Risk analysis by using the risk matrix

Reference no: EM133696403 , Length: word count:2000

Assessment - Project Management Plan and Recommendations

Your Task
Your second assessment in this subject requires you to create a detailed Project Management Plan (PMP) based on the Business Case you have created in the first assessment. The PMP has detailed management plans for scope, time, cost, team, and communication, plus a thorough risk analysis by using the Risk Matrix. which provides a comprehensive guide and recommendations for the project execution, control, and monitoring after it is approved.

Assessment Description
A Project Management Plan is a project management document that outlines the details of what, how, when and what if of a project's execution. It is presented in a well-structured written document to all key stakeholders so that they can gain a comprehensive understanding of the plan to execute the project. A PMP is essential to project success, and it causes failure if we don't get it right in the first place. The Risk Analysis using the Risk Matrix is based on two factors: the likelihood that the risk event will occur, and the potential impact that the risk event will have on the project. In other words, it's a useful tool that helps you visualise and understand the risk so that we can make good recommendations to the project. A thorough understanding of how to write a Project Management Plan and Risk Analysis must be demonstrated in this assessment.

Learning outcome 1: Interpret the IT objectives and project expectations of a business stakeholder.

Learning outcome 2: Predict risks and problems associated with the effectiveness and timeliness of IT projects.

Learning outcome 3: Recommend pre-emptive solutions and mitigation strategies for the risks and problems that emerge in IT projects.

Learning outcome 4: Develop a comprehensive project plan, inclusive of budgets and Gantt charts, via the use of project management software.

Assessment Instructions

Based on your approved business case, you are required to create a Project Management Plan to cover the following:

Executive Summary
Provide a high-level introduction of what your report will cover about the Project Management Plan
Include the purpose of the Project Management Plan

Project Goals
Include a summary of what the project will achieve (at least 4)

Scope Statement
Expand the 2-levels WBS in assessment 1 into a 4-levels WBS (refer to below example)
The WBS will outline what are in-scope
Out of scope (at least 4)
This section details the work which are not included in this project so they should not be performed

WBS Example

Time Management
Develop a Gantt Chart using MS Excel, GanttProject, or ProjectLibre based on the WBS
Demonstration will be covered in Week 7 (Project Management Tools)

Cost Management / Budget
Develop a budget plan based on the WBS (Cover all level 4 WBS items)
Hint: create a table to list items based on WBS and calculate the estimated cost

Team Management
Develop a team / recourse plan (at least 6 team members)
Hint: create a table to outline: Name, role, skills

Communications Plan
Develop a communications plan by using communication matrix (at least 6)

Risk Analysis
Analyse the risk by using Risk Matrix to cover:
The major risks (at least 6)
Their likelihood (rate 1 - 5), the consequence on the project (rate 1 - 5)
The cause of the risk
The response that will be undertaken
The resources that will be used in the response
The owner of the risk is in terms of monitoring, acting, and reporting
Provide at least 3 recommendations based on the risk analysis

Reference no: EM133696403

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