Homework
In this homework, we will address risk tolerance and planning for risk. Project managers are responsible for collaborating with teams to create mitigation and contingency plans for certain risks in a project proposal. This homework explores the differences between risks that can be mitigated and those that need to have a contingency plan. Risks are constant in any projects you will be on; understanding how to manage them will be a key factor to your success in the role of project manager.
In your Risk Management Plan (RMP), include the following:
a. Risk analysis: Develop and provide support for the acceptable level of risk that your project is willing to absorb.
b. Risk identification: Identify the project team members and stakeholders that are involved in the decision process and why each decision maker is critical to the process.
c. Probability of Risk: Review the RAID log created in Topic 4. Rank each risk in one of three rankings: high, medium, or low, for both impact to the project if the risk is realized and the probability of the risk being realized during the project. Using this information, create a probability matrix to depict the different levels of risk and fill it out during the final step of this homework.
d. Risk response planning: Create a contingency or mitigation plan depending upon the risk levels identified. Any risks ranked as "medium" or "high" that lack a risk management plan will require justification as to why no plan is needed.
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.