Project Risk Management

Part 1      500-600 words

Review and reflect on the
knowledge that you have gained from this course. Based on your review and
reflection

What were the most compelling
topics that you learned in this course?

• How
  did participating in discussions help your understanding of the subject
  matter? Is anything still unclear that could be clarified?
• What
  approaches could have yielded additional valuable information?

Part 2 Deliverable Length: 4,000–8,000 words,
including the deliverables from previous weeks

In previous weeks, you selected a project around which to
develop your Risk Management Strategy and Plan Key Assignment. In Week 1,
you crafted a letter to the project sponsor explaining the importance of
project risk management. You also determined the high-level steps for
conducting risk assessment and brainstormed on some of the risk categories. In
Week 2, you fully identified the individual project risks and analyzed them by
determining their likelihood and impact. In Week 3, you determined the mitigation
strategies, which might include prevention, control, or ignoring the risk.
In Week 4, you developed a project risks matrix with all of the information
that you gathered in Weeks 2 and 3, and you developed a risk monitoring and
control approach and plan.

Now you are ready to embark on adding all of the risk
management tasks to the overall project plan, as well as producing a
well-thought-out communications plan. In the final week, you will also
revise the Key Assignment draft document based on feedback from your instructor
and peers. Under the last sections, which are not filled in, you will develop a
very detailed WBS, contingency budget, and communications plan.

Deliverables:

the overall project deliverables are the following:

1. Update
   previously completed sections based on instructor feedback.
2. Complete
   “New Content” below, and copy it under the appropriate sections
   in Key Assignment Document called “Project Risks WBS and Budget
   Updates” and “Project Risks Communication Plan.”

• New
  Content
• Project
  Risks WBS and Budget Updates
• Identify
  the additional tasks that are associated with planning, monitoring, and
  controlling risks.
• Put
  this in a WBS structure so that they can be added to an existing plan.
• Determine
  a contingency budget to mitigate the risks that are most likely to
  occur.
• Determine
  additions to the project plan budget to monitor and control risks.
• Project
  Risks Communications Plan
• Identify
  the stakeholders that communications should go to.
• Determine
  the frequency of communications.
• Construct
  the types of reports and how they will be delivered.
• Discuss
  how this might be integrated into the change management process.
• Define
  who has the final authority for sign-off to extract from the
  contingency budget to mitigate risks.