Please refer to the attached individual assignments to get an idea of the selected project
Risk Management Strategy
Section 1: Identification of Risk Sources (1,500 words)
Section 2: Assessment and Planning (1,500 words)
Section 3: Implementation (2,000 words)
Final Project Part 1: Risk Management Strategy
Section 1: Identification of Risk Sources (1,500 words from Unit 1)
In Unit 1, you selected a project on which you have previously worked or one with which you are familiar. You may also select one of the scenarios from the Managing Projects module if you prefer. You should select a project large-scale enough or complex enough that it would involve many risks, potential issues and stakeholders. For this section of your Final Project, do the following:
Describe your selected project. In your description, include specifics on what the project is producing or accomplishing. List specifics such as budget, timeline and schedule, if you know them.
Provide an analysis of the broad strategic business context of your selected project. Include details about the departments, stakeholders, location and area of business that may influence uncertainty, risks and issues related to this project. Explain why analysis of the business context is important in project risk appraisal.
Identify potential risks associated with your chosen project, using the Readings from Unit 1 as a guide. For each risk, identify the major stakeholders that should be included and consulted throughout the risk management identification and analysis for your selected project. Provide a rationale for your selection of each risk and the relevant stakeholders.
Section 2: Assessment and Planning (1,500 words from Units 3 and 4)
For this section of your Final Project, do the following:
Identify strategic management tools from your Readings and credible online sources that could be used to analyze risk associated with your selected project. Explain the impact of each of these tools on your project and how effective they are.
Prepare a detailed response plan for the selected risk area. Your response plan should include a probability and impact assessment, prioritization and identification of early warning indicators. In your response plan, also describe qualitative and quantitative tools that could be used to analyze risk associated with your selected project. Explain the impact and effectiveness each of these tools may have on your project.
Explain how you considered stakeholder risk tolerance. Would your planning for individual risks change depending on a stakeholder's tolerance for risk? If you had to prioritize the stakeholders depending on their risk tolerance, how would you still reassure those who were more risk tolerant?
Section 3: Implementation (2,000 words from Unit 5)
In Unit 5's Individual Assignment, you prepared an outline of a strategic risk plan. This plan is more of an overarching plan for risk than the risk response plan described in Section 2. Based on what you developed in Unit 5, expand your work and do the following:
o Provide your rationale for the following question: Given that risk registers are commonly used tools to manage and control risks, why do many projects fail?
o Prepare an outline of a strategic risk plan for your chosen project based on the findings from your selected risk register.
o Explain how this outline can inform your regular project reviews in order to build the project's risk profile. In your analysis, explore the following questions:
- Where in the life cycle of projects should risks be identified?
- What processes should be used to ensure that risk registers and other elements of a risk response plan are updated to reflect an accurate risk profile throughout the entire project?
- What role should stakeholders play in the development of risk registers?
Attachment:- Individual Assignment.rar