Risk Management Plan
Complete a risk management plan by analyzing and defining the plan’s goals and objectives as they relate to the evaluation of risks for your chosen case study. Include the company background information as well.
Section 1 – Introduction to the Plan
You will fill out different sections of the Risk Management Plan Template for each assessment.
Use the Risk Management Plan Template to record your analysis for Section 1 – Introduction to the Plan. Your analysis of the project objectives, concerning the evaluation of risks, must include the following sections. Refer to the template for directions on what to put in each.
1.1 Benefits of Risk Management.
1.2 Project Goals and Objectives.
1.3 Company Background.
1.4 Risk Identification.
It may be helpful to read “Understanding Project Risk Exposure Using the Two-Dimensional Risk Breakdown Matrix,” linked in the Resources, which is about the importance of being proactive in risk assessment and risk evaluation. You will also learn about the risk breakdown structure (RBS). Both of these subjects apply to your plan.
Section 2 – Risk Scope, Components, and Value
Use the Risk Management Plan template you started in Assessment 1 to record your analysis for Section 2 – Risk Scope, Components, and Value. You must include the following sections. Refer to the template for directions on what to put in each. Please note that you will be asked to fill out the rest of Section 2 in the next assessment.
2.1 Scope of the Risk Management Plan.
2.2 Risk Management Plan Components.
2.3 Expected Monetary Value.
Section 2 – Risk Scope, Components, and Value
Use the Risk Management Plan template you started in Assessment 1 to record the second part of your analysis for Section 2 – Risk Scope, Components, and Value. You must include the following sections. Refer to the template for directions on what to put in each.
2.4 Determine the Risks.
2.5 Evaluate and Assess the Risks.
2.6 Qualitative and Quantitative Processes.
Section 3 – Risk Analysis and Assessment
Analyze, in-depth, the work you completed in Section 2 – Risk Scope, Components, and Value, adding the major and minor risks, and determining the probability of the risks. You must include the following sections of Section 3 – Risk Analysis and Assessment. Refer to the template for directions on what to put in each.
3.1 Major and Minor Risks.
3.2 Risk Probability.
3.3 Risk Matrix Template.
3.4 Risk Data Quality Strategy.
3.5 Risk Reviews.
Section 4 – Corrective Action and Monitoring
Analyze the information in the case study or your work project to complete this assessment:
Determine the type of corrective risk management processes you will use.
Describe the corrective action process and responsibilities and determine the corrective action for risks.
Evaluate the organization and departmental tolerance for risk and make suggestions for mitigating and managing risks.
Use the Risk Management Plan template you have been working on to fill out Section 4 – Corrective Action and Monitoring. You must include the following sections. Refer to the template for directions on what to put in each.
4.1 Risk Tolerance.
4.2 Risk Mitigation.
4.3 Corrective Risk Management Strategy.
4.4 Corrective Action Plan.
Sections 5 and 6 – Postmortem Plan and References
In Section 5, determine the results and how to collect, review, and list different types of corrective actions. Determine the benefits of different risk management strategies and describe the elements that make up a robust risk management plan. Be sure to include references in Section 6.
Complete Sections 5 and 6 of the Risk Management Plan template. You must include the following sections. Refer to the template for directions on what to put in each.
Section 5 – Postmortem Plan.
5.1 Results.
5.2 Follow-up.
Section 6 – References.
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