{"id":11653,"date":"2022-06-15T22:57:45","date_gmt":"2022-06-15T22:57:45","guid":{"rendered":"https:\/\/highclasswriters.com\/blog\/?p=11653"},"modified":"2022-06-15T22:57:46","modified_gmt":"2022-06-15T22:57:46","slug":"project-risk-management","status":"publish","type":"post","link":"https:\/\/highclasswriters.com\/blog\/project-risk-management\/","title":{"rendered":"Project Risk Management"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Using the&nbsp;PMBOK Guide&nbsp;and a provided template, develop a risk management plan for a given scenario or a real-world project of your choice.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Introduction<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Project risk management is the &#8220;processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project&#8221; (Project Management Institute, 2017, p. 569).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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), &#8220;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&#8221; (p. xviii).<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Reference<\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Cooper, D., Grey, S., Raymond, G., &amp; Walker, P. (2014).&nbsp;Project risk management guidelines: Managing risk in large projects and complex procurements&nbsp;(2nd ed.). Hoboken, NJ: John Wiley &amp; Sons.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Project Management Institute.&nbsp;<em>Guide to the Project Management Body of Knowledge (PMBOK\u00ae Guide) \u2014 Sixth Edition and Agile Practice Guide<\/em>. Newtown Square. PA. 2017.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Scenario<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">For this assessment, choose either Option A. You do not need to do both. Faculty will grade both options using the same scoring guide.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Option A:&nbsp;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&nbsp;Cosmo, Inc. Case Study [DOC]&nbsp;document for more information.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Develop a risk management plan for your project. Use the&nbsp;Risk Management Plan Template&nbsp;and the&nbsp;<em>PMBOK\u00ae Guide&nbsp;<\/em>to complete this assessment:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Analyze the project introduction and project risk principles.<\/li><li>Identify project risks (both positive and negative).<\/li><li>Create a Risk Matrix Legend.&nbsp;<ul><li>Probability Level \/ Criteria \/ Color Code.<\/li><li>Impact Level \/ Criteria \/ Color Code.<\/li><\/ul><\/li><li>Create your Project Risk Matrix. Identify a&nbsp;minimum&nbsp;of 10 potential risks (positive or negative).&nbsp;For each risk:<ul><li>\u200b\u200bDescribe the risk.<\/li><li>Identify the probability rating.<\/li><li>Identify the impact of the risk to the project.<\/li><li>Identify response or solution for the risk.<\/li><li>Explain the action plan for the response or solution to the risk.<\/li><li>Identify the responsible person for each action.<\/li><li>Identify the status of each action.&nbsp;<\/li><\/ul><\/li><li>Create your Risk Monitoring and Control Strategy:&nbsp;<ul><li>Define the Review and Action Plan for identified and unidentified risks.<\/li><li>Establish a Review process.<\/li><li>Establish a Reporting process.<\/li><\/ul><\/li><\/ol>\n\n\n\n<h5 class=\"wp-block-heading\">Preparation<\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Use the provided template develop the deliverables for this assessment. This assessment has one deliverable:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Deliverable 1:&nbsp;Complete the Project&nbsp;Risk Management Plan Template.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Deliverable Format<\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>References:&nbsp;There is no set number of references required for this assessment. Use scholarly or academic sources where applicable.<\/li><li>Format:<ul><li>Utilize the&nbsp;Risk Management Plan Template.<\/li><li>All assessments are professional documents and should therefore follow the corresponding&nbsp;Academic and Professional Document Guidelines, including single-spaced paragraphs.<\/li><li>Use APA style and format for any references and in-text citations.<\/li><\/ul><\/li><li>Length:&nbsp;Utilize the template, including the title page and the Reference page.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Evaluation<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Competency 1: Create a project plan, including all subsidiary plans, to deliver project outcomes that meet stakeholder expectations.&nbsp;<ul><li>Analyze the project introduction and project risk principles.<\/li><li>Identify project risks both positive and negative.<\/li><\/ul><\/li><li>Competency 2: Lead teams, users, stakeholders, and sponsors.&nbsp;<ul><li>Create a risk matrix legend.<\/li><li>Create project risk matrix.<\/li><\/ul><\/li><li>Competency 3: Communicate formally and informally with project stakeholders and sponsors.&nbsp;<ul><li>Communicate in a manner representing a project professional.<\/li><\/ul><\/li><li>Competency 4: Establish change-control processes, and use the tools and techniques to assure approvals.&nbsp;<ul><li>Create risk monitoring and control strategy.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Using the&nbsp;PMBOK Guide&nbsp;and a provided template, develop a risk management plan for a given scenario or a real-world project of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11653","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - 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