For this assignment, consider and discuss the degree to which the likelihood and impact of specific risks is anticipated to change during the Execution phase of the project life cycle. Conceive and discuss a procedure that the Project Manager could put in place to ensure that the project team identifies new risks, analyzes them, and plans for them throughout the Execution phase.
Select five of the risks you identified in your Week 2 assignment and create a titled section for each of them in your paper. Ensure that at least one of the risks you select is a positive risk (an opportunity). In that titled section, be sure to discuss the following for that specific risk:
(a) The degree to which you would anticipate the likelihood of that risk to change as the project moves through the Execution phase,
(b) The degree to which you would anticipate the Impact of that risk to change as the project moves through the Execution phase,
(c) Whether there is something specific that could reasonably expected to occur during the Execution phase that would eliminate that specific risk altogether (for example, the risk of not finding a contractor capable of completing the excavation for a building's foundation is eliminated once the excavation has been completed), and
(d) Whether changes in Likelihood and Impact would warrant a change from the originally-selected Risk Management Strategy (Accept, Mitigate, Avoid, Transfer, Exploit) to a different Risk Management Strategy and why or why not;
Following these five titled sections of the paper, create a section in which you conceive and discuss a procedure for managing new risks throughout the Execution phase.
Your paper should follow this outline:
- Introduction
- Risk 1
- Risk 2
- Risk 3
- Risk 4
- Risk 5
- Procedure for Managing New Risks during Execution
- Conclusion
Support your paper with a minimum of three (3) external resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.
Length: 5-7 pages, not including title and reference pages