Create a project risk management document using the elements from the write up below.

In Chapter 15 we learn about communication planning. Communication is often taken for granted by us all. Yet, like any other process in project management, communication between all stakeholders, regardless of importance, position or input, must be managed if it is to be both efficient (doing things right) and effective (doing the right things). How do you communicate a sense of direction, excitement, urgency, commitment and enthusiasm? How can you communicate the tradeoffs required to the relevant stakeholders when pressure is applied to the project? PMBOK (2013) defines project communications management as the processes required 'to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and the ultimate disposition of project information'. Despite the long definition, PMBOK has thankfully narrowed the processes down to just three: plan communication management, manage communications and control communications which emphasis on the project manager communicating with team members, leaders, and other project stakeholders.

In Chapter 16 we learn about the Risk Management Planning process. One of the givens in most projects is the idea of risk in some shape or form. The other given is that risk is not a static or fixed concept. In fact, risk is one of the most fluid forces the project team will need to manage throughout the life of the project. PMBOK (2013) defines risk management as the processes of conducting risk management planning, identification, analysis, response planning and controlling risk on a project. It is therefore apparent that the goal of risk management is to ensure that a viable risk-response mechanism is in place to reduce the probability of trauma (or increase the probability of opportunity) in the project, and proactively manage risk. Risk management involves agreeing how the risk management activities will be planned and conducted, identifying the risks, qualifying and quantifying these risks, and developing targeted responses, along with monitoring and evaluating the effectiveness of the risk processes.

Question to Answer:-

• Planning - describe your strategy for handling risks in your project.
• Identification - list at least seven negative risks and three positive risks for your project.
• Qualitative analysis - use a probability and impact matrix, past experience, or some other technique to prioritize the risks.
• Quantitative analysis - based on the prioritization of the risks, determine a number for each risk such as a monetary figure or days the risk event will affect the project if the risks occur.
• Response planning - determine the strategy to handle each of the risks: Escalate, exploit, enhance, share, or accept for positive risks and escalate, avoid, mitigate, transfer or accept for negative risks.
• Response implementation - assume three of the risk events occurred and describe how the responses you chose worked to handle each risk.
• Monitoring - describe how you will monitor your project for new risks and review the implementation of responses for risks that have occurred. Tools such as data analysis, audits and meetings can be used for monitoring.