project 1

Project Introduction:
The project will allow you to apply risk management concepts, tools, and techniques to a complex project, which
involves building a playground in the back yard of a home. Through this project, you will identify and plan for risks that
might happen in the course of executing the project.
Course Objectives Tested:
1. Create a risk management plan that outlines the approach for managing risks in a project. 2. Apply risk identification techniques to document positive and negative risks in a project. 3. Analyze the impact of positive and negative risks on a project. 4. Develop options and actions to enhance opportunities and reduce threats to project objectives. 5. Evaluate the impact of program changes on the risk of a project. 6. Apply the Project Management Body of Knowledge (PMBOK) and Project Management Institute (PMI)
standards in managing project risks. 
PROJECT SUBMISSION PLAN 
Description/Requirements of Project  Evaluation Criteria
Assessment Preparation Checklist:
Before completing the assignment:  Read the assigned chapters for this week from your textbooks, Project
Risk Management Guidelines: Managing Risk in Large Projects and Complex Procurements (Custom Update Ed.) and PMBOK® Guide, 5th
ed.  Read article “How Project Manager-Project Owner Interaction Can
Work Within and Influence Project Risk Management” on the ITT Tech
Virtual Library using the following path:
ITT Tech Virtual Library> Search> 360 Search 
Search with “How Project Manager-Project Owner Interaction Can
Work Within and Influence Project Risk Management” as the
keyword. 
 Have you created the Risk
Management Plan?  Have you calculated risk
factor for each risk?  Have you developed a
risk strategy for each
risk?  Have you submitted your
project on time?    
PM4620
Project 
  2  
Description/Requirements of Project  Evaluation Criteria 1. Read the topic “Painting a House” from this week’s online lesson. 
Title: Risk Management Plan
Click here to view the scenario details.
Task 1: 
Create a risk management plan that includes the following:  risk identification  risk register  risk strategies  assessment of contingency funds required
Task 2: 
Answer the following questions:  What assumptions did you have to make about the project to
identify the risks?  What assumptions did you have to make to qualify and quantify the
risks?  What additional information would have made the risk management
planning process easier?  How would you recommend that your brother track and control risks
throughout the project?
Submission Requirement:
Task 1:
Create documents for completing items 1 and 2 from Task 1 using a Microsoft
Excel spreadsheet. You may use as many spreadsheets as you want to
completely identify and register all risks for the project. For items 3 and 4 of
Task 1, create a maximum of 10 page document using Microsoft Word. 
Task 2:
Answer the items listed in Task 2 using APA formatting in a Microsoft Word file
with a maximum of 10 pages.