In this assignment, 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 assignment 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:

1. Risk analysis: Develop and provide support for the acceptable level of risk that your project is willing to absorb.
2. 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.
3. 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 assignment.
4. 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.

Submit your assignment using the following format as one Word document for this assignment:

1. RMP
2. Embed or insert the updated RAID log for the project as an appendix to the RMP

Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.

Transcribed Image Text:

RAID Category Risk Risk Assumption Assumption Data Company will extract data Assumption Issue Dependency Issue Risk Risk Issue Dependency Risk Description Resources bottlenecks due to team members being assigned to parallel projects. Risk Impact Project Schedule Software does not fulfill company requiremer Data Migration Office is closed from Dec 20-January 7 Services Organization's data Data Company will clean up current system di Organization's data Covid prolongs service Project timeline Legal department must give approval before migration. Project Schedule Vendor equipment is outdated Long delivery time Inability to do required maintenance Data Loss Data Analysis must be done before Cost Plan Project Schedule Network Outage Overbudget Migration Service Project Timeline Services Organization as a whole Project Timeline and Overall Migration Project Timeline Owner Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Priority High Moderate Low Low Low Critical Moderate High High Moderate Critical Low High Critical RPN (for risks) 30 99998 10 10 40 40 60 10 10 60 30 30 50 40 90 Status Open Open Open Open Open Open Open Open Open Open Open Open Open Open RAID Category Risk Risk Assumption Assumption Data Company will extract data Assumption Issue Dependency Issue Risk Risk Issue Dependency Risk Description Resources bottlenecks due to team members being assigned to parallel projects. Risk Impact Project Schedule Software does not fulfill company requiremer Data Migration Office is closed from Dec 20-January 7 Services Organization's data Data Company will clean up current system di Organization's data Covid prolongs service Project timeline Legal department must give approval before migration. Project Schedule Vendor equipment is outdated Long delivery time Inability to do required maintenance Data Loss Data Analysis must be done before Cost Plan Project Schedule Network Outage Overbudget Migration Service Project Timeline Services Organization as a whole Project Timeline and Overall Migration Project Timeline Owner Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Priority High Moderate Low Low Low Critical Moderate High High Moderate Critical Low High Critical RPN (for risks) 30 99998 10 10 40 40 60 10 10 60 30 30 50 40 90 Status Open Open Open Open Open Open Open Open Open Open Open Open Open Open

Answer rating: 100% (QA)

Answer Risk Management Plan RMP Risk Analysis The acceptable level of risk for this project is determined based on the projects objectives stakeholder expectations and organizational risk tolerance Th... View the full answer