PROJECT RISK MANAGEMENT .docx

PROJECT RISK MANAGEMENT
2
Project Risk Management
MPM344-1701B-01 Project Risk Management
March 8, 2017
Ronald Burke
Contents
Project Outline 3
Risk Management Justification3
Project Risks Identification 6
Project Risks Responses Strategy 6
Project Risks Responsibility Plan 6
Project Risks Monitoring and Control Plan 7
Project Risks WBS and Budget Updates 7
Project Risks Communication Plan 7
Reference List 9
Introduction To Project Risk ManagementProject Outline
Brief description of the project.
Today, the United Kingdom and the United States have
been receiving an overwhelming number of international
students from all over the world. However, the number of the
international students is larger compared to students from other
countries. Several of these students study English while in the
foreign institutions because, at their homeland, they are only
shallow English that can only be used to answer examination
questions (Lin 2014). The students are faced with a lot of

challenges that they have to overcome in order to achieve what
brought them to a foreign land. This paper will, therefore, aim
at getting a better understanding of how it feels like to learn
English as a second language especially for the Chinese
students studying abroad. Risk Management Justification
Carrying out a study that involves international students
requires that I get data from the international students and their
professors. For the student are not within my reach, then some
finances will be required to aid the success of the project.
Therefore, there is a need to ensure that funds are well managed
to avoid overspending.
Project risk management has some advantages which
include availing time to have a project being assessed; risks are
documented such that future researchers can have a reference
since the projects are usually planned, it allows the researcher
to provide responses without delay to questions asked, and
confidence level increases on the investment decisions.
Project risk management involves an eight-step process.
To start with, the researcher has the responsibility of
identifying the causes of the risk, that is, every factor that is
likely to pose a challenge and delay the meeting of objectives.
Here, the researcher is also granted with an opportunity to
explore the factors that would enhance the meeting of the
objectives. Secondly, the cause of the risk should be identified.
Thereafter, the researcher should come up with the controls
whose aim is to prevent the occurrence of the risk. In the next
step, the researcher should identify the consequences that may
arise as a result of the risk and also what impact that the control
measures will have on the project. Then, the researcher should
come up with a rating description and then the researcher
should come up with the Cther controls. In the last steps, the
researcher should come up with a decision depending on the
type of risk at hand and reviewing and monitoring of the project
should be initiated (Kendrick 2009).

Fig 1: diagram showing the project risk management process
Rating descriptor
Cther control
Decision making
Reviewing and monitoring
Consequences of the risk
Identify the cause
Idenify the cause
Risk control

Project Risks Identification
The risks involved include the fear of the international
students to engage in this research since they fear being judged
by the information that they release. Additionally, most of the
Chinese students studying abroad are in the process of
mastering the language. As a result, therefore, it is likely that
they will get a wrong understanding of the questions that will be
asked during the data collection period. The professors may also

shy away from engaging in the research, especially if their
teaching strategies are not effective or in the situation whereby
they have adopted a wrong perception about the Chinese
students studying English as a foreign language.
Project Risks Responses Strategy
To attend to these risks, the researcher will ensure to
target a very huge sample in order to get responses enough to
kick start the research. Furthermore, the researcher should
identify the research method that will allow the Chinese
students to get clarification to the questions when they get it
wrong especially the interviews.
Project Risks Responsibility Plan
The plan will involve the participation of the researcher in
the collection of more accurate data. This will be possible only
if the researcher will use methods of data collection that will
ensure that the learners acquire a clear understanding of the
questions. Furthermore, the researcher should come up with
ways that will entice the professors to participate in the
research.
Project Risks Monitoring and Control Plan
Like earlier mentioned, the risk that can occur in this project is
whereby the Chinese students may not be willing to avail data
that will be used in this study. Also, the professors may also fail
to give their responses to the research questions. Therefore, it is
important that the researcher engages the sample directly and
convince them what the advantages of the research will be. The
researcher should also be available for any clarifications
required by the Chinese students to ensure that accurate data
has been collected.
Project Risks WBS and Budget Updates
Given the risks that the researcher might encounter while
collecting data required for this project, it is important that the
researcher gets near the sample rather than sending the survey
questionnaires through emails. As a result, therefore, the
researcher will incur some cost for the transport, the

accommodation, food and beverages, and any other costs that
may arise. Therefore, it is important that the researcher pools
funds earlier that will facilitate the research to avoid challenges
while collecting data in the field. Some other cost likely to
occur is the cost used to print the questions in hard copies.
Project Risks Communication Plan
The risks that might occur on this project will involve the
sample which includes the students and the professors. To
ensure that ample responses are given, it is important that the
researcher first engages the target sample and explain to them
the purpose of the research and the likely positive impact of the
research. Furthermore, the researcher should make sure that the
target sample is guaranteed of confidentiality whereby their real
names will not be exposed to the public. This is likely to
increase their willingness to take part in the collection of useful
data for the analysis of this project.
Project Risks Analysis
This assignment aim is to identify project risks and analyze
them. Project risk is the probability that uncertain event will
occur affecting objectives of the planned activities. It is,
therefore, paramount for any project manager to identify these
risks and plan for them. On that note, this assignment will
describe 8 risks in detail to include, name, description,
likelihood and impact.
Project Risk Table Ranked Based on Impact (highest to lowest)
Risk Name
Likelihood
(scale 1-8)
Description
Impact
Scope Risk
1
It is a type of a risk that occurs when changes are made in a
project to accommodate new features or deliverables. Other
causes of this type of a risk are issues of integration, software

