Assignment: Project Risk And Mitigation
Instructions
In Milestones One and Two, you dug into the scenario involving the student degree progress project at Regatta University. In Milestone One, you examined project roles then described the project in concise form. In Milestone Two, you analyzed the work assigned to a technical role in relation to an integrated project schedule then envisioned a new project element and its implications for the project timeline.
Now, in Milestone Three, you will draft two key sections of your final project. In this milestone, you will identify and describe a project risk from the list of risks included in the Project Management Document Excel workbook, then you will recommend risk mitigation strategies.
Specifically, in this milestone, you will compose Sections II and III of the final project.
Section II includes selecting a specific risk, explaining why that risk needs attention, and explaining why it should be addressed. You will also explain the implications for the project if this risk is not addressed.
Section III is a recommendation for a risk mitigation strategy. Here, you will explain the steps to be taken to mitigate the risk and how these actions may affect the project. You will then explain why your proposed strategy is the best course of action.
Project Risk and Mitigation
Overview: In Milestones One and Two, you specifically focused on Section I of your final project. In Milestone Three, you will advance toward successful completion of your final project, the risk analysis and mitigation memo, by drafting key components of the project. Specifically, you will draft Sections II and III of the project-the project risk description (Section II) and the risk mitigation recommendation (Section III). At this point in your learning experience, these items have not been further broken down.
In the project, and here in Milestone Three, you will analyze and recommend mitigation strategies for one project risk. Refer to the risk matrix in the Project Management Documents Excel workbook to select a project risk to focus on before you proceed. You may pick any one of these risks depending on which area you mean to speak to. You do not need to pick the most likely or significant risk. The risk you choose to focus on must come from this list.
Prompt: Specifically, Milestone Three must address the following critical elements:
I. Project Risk: Select a risk from the list in the Project Management Documents workbook. Using this Excel workbook as a guide, provide detailed information about the specific project risk.
A. Explain why this risk requires attention. Support your response with examples from the Project Management Documentsworkbook.
B. Describe any dependencies within the project that may be affected by this risk. Provide specific examples from the project management
documentation to support your response.
C. Explain the implications for the project within the context of the triple constraint if this risk is not addressed.
II. RiskMitigation: Using all available project documents as guides, recommend a risk mitigation strategy.
A. Explain the steps that need to be taken in order to mitigate the identified risk.
B. Explain in detail how the proposed mitigation strategy will affect the project. Include any tradeoffs that must be made to accommodate the mitigation strategy, and consider the triple constraint and any other variables that you deemimportant.
C. Defend why your proposed mitigation strategy is the best course of action for the project team.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.