Considering the project on Ocean Gate $[$Titan$]$ tragedy: Develop a detailed Risk Management Plan for the project.

A$-$ Project Components:

$1-$ Planning Risk Management:

$$ Develop a detailed Risk Management Plan for the selected project.

$$ Define roles, responsibilities, and communication strategies for the project's risk

management team.

$$ Establish the criteria for risk categorization and prioritize risk responses.

$2-$ Identifying Project Risks:

$$ Utilize techniques such as brainstorming and checklists to identify potential risks.

$$ Document identified risks in a Risk Register, including descriptions, potential impact, and initial assessment.

$3-$ Performing Qualitative Risk Analysis:

$$ Categorize risks based on their potential impact and probability of occurrence.

$$ Assess the qualitative impact of identified risks on project objectives.

$$ Prioritize risks for further analysis based on qualitative assessments.

$4-$ Performing Quantitative Risk Analysis:

$$ Utilize quantitative methods such as Monte Carlo simulation to assess the probabilistic impact of risks.

$$ Develop a probability distribution for key project variables.

$$ Evaluate the potential cost and schedule impacts of identified risks.

$5-$ Developing Risk Response Strategies:

$$ Formulate risk response strategies for high$-$priority risks, considering both positive and negative risks.

$$ Develop contingency plans and fallback plans where applicable.

$$ Ensure alignment of risk response strategies with project objectives.

$6-$ Monitoring and Controlling Risks:

$$ Establish a robust monitoring and control framework for ongoing risk management.

$$ Develop Key Performance Indicators $($KPIs$)$ for tracking project progress and risk status.

$$ Implement regular risk review meetings and updates to the Risk Register.

B$-$ Project Deliverables:

$1-$ Project Description:

$$ Provide a concise yet informative project description outlining the key features and objectives.

$$ This serves as an introduction to the overall project and its significance.

$2-$ Project Report :

$$ Deliver a comprehensive report covering the project components and key aspects of the risk management process.

$$ Project Report Rubric will be provided separately.

$3-$ Project Presentation:

$$ Deliver a project presentation summarizing key aspects of the risk management process.