Introduction to Project Risk Management

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” (Project Management Institute, 2013, p. 560). 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 controlling risks.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 controlling risks. Assignment Details Part IFor 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 http://www.business.rutgers.edu/mba-team-consultin…CIO https://www.cio.com/article/3017781/project-manage…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
Title Page

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Course number and name
Project name
Student name
Date
Table of Contents

Use autogenerated TOC
Separate page
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)

Project Outline
Risk Management Justification
Project Risk Identification
Project Risk Analyses
Project Risk Response Strategy
Project Risk Controlling
Project Risk Communications PlanPart II
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 Controlling
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
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 Please submit your assignment. For assistance with your assignment, please use your text, Web resources, and all course materials, including the Project Management Center.ReferencesAlexander, M. (2015, December 30). 6 strategic projects any business can implement in 2016. CIO. Retrieved from http://www.cio.com/article/3017781/project-managem…Project Management Institute, A Guide to the Project Management Body of Knowledge (PMBOK© Guide), Fifth Edition, Project Management Institute, Inc. 2013.Rutgers. (2017). Sample projects. Retrieved from http://www.business.rutgers.edu/mba-team-consultin…
mpm344_individual_project_template.docx

Unformatted Attachment Preview

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 ……………………………………………………………………………………………………………….. 3
Project Description………………………………………………………………………………………………………. 3
Method (Agile or Waterfall) …………………………………………………………………………………………. 3
Overall Risk Management Strategy ……………………………………………………………………………….. 3
Risk Categories …………………………………………………………………………………………………………… 3
Project Risk Identification ……………………………………………………………………………………………….. 4
Project Risks ………………………………………………………………………………………………………………. 4
Risk Register ………………………………………………………………………………………………………………. 4
Project Risk Analyses ……………………………………………………………………………………………………… 5
Qualitative Risk Analysis …………………………………………………………………………………………….. 5
Quantitative Risk Analysis …………………………………………………………………………………………… 5
Project Risk Response Strategy ………………………………………………………………………………………… 6
Risk Response Strategy………………………………………………………………………………………………… 6
Project Risk Controlling ………………………………………………………………………………………………….. 7
Plan for Reviewing Risk Responses ………………………………………………………………………………. 7
Identification of New Risks ………………………………………………………………………………………….. 7
Project Risk Communications Plan …………………………………………………………………………………… 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.
Method (Agile or Waterfall)
Describe the method (agile or waterfall) that you will use in your 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 risks that can occur in your project based on the categories 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
Probability of Occurrence
Potential Impact
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
you did not use, and improvement ideas.
9
References
Project Management Institute. (2009). Practice standard for project risk management.
[Vitalsource version]. Retrieved from
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. [Vitalsource version].
Retrieved from https://online.vitalsource.com/#/books/9781935589815/cfi/0

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