Project Risk Management (MPM344 -1601 -CS42-01) Type: Individual Project Deliverable Length: 1,000 - 1,250 words, including many empty sections, in a Word document APA format Overview: Risks fall in a few categories, known and unknown. It is extremely important in any project to effectively plan for both with a contingency budget and resources because some will happen. In this class, you are asked to develop a Risk Management Strategy and Plan that identifies potential risks, ranks them by impact and likeliness, contains mitigation strategies, and includes a way to control and communicate them. You will select a project that you may have developed in a previous class or a known project in your organization to create this strategy and plan for. In this Individual Project, you are asked to develop the outline of the sections that will be included in the â€œRisk Management Strategy and Planâ€. You will also be setting up the final Key Assignment outline that you will add to each week. The combined Individual Project (IP) assignments will be your final Key Assignment deliverable. Project Selection: Building a House The first step will be to select a project that you to develop a risk management strategy and plan for. This project will be used as the basis for each of the assignments throughout the course and should conform to the following guidelines: 1. Nontrivial: The selected project candidate should reflect a real-life project that has at least the major milestones identified. 2. Domain Knowledge: You will be applying knowledge of this project to address assignments related to identifying and analyzing risks. Assignment: Your first task in this process will be to select a project to use as the basis of your Key Assignment. You will also create the shell document for the final project Key Assignment document deliverable that you will be working on throughout the course. As you proceed through each project phase, you will add content to each section of the final document to gradually complete the final project delivery, which is the Risk Management Strategy and Plan. Project Selection: Building a House The following project deliverables: 1. Submit project proposal to instructor for approval 2. Risk Management Strategy and Plan Document Shell o Use Microsoft Word o Title Page 1. Course number and name 2. Project name 3. Student name 4. Date o Table of Contents i. Use auto-generated TOC ii. Separate page iii. Maximum of three levels deep iv. Be sure to update the fields of the TOC so it is up-to-date before submitting your project. 3. Section Headings (create each heading on a new page with TBD as content except for sections listed under "New Content" below) i. Project Outline ii. Risk Management Justification iii. Project Risks Identification iv. Project Risks Assessment v. Project Risks Responses Strategy vi. Project Risks Responsibility Plan vii. Project Risks Monitoring & Control Plan viii. Project Risks WBS & Budget Updates ix. Project Risks Communications Plan Add the new content for the following â€œSection Headingsâ€ above: Project Outline â€¢ Description of the project. â€¢ The milestones and/or WBS for the project. Risk Management Justification Discuss why risk management is so important to the success of the selected project in a letter to the project sponsor. Describe the steps that will be used to develop the Risk Management Plan. Represent this process in a flow diagram as well. Project Risks Identification Start brainstorming, at a high level, on some categories where risk could occur in this project (Note: you will continue this brainstorming activity in the next week with specifics, likelihood, and impact). Name the document your name_MPM344_IP1.doc, and submit the document for grading.
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