Risk Response Plan
PJM 6015 – Project Risk Management - Week 4: Individual Assignment
Overview and Rationale
In order to demonstrate proficiency with the content in this course we will complete a number of different assignments to validate your learning – and allow you to implement relevant practices a real-world setting.
Program Level - Student Learning Outcomes:
- Create a risk management plan to determine how both positive and negative risks will be identified, analyzed and managed
- Articulate the value and benefits of creating an effective approach to planning for project risk management
- Identify project related risks and their drivers by integrating best practices, tools and techniques
- Analyze risks using qualitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders
- Analyze risks using quantitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders
- Recommend risks for risk response planning or watch list
- Devise a risk response plan based on appropriate techniques and strategies that would meet stakeholders’ expectations
- Describe how organizational and cultural factors may undermine implementation of effective risk management and develop strategies to overcome these factors
Execute the risk management plan to continuously monitor risks and risk responses
Week 4 Learning Objectives
Classify Positive and Negative Risk Response Strategies
Craft response strategies to ensure the responses are effective for the risk and its impact (can be more than one)
Integrate risk response strategies into project plan (knowledge, application)
Reassess risk post-response plan to confirm effectives of risk response plan
Analyze and craft response to Secondary risks
Determine actions for Residual Risks
- Distinguish between Contingency vs. Management Reserve
Essential Components of the assignment
In the previous assignment, you have identified risks that should be placed on a watch list or risks for which a response plan must be established. In this phase of risk management you will be developing your risk response plan. This assignment provides the opportunity to review risk management practices and create handling actions for analyzed risks. To do this you will complete the following steps:
- At the end of this assignment, you will submit your Risk Register - filled out with identified risks, risk analysis and risk response plans
- For all required risks, identify the risk response.
- Be very clear on the risk response strategy, how it will be implemented and the planning deliverables that will be changed to integrate the risk response. Do not just note that a risk will be mitigated – explain how it will be mitigated. What is the action plan for implementing that strategy? How do these actions integrate with other planning deliverables (i.e. what gets added to the WBS, does an estimate change?)
- Re-asses the risk based on the handling actions- did the response strategy reduce the probability and impact below the threshold value (as will be set in the Risk Management Plan). If not, what additional actions need to be taken?
- Consider the use of multiple responses for critical risks
- Create a contingency plan for those risks that require this based on your determined guidelines .
- Identify and analyze secondary risks created by the risk responses. Note any responses needed.
- Include a summary paragraph sharing how response plans were developed, what was effective about the process and what you might do differently moving forward.
- Cite any sources. The writing style should be concise and straightforward. Please use a 12 point font.
- Refer to the Rubric attached to the assignment for additional criteria for evaluation.
Assignment Rubric
Category
Above Standard
Meets Standards
Approaching Standards
Below Standards
Not Evident
Assignment
Goes well above the
Goes above the
Meets minimum
Meets some
Does not meet the
requirements (70%)
requirements of the assignment.
minimum requirements of the
assignment requirements
assignment requirements
requirements of the assignment.
Provides new
assignment
information, tools,
and/or techniques
Critical Thinking
Professional insights
Comprehensive
Includes an explanation
Includes a general
Does not explain the
(15%)
into depth and breadth
explanation of the
of the issue;
explanation of the issue
issue; does not explore
of assignment - goes
issue; exploration of
exploration of expert
but is vague or is not
expert viewpoints or
WELL beyond
expert viewpoints and
viewpoints and use of
clearly linked to the
use evidence to inform
assignment
use of evidence to
evidence to inform
identified risks;
interpretation and
requirements to
inform interpretation
interpretation and
includes some
analysis; does not
explore risks and/or
and analysis; thorough
analysis; includes an
exploration of expert
provide an evaluation
relevant new
evaluation of the
evaluation of the
viewpoints and use of
of the context
techniques.
context (historical,
context (historical,
evidence to inform
(historical, ethical,
ethical, cultural,
ethical, cultural,
interpretation and
cultural, environmental
environmental or
environmental or
analysis; includes a
or circumstantial
circumstantial
circumstantial
general evaluation of
settings), and self and
settings), and self and
settings), and self and
the context (historical,
others’ assumptions
others’ assumptions
others’ assumptions
ethical, cultural,
and perspectives when
and perspectives when
and perspectives when
environmental or
stating a position;
stating a position; well-
stating a position;
circumstantial
conclusions are not
informed conclusions
conclusions are based
settings), and self and
based on prioritized
based on methodically
on methodically
others’ assumptions
evidence and
prioritized evidence
prioritized evidence
and perspectives when
perspectives.
and perspectives.
and perspectives.
stating a position, but
lack specificity;
conclusions are based
on prioritized evidence and perspectives.
Communication (10%) (includes grammar and clarity)
Goes well beyond assignment requirements to communicate information in a precise, insightful and professional manner.
Assignment is well organized, and the format can be followed. It is evident to reader what is contained in each section of the report. High quality grammar. No misspellings.
Assignment is organized, and the format can be followed. It is evident to reader what is contained in each section of the report. High quality grammar. No misspellings.
Assignment is well organized, and the format can be followed. It is evident to reader what is contained in each section of the report. Good quality grammar. Minor misspellings.
Assignment is not organized. It is not evident to reader what is contained in each section of report. Low quality grammar, misspellings.
Formatting
Virtually no errors in
Rare errors in
Some errors in
Multiple errors in
Does not submit
(5%)
formatting, citations,
formatting, citations,
formatting, citations,
formatting, citations,
assignment materials
NOTE: Gross
or references.
or references.
or references.
or references.
in APA 6 format.
failure to
provide
PROPER
citations and
references –
particularly
with regard to
direct quotes –
will result in
sanctions as
outlined in the
academic
honesty policy