Project name: Los Angeles after-school program

Explain how risk management will be approached for the project.

• Describe the process you will use to identify risks. Who will you include? When will you conduct these activities? How will you document the results?
• Describe the source of project risks that you plan to use, such as weather, vendor, staffing, technology, etc.
• Document project risks in the risk register in columns A-F.
• Explain how risk measurement scales will be developed. Will you use a standard organizational set of measurements or define your own?
• Explain how risks will be prioritized based on the defined qualitative measurement scales.
• Document risk measurement scales and their meaning in the project risk register (in columns H-J). For example:
  • What does a "2" mean for probability? Is that 20% or 20-40%?
    • What does a "4" mean for impact? Is it (a) Project fails to meet one objective, or (b) Project exceeds budget or timeline by 20%?
• Use expected monetary value (EMV) as the quantitative method.
• Explain how risks will be prioritized based on the EMV method.
• Document the EMV risk measurement information in the project risk register in column K.
• Summarize the approach for developing risk response strategies. For example, which risks will you first attempt to avoid? Will you do it based on the risk factor score (P*I) or EMV?
• Describe the process you will use to determine risk triggers (the event that tells you that the risk event is imminent).
• Document the risk triggers in the project risk register in column G.
• Document risk response strategies (plans) for each risk in the project risk register in columns L-M. The risk response strategies should be derived from the eight strategies from the PMBOK (PMBOK Guide).
• Describe the method(s) you will use to monitor if risks are being triggered.
• Describe the method(s) you will use to identify and plan responses to newly identified risks.
• Describe the method(s) you will use to review and update any contingency reserves.
• Risk Register

A

B

C

D

E

F

G

H

I

J

K

L

M

Risk No.

Risk Name

Risk Event Description

Risk Impact Description

Risk Type

Risk Source

Risk Trigger

Impact Score 1 to 5

Prob. Score 1 to 5

Risk Factor P*I

EMV*

Response Type

Response

.

1

2

3

4

5

6

7

8

9

10