Question: Create a document with the following sections. Complete the requirements of each section related to project risk management for your selected project. This document should
Create a document with the following sections. Complete the requirements of each section related to project risk management for your selected project. This document should be to pages, including the cover page and reference page.
Cover Page: Include your name, the project or company name, and the course name and number.
Risk Strategy: Describe the general approach to managing risk on your selected project. This could include:
Risk Management Philosophy
Objectives of Risk Management PLAN This bullet is a must. This must be aligned to the project objectives
Methodology: In this section, outline the risk management methodology and list the processes being used
Risk Management Approach: Is this traditional project management, waterfall, or Agile?
Risk Management Processes: List and briefly describe the specific risk management processes that will be employed throughout the project's lifecycle. For example, these processes may include risk identification, risk assessment qualitative and quantitative risk response planning, and risk monitoring and control.
Roles and Responsibilities: Create a table or chart to define the roles and responsibilities of at least six stakeholders involved in risk management. For each stakeholder, specify their role, responsibilities, and how they impact or are impacted by the project.
Project's risk tolerance and stakeholder risk appetite: Describe the measurable risk thresholds that provide the level of overall acceptable project risk exposure.
Project's Risk Tolerance: Define Low, Medium, and HighRisk Tolerance as a of deviation from the planned budget and schedule. Likewise, quality tolerance can be defined here.
Stakeholder Risk Appetite. Ex
image.png
Definition of risk probability and impact scale: The definitions of P and I must be against your project objectives For the purpose of this course, the project objectives are completing the project on budget, schedule, and with quality. Nonetheless, there might be other project objectives such as reputation or operability, among others
Timing: Outline the schedule for risk management activities throughout the project's lifecycle. Describe when risk identification, assessment, response planning, and monitoring activities will occur. Optional: You may create a timeline or a Gantt chart to visualize the timing of these activities.
Reporting Format: Define how the outcomes of the Project risk management process will be documented, Analyzed, and communicated.
Risk Register: Provide an image of the risk register and explain each of its columns eg risk ID description, probability, impact, risk score
ProbabilityImpact Matrix PxI: Include an image of the PxI matrix and explain how it is used to prioritize and assess risks based on their probability and impact.
References: Add any resources you used such as company websites or textbooks. Use APA formatting.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
