Essay PROJ420 Project Risk Management

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PROJ420 Project Risk Management

Project Name

Your Name

Session

Table of Contents Project Description (Week 1) 3 Project Description and Introduction 3 Risk Management Planning (Week 1) 4 Risk Management Plan Steps 4 Flow Diagram of steps 4 Project Risk Identification (Week 2) 5 Risk Categories 5 Risks 5 Qualitative Risk Analysis (Week 3) 6 Quantitative Risk Analysis (Week 4) 7 Risk Response Planning (Week 5) 8 Risk Response Implementation (Week 6) 9 Risk Monitoring (Week 7) 10 References 11

Project Description (Week 1)

Project Description and Introduction

Please remove all the highlighted instructions and replace it with your words addressing each section. This should be in TimesRoman, 12pt font, black, non-italics, and non-bold.

The project description should be an overview of the project. Also, identify the need to plan for the process of exploiting the positive risks (opportunities) and the minimizing the impact of the negative risks (threats) to your project.

Risk Management Planning (Week 1)

Risk Management Plan Steps

The steps to develop the risk management plan should be listed here. You can use the risk management processes in listed in the PMBOK® Guide.

Flow Diagram of steps

Use a flow diagram like the one below to list the steps in the Risk Management plan.

Project Risk Identification (Week 2)

Risk Categories

Determine at a high level and list at least four categories in your project where risks could occur.

Risks

Use the risk categories to determine at least 10 risks for your project. Remember that risks could be either negative or positive. You should include both negative and positive risks.

Qualitative Risk Analysis (Week 3)

Use a probability and impact matrix to determine the probabilities of occurrence and potential impact rankings of your risks. Ranks the risks in order from largest severity to lowest severity levels and indicate if each risk is positive (opportunity) or negative (threat).

	Qualitative Risk Analysis
Probability	Threats	Opportunities	Probability
Very High 90%											Very High 90%
High 70%											High 70%
Medium 50%											Medium 50%
Low 30%											Low 30%
Very Low 10%											Very Low 10%
	Negative Impact	Positive Impact
	Very Low 10%	Low 30%	Medium 50%	High 70%	Very High 90%	Very High 90%	High 70%	Medium 50%	Low 30%	Very Low 10%

Quantitative Risk Analysis (Week 4)

Describe a data analysis quantitative risk analysis technique such as simulation, sensitivity analysis, decision tree analysis, or influence diagram. Discuss how you would use this technique to determine numerical values for your risks. You do not have to perform the quantitative risk analysis but should discuss the steps in detail.

Risk Response Planning (Week 5)

Describe the strategies that you will use to respond to each risk that you have identified.

Risk Response Implementation (Week 6)

Describe the tools and techniques such as expert judgment, interpersonal and team skills, and other such tools that you will use to implement risk responses. Discuss how you will implement these responses.

Risk Monitoring (Week 7)

Provide a discussion of how you will monitor risks, including the process to identify new risks and the process to determine if the risk responses were effective for risks that have occurred. Identify at least two new risks that should be considered for your project.

References

Edwards, P., Vaz Serra, P., and Edwards, M. (2020). Managing project risks. [VitalSource version]. Retrieved from https://bc.vitalsource.com/books/9781119489733

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