Assignment Objectives - Controlling Project Risk
Explain how risk management is integrated as a component into the total project management approach.
Demonstrate basic competency in qualitative and quantitative risk analysis.
Employ the techniques for monitoring, communicating, and controlling risks to demonstrate an understanding of the concepts and purpose of risk management.
1200 words
For this assignment, you will determine how you will monitor the risks that you have projected, as well as the unknown risks that occur during the course of the project. You will also formulate a control plan once a risk has been identified during the monitoring process.
As part of the monitoring and control process, you will need to identify who plays what role in this process, also known as the risks responsibility plan. One method is to construct a RASI matrix that is similar to the following example:
Please note that the risk categories and names are very general in this example, and you will have more specific risk categories that are based.
Deliverables:
The overall project deliverables are the following:
1. Update the Key Assignment Document title page with a new date and project name.
2. Update previously completed sections based on instructor feedback.
3. Complete New Content below and copy it under the sections in the Key Assignment Document that are called "Project Risks Responsibility Plan" and "Project Risks Monitoring and Control Plan."
New Content
Project Risks Responsibility Plan
Include a responsibility matrix listing the stakeholders and project team members, with risk actions (or category of actions) along the top.
Next, fill in the table using the following letters, and refer to the examples in the Assignments section as "R" if they are responsible for monitoring and controlling the risk, "A" if they are the approver for taking action to respond to the risk, "S" if they have a support role in responding to the risk, and "I" if they only need to be informed. This is also known as a RASI chart.
Project Risks Monitoring and Control Plan
Include a detailed description of the overall monitoring process, including the techniques that will be used to monitor the existence and impact of individual risks.
Include a detailed description of the control process when a risk occurs.
Include a diagram flowchart to depict the steps in the control process from risk discovery through risk response.