Individual Project: Project Risk Management

****PLEASE NO PLAGIARISM, READ ASSIGNMENT DETAILS****

Continue to add to the Project Risk Management Plan document you created in Unit 1 and complete the Project Risk Identification and Project Risk Analysis sections of your management plan.

1. Complete the Project Risk Identification section. You will develop a risk register if you are not using the Project Risk Management template in Microsoft Word that you downloaded in Unit 1. In this section, you will need to do the following:

· Describe at least 5 risks for your project. Use the categories you described in Unit 1 to help you define the 5 risks.

· Use the risk register to list the risks, and note detailed descriptions of the risks and their potential impacts (e.g., schedule, budget, customer, and so on).

· The following matrix is an example of a risk register:

2.

Risk Category	Description of Risk	Potential Impact on Project

3. Within the Project Risk Identification section, conduct a qualitative risk analysis by completing the probability and impact matrix.

· Perform a qualitative risk analysis, and complete the probability and impact matrix.

· Perform a quantitative risk analysis, and complete the quantitative risk analysis results matrix.

· For each risk, estimate the probability of occurrence and the potential impact level using scales of 1 through 5, with 1 being the lowest probability and potential impact.

· Use the levels to rank the risks from highest to lowest.

· An example of a probability and impact matrix is as follows:

Risk	Probability of Occurrence	Potential Impact

4. Describe the method you will use to conduct your quantitative risk analysis. Some techniques include conducting interviews, creating probability distributions, performing sensitivity analyses, using expected monetary value (EMV) analysis, modeling and simulating, and getting information from experts.

· Using the risk prioritization, perform a quantitative risk analysis by estimating the monetary amounts, schedule days, or some other numerical data for the top 3 risks.

· An example of the quantitative risk analysis results matrix is as follows:

Risk	Numerical Value (dollars, days, etc.)

5. Update the reference list, and update the Table of Contents to show the correct page numbers.

6. Note: Be sure to include the pages with only section headings and TBD as the content that will be completed in later units

Complete the Project Risk Response Strategy section.

1. Define each of the risk response and implementation strategies for both positive risks (opportunities) and negative risks (threats).

2. Complete the Project Risk Response and Implementation Strategy section. You will develop a risk response template if you are not using the Project Risk Management template that you downloaded in Unit 1. In this section, you will do the following:

· Add the risks you identified in Unit 2, and determine the type of response strategy you will use for each risk.

· Discuss the response strategies for each of the identified risks. Describe the specific method of handling each risk.

· Strategies for positive risks include accept, enhance, exploit, and share.

· Strategies for negative risks include accept, mitigate, avoid, and transfer.

· The following matrix is an example of a risk response table:

Risk	Risk Response Strategy	Description of Risk Response

4. Update the References page and the Table of Contents to show the correct page numbers.

5. Note: Be sure to include the pages with only section headings that will be completed in later units

Complete the Project Risk Monitoring section using the attached article and Review the Risk Monitoring section of the chosen article to use in your risk management plan.

Update any previous sections as needed or a review of the project information.

1. Using the article and your other reading materials, discuss the following:

· Your plan for reviewing the risk responses and implementation strategies noted in Unit 3

· Your plan for identifying new risks and implementation strategies in the project

2. Note: Be sure to include the pages with only section headings and TBD as content that will be completed in later units.

Complete the items in the Project Risk Communications section.

1. Update any previous sections as needed

2. Create a communications matrix for communicating the risk elements to your project stakeholders. The matrix should include the individual stakeholders (who), risk content (what), method used to transmit the information (how), and the frequency (when). These items should be specific to each stakeholder. An example matrix is as follows:

Stakeholder	Risk Content	Method	Frequency

3. Write a memo to the project sponsor, responding to the following questions:

· Why did you choose either the agile or the waterfall method for your project?

· Was the risk identification process appropriate for your project? Why or why not?

· How did the quantitative and qualitative risk analyses help you in prioritizing the project risks and assigning numerical values?

· What were some of the risk response strategies you did not use, and why were these not appropriate for the risks?

· What are some ways that the risk management activities can be improved in future projects?

4. Update the References page, and update the Table of Contents to show the correct page numbers.

5. The deliverable length for this section is 750–1,000 words. Your completed plan should be 3,750–5,000 words total for the entire plan.