk Register ………………………………………………………………………………………………………………. 4
Project Risk Analyses – Week 3……………………………………………………………………………………….. 5
Qualitative Risk Analysis …………………………………………………………………………………………….. 5
Quantitative Risk Analysis …………………………………………………………………………………………… 5
Project Risk Response Strategy – Week 3…………………………………………………………………………… 6
Risk Response Strategy………………………………………………………………………………………………… 6
Project Risk Controlling – Week 4 …………………………………………………………………………………….. 7
Plan for Reviewing Risk Responses ………………………………………………………………………………. 7
Identification of New Risks ………………………………………………………………………………………….. 7
Project Risk Communications Plan -Week 5 ……………………………………………………………………… 8
Communications Matrix ………………………………………………………………………………………………. 8
Memo to the Project Sponsor ………………………………………………………………………………………… 8
References ……………………………………………………………………………………………………………………… 9
3
Project Outline
Project Description
The project description should be an overview of the project.
Overall Risk Management Strategy
Discuss an overall strategy for determining risks in your project and how you will
continue to review risks.
Risk Categories
Determine the high-level categories in which risks can occur in your project, such as
technological, financial, vendor, internal, customer, and so on.
4
Project Risk Identification
Project Risks
Describe at least 5 negative risks and 5 positive risks that can occur in your project based
on the categories that you determined in Unit 1.
Risk Register
List the risks in the Risk Register, provide detailed descriptions of the risks, and discuss
the potential impacts on the project if the risk events occur.
Risk Category
Description of Risk
Potential Impact on Project
5
Project Risk Analyses
Qualitative Risk Analysis
Perform a qualitative risk analysis on the risks, and determine the priority of the risks
using the probability and impact matrix.
Risk
Probability of Occurrence
Potential Impact
Quantitative Risk Analysis
Perform a quantitative risk analysis on the risks that have been prioritized, and complete
the quantitative risk analysis results matrix.
Risk
Numerical Value (dollars, days etc.)
6
Project Risk Response Strategy
Risk Response Strategy
Describe the risk response strategies for each of your risks.
Risk
Risk Response Strategy
Description of Risk Response
7
Project Risk Controlling
Plan for Reviewing Risk Responses
Discuss your plan for reviewing the risk responses.
Identification of New Risks
Discuss the plan for identifying new risks in your project.
8
Project Risk Communications Plan
Communications Matrix
Complete the communications matrix for discussing risk elements with your
stakeholders.
Stakeholder
Risk Content
Method
Frequency
Memo to the Project Sponsor
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 responses strategies
that you did not use, and improvement ideas.
9
References
Project Management Institute. (2009). Practice standard for project risk management.
https://online.vitalsource.com/#/books/9781933890388/cfi/0!/4/4@0.00:0.00
Project Management Institute, A guide to the project management body of knowledge (PMBOK®
guide), Fifth Edition, Project Management Institute Inc. 2013.
https://online.vitalsource.com/#/books/9781935589815/cfi/0