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.
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:
Analyze the project introduction and project risk principles.
Identify project risks (both positive and negative).
Create a Risk Matrix Legend.
Probability Level / Criteria / Color Code.
Impact Level / Criteria / Color Code.
Create your Project Risk Matrix. Identify a minimum of 10 potential risks (positive or negative). Consider cost, schedule, performance, legal and regulatory, governance, strategic, market, and operational. 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.
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.
