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:
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:
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:
Please submit your assignment. For assistance with your assignment, please use your text, Web resources, and all course materials, including the Project Management Center.
Alexander, 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 (2017). Project management body of knowledge (PMBOK® Guide) – Sixth Edition, Project Management Institute Inc., 2017.
Rutgers. (2017). Sample projects. Retrieved from http://www.business.rutgers.edu/mba-team-consultin…