Question: A risk management plan is "a component of the project, program, or portfolio management plan describes how risk management activities will be structured and performed" (Project Management Institute, 2013, p. 560). For the purposes of this class, the risk management plan will contain the potential risk events that could impact a project, risk analysis results, risk response plans, and the methods of controlling risks.

Risks are events that can impact a project; by focusing on these potential events, project managers and other stakeholders can reduce the impact of these events on the project. For example, a risk for a hardware replacement project could be that the technology may change prior to completion of the project. One way to reduce the impact is to have contract terms with the hardware vendor to obtain the newest hardware.

By completing the project risk management plan in class, you will be able to understand methods of identifying risks, performing risk analyses, determining risk responses, and controlling risks.

Assignment Details

Part I: For this assignment, you will develop a risk management plan based on a project of your choosing. Some examples of projects include the following:

• Replacing computers in an office building

• Improving a claims process

• Developing a marketing strategy

• Building a bridge

• Taking inventory in a warehouse

• Creating a new software program for a bank

You can get ideas for projects based on your experiences. For example, if you have a marketing background, the development of a marketing strategy may be a good choice. If you have experience in software, the development of software for a company could be an option.

You can also view sample projects from one of the following Web sites:

• Rutgers Business School

• CIO

Note: You will use this project for the duration of this course.

Click here to download a Word template for your project, or use the following shell to create your risk management plan:

1. Risk Management Strategy and Plan Document Shell

- Use Microsoft Word

- Title Page

- Course number and name

- Project name

- Student name

- Date

- Table of Contents

- Use autogenerated TOC

- Separate page

- Maximum of 3 levels deep

- Be sure to update the fields of the TOC so it is up-to-date before each submission.

2. Section Headings (create each heading on a new page with TBD as content except for the sections you are working on each week)

1. Project Outline

2. Risk Management Justification

3. Project Risk Identification

4. Project Risk Analyses

5. Project Risk Response Strategy

6. Project Risk Controlling

7. Project Risk Communications Plan

Part II

1. Create the document shell using the given template or the criteria above. The section headings should be centered and should each begin at the top of a new page.

Page 1 - Title Page

Page 2 - Table of Contents

Page 3 - Project Outline

Page 4 - Project Risk Identification

Page 5 - Project Risk Analyses

Page 6 - Project Risk Response Strategy

Page 7 - Project Risk Controlling

Page 8 - Project Risk Communications Plan

Page 9 - References

2. This week, you will complete the Project Outline section. This is the overview of your project to include the project deliverable. You must include the following in this section:

- Describe your project and the project deliverable

- Identify the method for your project: agile or waterfall. Discuss why you chose this method

- Discuss the overall risk management strategy for your project

- Describe the high levels of risk categories you believe risk events may occur in, such as technological, vendor, customer, employees, government, weather, and so on.

3. Complete the Project Risk Identification section.

- List at least 5 risks for your project. These risks can be in categories such as weather, finances, resources, government oversight, unions, technology, and other areas.

4. NOTE: Be sure to include the pages with only section headings and TBD as the content that will be completed in later units

Please submit your assignment. For assistance with your assignment, please use your text, Web resources, and all course materials, including the Project Management Center.