Homework: Risk Response Plan
This homework provides the opportunity to review risk management practices and create handling actions for analyzed risks. To do this you will complete the following steps:
1) At the end of this homework, you will submit your Risk Register - filled out with identified risks, risk analysis and risk response plans
2) For all required risks, identify the risk response.
3) Be very clear on the risk response strategy, how it will be implemented and the planning deliverables that will be changed to integrate the risk response. Do not just note that a risk will be mitigated - explain how it will be mitigated. What is the action plan for implementing that strategy? How do these actions integrate with other planning deliverables (i.e. what gets added to the WBS, does an estimate change?)
4) Re-asses the risk based on the handling actions- did the response strategy reduce the probability and impact below the threshold value (as will be set in the Risk Management Plan). If not, what additional actions need to be taken?
5) Consider the use of multiple responses for critical risks
6) Create a contingency plan for those risks that require this based on your determined guidelines .
7) Identify and analyze secondary risks created by the risk responses. Note any responses needed.
8) Include a summary paragraph sharing how response plans were developed, what was effective about the process and what you might do differently moving forward.
Project Risk Management
Overview and Rationale
In order to demonstrate proficiency with the content in this course we will complete a number of different assignments to validate your learning - and allow you to implement relevant practices a real-world setting.
Program Level - Student Learning Outcomes:
1) Create a risk management plan to determine how both positive and negative risks will be identified, analyzed and managed
2) Articulate the value and benefits of creating an effective approach to planning for project risk management
3) Identify project related risks and their drivers by integrating best practices, tools and techniques
4) Analyze risks using qualitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders
5) Analyze risks using quantitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders
6) Recommend risks for risk response planning or watch list
7) Devise a risk response plan based on appropriate techniques and strategies that would meet stakeholders' expectations
8) Execute the risk management plan to continuously monitor risks and risk responses
9) Describe how organizational and cultural factors may undermine implementation of effective risk management and develop strategies to overcome these factors
Format your homework 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 homework, 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.
Learning Objectives
1) Classify Positive and Negative Risk Response Strategies
2) Craft response strategies to ensure the responses are effective for the risk and its impact (can be more than one)
3) Integrate risk response strategies into project plan (knowledge, application)
4) Reassess risk post-response plan to confirm effectives of risk response plan
5) Analyze and craft response to Secondary risks
6) Determine actions for Residual Risks
7) Communicate risk response strategies and post-analysis through the Risk Register
8) Produce recommendation for Contingency Reserve
9) Evaluate impact of risk response strategy to other risks and their response strategies
10) Distinguish between Contingency vs. Management Reserve.
Attachment:- Project-Scenario-Case-Study.rar