Implementation of Risk Management Plan
Student will write a paper to implement their risk management plan for the project developed in previous assignments. Implement the process to identify, analyze and respond to at least 10 risks or opportunities specific to schedule, scope, budget, and resources as part of the Risk Register. Of those 10 identified risks or opportunities, create at least two (2) triggers using the earned valued management process (CPI, SPI, EV, BAC, EAC) and identify a mitigation plan to handle those two risks. Students may propose an alternative project of their own design that shows attainment of the corresponding course outcome. The mentor must approve the alternative project.
Answer preview
To achieve optimal project performance, a risk management plan needs to be implemented appropriately. To achieve those results, several aspects need to be fulfilled; otherwise, the plan would be of no relevance to the project outcome. One aspect is a responsibility which includes assigning the role of a risk manager and owners of the significant individual risks. The second is a commitment in which the organization needs to dedicate substantial efforts. To carry out the plan, the commitment will entail the approval and disbursement of various resources to carry out the plan. Also, specific individuals have to be given adequate authority to carry out the assignment plan (Bourne, 2016). For the risk management plan for the construction of rental apartments, several risks are involved. Each of the particular risks needs to be assigned to individual risk team members while holding the risk manager accountable. One critical consideration for a risk management plan is that the plan will continually evolve depending on the dynamics of the project. The risks identified and analyzed in this discussion affect the schedule, scope, budget, and resources through their impacts and chances of occurring are different.
The discussion also includes developing…
(1600 words)