Assignment 2: Risk Management Plan
In this assignment, you will create a risk management plan. You have a budget of $100,000 and a timeline of six (6) months for the plan. Please refer to Figure A-1, Risk Management Plan Template, from Appendix A of the Hillson and Simon text to create the plan.
Write an eight to ten (8-10) page Risk Management Plan Component paper in which you:
1. Prepare the Scope and Objectives of the Risk Management Process section of the Risk Management Plan based on the facts presented in the case study.
2. Determine the project size, based on the facts presented in the case study, and provide justification based on Figure 3-4, Example Project Sizing Tool (Chapter 3 of the Hillson and Simon text).
3. Select the risk tools and techniques, and complete the Risk Tools and Techniques section of the Risk Management Plan for both the qualitative and quantitative aspects of the project. Provide a rationale for the selection.
4. Develop the Risk Reviews and Reporting section of the Risk Management Plan based on the project size previously determined.
5. Define the Probability and Impacts section of the Risk Management Plan and justify the values assigned.
6. Define the Risk Thresholds section of the Risk Management Plan and justify the values assigned.
Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
• Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
• Apply the concepts of risk management in a project context to develop an appropriate risk management plan as a key element of the project management process.
• Survey the project sponsor, stakeholders, team membership and key decision influencers to develop a qualitative assessment of the project risks and apply the results to further refine the project risk management plan.
• Create a schedule of project risk reviews appropriate to the organization and risk including major, minor, and post-project threats and opportunities, including archiving the results of the project risk plan is incorporated into this schedule.
• Use technology and information resources to research issues in project risk management
• Write clearly and concisely about project risk management using proper writing mechanics.