Using the PMBOK Guide and a provided template, develop a risk management plan for a given scenario or a real-world project of your choice.

Introduction

This portfolio work project, a project risk management plan, is based on your selected business or IT project. You may base your assessment on Cosmo, Inc., a developer and distributor of wearable technology, or use a project of your choice.

Project risk management is the “processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project” (Project Management Institute, 2017, p. 569). 

Risk management plays a critical role in projects. How the risks of a project are identified and managed can affect whether the project is completed on time and within budget and whether it is a success. According to Cooper, Grey, Raymond, and Walker (2014), “risk management assists project managers in setting priorities, allocating resources and implementing actions and processes that reduce the risk of the project not achieving its objectives” (p. xviii).

Reference

Cooper, D., Grey, S., Raymond, G., & Walker, P. (2014). Project risk management guidelines: Managing risk in large projects and complex procurements (2nd ed.). Hoboken, NJ: John Wiley & Sons.

Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.

Scenario

For this assessment, choose either Option A. You do not need to do both. Faculty will grade both options using the same scoring guide.

• Option A: Based on the analysis completed by a task force at Cosmo, Inc., the marketing department must develop, implement, and test a new marketing campaign focused on maintaining current customer levels and increasing their customer base through the utilization of new technology. Refer to the Cosmo, Inc. Case Study [DOC] document for more information.

Develop a risk management plan for your project. Use the Risk Management Plan Template and the PMBOK® Guide to complete this assessment:

1. Analyze the project introduction and project risk principles.
2. Identify project risks (both positive and negative).
3. Create a Risk Matrix Legend. 
   • Probability Level / Criteria / Color Code.
   • Impact Level / Criteria / Color Code.
4. Create your Project Risk Matrix. Identify a minimum of 10 potential risks (positive or negative). For each risk:
   • ​​Describe the risk.
   • Identify the probability rating.
   • Identify the impact of the risk to the project.
   • Identify response or solution for the risk.
   • Explain the action plan for the response or solution to the risk.
   • Identify the responsible person for each action.
   • Identify the status of each action. 
5. Create your Risk Monitoring and Control Strategy: 
   • Define the Review and Action Plan for identified and unidentified risks.
   • Establish a Review process.
   • Establish a Reporting process.

Preparation

Use the provided template develop the deliverables for this assessment. This assessment has one deliverable:

• Deliverable 1: Complete the Project Risk Management Plan Template.

Deliverable Format

• References: There is no set number of references required for this assessment. Use scholarly or academic sources where applicable.
• Format:
  • Utilize the Risk Management Plan Template.
  • All assessments are professional documents and should therefore follow the corresponding Academic and Professional Document Guidelines, including single-spaced paragraphs.
  • Use APA style and format for any references and in-text citations.
• Length: Utilize the template, including the title page and the Reference page.

Evaluation

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:

• Competency 1: Create a project plan, including all subsidiary plans, to deliver project outcomes that meet stakeholder expectations. 
  • Analyze the project introduction and project risk principles.
  • Identify project risks both positive and negative.
• Competency 2: Lead teams, users, stakeholders, and sponsors. 
  • Create a risk matrix legend.
  • Create project risk matrix.
• Competency 3: Communicate formally and informally with project stakeholders and sponsors. 
  • Communicate in a manner representing a project professional.
• Competency 4: Establish change-control processes, and use the tools and techniques to assure approvals. 
  • Create risk monitoring and control strategy.

Faculty will use the scoring guide to review your deliverable as if they were your immediate supervisor. Review the scoring guide prior to developing and submitting your assessment.