RISK MANAGEMENT PLAN
Outcome 10 – Risk Management PlanStudents will create a Risk Management Plan for a project that defines the best practices through the project life cycle from initiation to close. Using an already established project plan, the Risk Management plan should include a Risk Matrix along with a template of a Risk Register that shows the plan/process of how risks will be identified, analyzed, responded to, categorized to project constraints, quantitative, qualitative, and potential impacts. Students may propose an alternative project of their own design that shows attainment of the corresponding course outcome. The mentor must approve the alternative projec |
Answer previewA risk management plan focuses on identifying, evaluating and prioritizing risks with the purpose of minimizing, monitoring and controlling the probability and the impact of the said risks. There are two critical factors about a project risk that a project manager needs to consider in the establishment of a risk management plan. The first is the probability defining the chances that the risk will occur at any given time in the project. The second is the impact of the project reflecting the extent to which occurrence of the said risk will affect the project. The risk impact and probability describe the risk matrix. In the risk management plan, there is a need to award the risks a score to prioritize on the most critical risks. Some risks can be a mere nuisance to the project while others may demand the full closure of the project. The project risk either affects the project schedule, budget…
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