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Project Risk Management

Introduction

This portfolio work project, a project risk management plan, is based on your selected business or IT project. You may choose to base your assignment on the Cosmo, Inc. case study, a developer and distributor of wearable technology, or use a project of your choice.

Project risk management is “the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project” (Project Management Institute, 2017, p. 569).

Risk management plays a critical role in projects. How the risks of a project are identified and managed can affect whether the project is completed on time and within budget—and ultimately whether it is a success. According to Cooper, Grey, Raymond, and Walker (2014), “risk management assists project managers in setting priorities, allocating resources and implementing actions and processes that reduce the risk of the project not achieving its objectives” (p. xviii).

Scenario

For this assignment, choose Option A or Option B; you do not need to do both. Your instructor will grade each option using the same scoring guide.

• Option A: Based on the analysis completed by a task force at Cosmo, Inc., the marketing department must develop, implement, and test a new marketing campaign focused on maintaining current customer levels and increasing their customer base through the use of new technology. Refer to the Cosmo, Inc. Case Study (linked in Resources) for more information.
• Option B: You may choose a business of your own. It must include (but is not limited to) the following criteria:
  • Clear business objective and a specific completion outcome.
  • Project team with at least three members in addition to yourself. Each member must have defined roles and responsibilities.
  • Completion window of 180 days.
  • Cost estimates that serve as the basis for a budget used as part of the plan development process.

Your Role

You are the project manager.

Requirements

Refer to the Software Preparation and Technology access study in Unit 1 for information on accessing Microsoft Project.

Practice using Project in this course helps prepare you for future professional PM roles and responsibilities. Please use Project for those tasks supported by Project. In addition, you may use a variety of other tools including Microsoft Visio, PowerPoint, and Word, as appropriate.

Deliverable

Develop a risk management plan for your project. Use the Risk Management Plan Template and the PMBOK® Guide (linked in Resources) to complete this assignment:

1. Analyze the project introduction and project risk principles.
2. Identify project risks (both positive and negative).
3. Create a Risk Matrix Legend.
   • Probability Level / Criteria / Color Code.
   • Impact Level / Criteria / Color Code.
4. Create your Project Risk Matrix. Identify a minimum of 10 potential risks (positive or negative). For each risk:
   • Describe the risk.
   • Identify the probability rating.
   • Identify the impact of the risk to the project.
   • Identify response or solution for the risk.
   • Explain the action plan for the response or solution to the risk.
   • Identify the responsible person for each action.
   • Identify the status of each action.
5. Create your Risk Monitoring and Control Strategy:
   • Define the Review and Action Plan for identified and unidentified risks.
   • Establish a Review process.
   • Establish a Reporting process.

Preparation

Access the template linked in Resources to develop the deliverable for this assignment.

• Deliverable 1: Complete the project Risk Management Plan Template.

Deliverable Format

• References: There is no set number of references required for this assignment. Use scholarly or academic sources where applicable.
• Format:
  • Complete the Risk Management Plan Template linked in Resources.
  • All assignments are professional documents and should therefore follow the corresponding Academic and Professional Document Guidelines (linked in Resources), including single-spaced paragraphs.
  • Use APA style and format for any references and in-text citations.
• Length: Utilize the template, including the title page and the Reference page.

Evaluation

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:

• Competency 1: Create a project plan, including all subsidiary plans, to deliver project outcomes that meet stakeholder expectations.
  • Analyze the project introduction and project risk principles.
  • Identify project risks (positive and negative).
  • Create a risk matrix legend.
  • Create project risk matrix.
• Competency 3: Communicate formally and informally with project stakeholders and sponsors.
  • Communicate in a manner representing a project professional.
• Competency 4: Establish change-control processes, and use the tools and techniques to assure approvals.
  • Create risk monitoring and control strategy.
  • Your course instructor will use the scoring guide to review your deliverable as if they were your immediate supervisor. Review the scoring guide prior to developing and submitting your assignment.
    

    ePortfolio

    This portfolio work project demonstrates your competency in applying knowledge and skills required of a learner in the workplace. Include this in your personal ePortfolio.

    References

    Cooper, D., Grey, S., Raymond, G., & Walker, P. (2014). Project risk management guidelines: Managing risk in large projects and complex procurements (2nd ed.). Hoboken, NJ: John Wiley & Sons.Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.