meerab naeem

Project Plan Part 3 - Risk Management

Attached Files:

·  MG326 Project Planning Assignment - Case.pdf  MG326 Project Planning Assignment - Case.pdf - Alternative Formats (439.479 KB)

·  Risk-Management-Plan.doc  Risk-Management-Plan.doc - Alternative Formats (90.5 KB)

Risk Management Plan Assignment

(*Note: This assignment is a draft of one of the parts of your final project planning paper for the class.)

Step 1: Read the attached project management case.

Step 2: Assignment Deliverable - Risk Management Plan

Format:  Word, Excel, or PDF file

You defined initial risks in your charter/scope document, and then identified some of the risk management activities in your initial WBS.  This assignment extends these previous assignments by providing you an opportunity to create a specific “subsidiary plan” that concentrates on risk and opportunity management.  You may include other risks besides those you had in your Charter/Scope document.  You are now much further in the course, and you are more aware of the types of things that can present risk or opportunity to a project of this particular subject, scale and complexity. This assignment is your opportunity to define these positive and negative risks in a professional document that demonstrates your understanding of what risk management includes, and how you envision that it applies to this specific project.

A project risk management plan describes in detail the types of risk management that will take place in the project, and the list of risks/opportunities that will be the focus of these activities.  Package this document into a presentable format that could be issued to all team members, stakeholders, and the sponsor once approved.

Risk Management Plan Contents must include the following items only (do not submit a risk planning template gathered from outside the course as this will not satisfy this particular assignment requirement):

· Title Page (with your name)

· Description of Risk Management Activities – In this section of the plan, you should imagine what you would do as a project manager to conduct what sort of meetings or other activities you would need in order  to define in detail what risks and opportunities might be present in this project, and also what specific sequence of actions you would need to have in the WBS to assess, document, prepare practical contingency actions for, and monitor the risks or opportunities that could affect THIS CASE PROBLEM.

· Be sure to keep your activities appropriate to the scale of the project and the content of this case problem.  You should apply your learned knowledge of what risk management activities there could be to this situation and describe the various activities that should take place in the sequential order that you think is best.  For each of the risk management meeting, planning, documentation or monitoring activities you think you should list, you should describe the risk management activity and identify who will participate in it, what role they have in the risk management process and what risk management deliverable will be the outcome of that activity.  Think of risk and opportunity management as something that is a sub-project throughout this client project. Remember that we have several specific deliverables that have been requested by the client, so your risk management activities should be designed to assess, document, track and report on all the different types of risks or opportunities that these particular deliverables will involve.

· Risk register table with the following contents for each Risk:

· Risk/opportunity ID (a sequential number that you give each risk in the table)

· Risk/opportunity description – short description of the risk.

· Impact probability (IP); (scale 1-5) - (1) No Impact (2) Impact is Not Likely (3) Impact is Unknown (4) Impact is Likely (5) Impact is Definite

· Impact severity (IS); (scale 1-5) - (1) No Effect on the Project (2) Effect is Not Significant (3) Effect is Unknown (4) Effect is Significant (5) Effect is Severe

· Likelihood of advance discovery (AD); (scale 1-5) - (1) Definite (2) Probable (3) Unknown (4) Not Likely (5) Not Possible

· Risk/opportunity priority number (RPN) calculated according to only the following formula as discussed in class:  RPN= P × IS × AD

· Potential responses to each risk/opportunity based on priority and the standard choices for risk/opportunity responses we discussed in class.  You will need to be specific on each according to how you feel a particular response is recommended and the practical rationale for your recommendation.

· Risk/opportunity owner (accountable person who is assigned to monitor the risk, track it and report on it) You must appoint a Risk owner for each risk in your table.

· Place for signatures/dates for key stakeholders to indicate approval (like you did for the charter/scope document).

The highest scores on this assignment will be for a practical risk management plan containing information specific to this project’s requirements and deliverables, which name specific people and roles, address the practical concerns or opportunities that exist only in this project, and will help the client to feel like you have the project under control, demonstrating that you can produce a professional document. Assignments should not contain generic material imported from somewhere else as this will not be appropriate for this situation and will lose points.