Week Seven Individual Project Deliverable – Create Risk Management
Create a project risk management document using the elements from this week’s lesson and reading. The document should be in Word and include the following elements:
- Planning – describe your strategy for handling risks in your project.
- Identification – list at least seven negative risks and three positive risks for your project.
- Qualitative analysis – use a probability and impact matrix, past experience, or some other technique to prioritize the risks.
- Quantitative analysis – based on the prioritization of the risks, determine a number for each risk such as a monetary figure or days the risk event will affect the project if the risks occur.
- Response planning – determine the strategy to handle each of the risks: Escalate, exploit, enhance, share, or accept for positive risks and escalate, avoid, mitigate, transfer or accept for negative risks.
- Response implementation – assume three of the risk events occurred and describe how the responses you chose worked to handle each risk.
- Monitoring – describe how you will monitor your project for new risks and review the implementation of responses for risks that have occurred. Tools such as data analysis, audits and meetings can be used for monitoring.
A table in Word may be used for the Identification, Qualitative Analysis, Quantitative Analysis, and Response Planning sections. The other sections can be in paragraph form.