Risk Response Plan

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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

Execute the risk management plan to continuously monitor risks and risk responses
Describe how organizational and cultural factors may undermine implementation of effective risk management and develop strategies to overcome these factors

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
Communicate risk response strategies and post-analysis through the Risk Register

Produce recommendation for Contingency Reserve

Evaluate impact of risk response strategy to other risks and their response strategies

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