Explain risk response strategy

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Reference no: EM1397554

Appraisal the Risk Management Plan assignment. (Format required content items)

All student has an individual assignment to prepare a 9 to 10 page report detailing a comprehensive Project Risk Management Plan. This assignment will smear the first four steps in the ATOM methodology as well as discuss project communications. The report is due in Week 9. The arrangement for the report is outlined below. The report will comprise the following sections

• Initiation- Deliver a description of project objective/scope. Examine the key stakeholders as well as their issues. Assess the organizational culture as well as its impact on risk management. Deliberate project sizing.

• Identification as well as Assessment: Make a RBS assessing all the main categories of risks. From this RBS develop a prioritized list of the top five dangers (most critical) based on the P-I score. For each of the top five risks provide a supporting analysis of the risk as to why it is critical to the project as well as include comments on the P-I score. Define the nature of each risk and why the risk is significant to project success. Comprise the factors that are causing the risk.

• Risk Response Strategy. Develop a risk response strategy with both primary and secondary (contingency) actions for each of the top 5 risks. Offer supporting rationale. Comprise nominated action owners for each action.

• Communications Plan. For each risk as well as the designated responsible party/group develop an operative approach to communicate to each responsible party/group. Recommend the communication methods as well as the frequency to communicate that would facilitate monitoring the risk management plan.

• Reference List minimum of 4 references. References would comprise information on the industry, location, background information on projects of this nature or other information that applies to assessing risks in the project.

Reference no: EM1397554

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