and hardware defects and finally change in dependencies. The
main cause of this risk is when project requirements are not
clearly defined. Some of the problems that lead to this risk are
such as when performance criteria are not well defined, no clear
directions or no adequate reviews (Madsen,2012).
The scope is one of the three constraints of a project. If there
are changes in scope, it means the other constraints will be
affected and therefore need re-adjustment. Scope risks will
affect time and costs since new deliverables will need more
time and cost which might not have been planned for leading to
project failure.
Scheduling Risk
2
Is a type of risk that occurs when activities in a project cannot
meet time deadline. Scope risk is one of the major causes of this
problem or poor estimates. Inaccurate estimates are caused by
lack of prior experience, lack of adequate reviews and subject
matter expertise. It pays heavily if the project planner is
paranoid and pessimistic when making time estimations.
However, there are various reasons why my project may not
carry on in the scheduled way. Some of these reasons might be
natural factors, unexpected delays at an external vendor, and
delays in acquisition of parts (Madsen, 2012).
When scheduling risk occurs, it means that the project will not
end in estimated time. Other project constraints will be affected
such as cost since the longer the project runs, the more
expensive it gets. This may cause the project to fail.
Technology Risk
3
Is a type of risk that mainly arise from hardware and software
defects or the failure of an underlying platform or service. For
example, I might realize halfway through the project that the
cloud service provider that is in use in my project is not
satisfying my performance benchmarks. Also, issues may arise
from the platform that I might be using to build my software or

a software update of an important tool that has stopped
supporting some of my functions (Kerzner, 2015).
If the chosen technology for the project is limited, it means that
project deliverables will not be achieved. This fact is enough to
fail the whole project (Kendrick, 2015).
Design Risk
4
Flexibility and feasibility of architecture and design are vital to
the success of a project. It is a risk to have a design of a low
quality. Also, the designs of complex or experimental
components can be highlighted as separate risks (Madsen,
2012). If the design is of low quality, then probably the whole
project will fail if no caution is taken at early stages of the
design process.
If design is not desirable or does not achieve the functions it is
supposed to meet; then such project deliverable is deemed a
failure.
Integration Risk
5
Whatever the project is delivering ought to be integrated with
the processes, systems, organizations, cultures and
environmental knowledge. Integration risk is a most common
risk in projects. There is likelihood of a project being disrupted
in case it needs to be integrated into a business process
(Madsen, 2012).
If the project does not manage to integrate with the surrounding
environment, failure is not optional. For example, a simple
system designed to help in e-banking fails to coordinate with
workers in such an institution; such a project will be deemed
unfunctional.
Quality
6
Both risk management and quality are intertwined. I will expect
my project to have defects, but still, there is a risk that quality
will not meet the basic levels. Failure of the project may be

triggered by significant rework. Quality risks for work
packages, infrastructure, products, and components should be
identified and avoided. Low-quality inputs will result in low-
quality output, and this might prevent the project from
succeeding.
Quality today is a major determinant of product success. The
customers are more sensitive to quality issues than it was in the
past due to high competition from many project managers. If the
quality is poor, then such a project deliverable fails (Kendrick,
2015).
External Risks
7
External risks; these are triggered by external forces like laws,
markets, and regulations. My project will face a risk if at all it
touches compliance and sensitive processes (Kendrick, 2015).
If the project faces a market regulation or new law, compliance
issues are expected to make it illegal or forced to meet certain
charges making it expensive.
Stakeholder risk
8
Risk that occurs if stakeholders of the project fail to accept
deliverables. There is a risk that project sponsors fail to support
the project through finances. It might be caused by a factor such
as poor quality or escalating costs (Kendrick, 2015).
The risk has a less probability of occurring, but if it happens,
there are chances the project will not be completed.
Identified risks
When conducting risk mitigation in a project, it is important to
first identify the risks which are being considered and how they
are going to affect the project in the long run and in the short
run. Risk identification helps in determining the parameters that
are going to be affected and how they are going to be affected.
The next stage is the risk assessment stage. Risk impact

assessment deals with assigning figures to the risks which have
been identified, and also the areas which are going to be
affected by the risk which has been identified.
Risk impact assessment is essential in the development of
strategy to deal with the risks as it weighs the benefit and the
cot that are going to be derived if the risks that have been
identified are to be dealt with. Risk assessment leads to the
development of the strategies which are essential in handling
specific risks and how to achieve that.
Strategies of risk mitigation
Avoidance will lead to the project taking a different route
as the proposed risks will lead to the project either incurring
more costs or the risks might derail the activities that the
project is undertaking. Avoidance leas to a project being safe
and avoiding the things might hurt the project. This will led to
the development of a program that will help avoid the risks that
the organization is facing. Avoidance leads to more time being
taken to implement the project and also increases the cost that
the project will incur.
Avoidance also leads to the firm developing more efficient
strategies to implement the project in the new environment that
it is operating. This is because environments change with time
and this enhances the effects of economic changes in the
environment. Through avoidance it is possible to also correct
areas in the project which had been implemented before the
changes take effect. The avoidance on the projects helps in
ensuring that policies are flexible and other issues are taken
into account.
Transference
Risk transferring is a trade that organization takes to
secure their resources and to ensure that they are not incurring
losses. Transference works where a company has identified a
risk and it seeks a shareholder who is willing to take liability
for the risks in question. The stakeholder who takes up the risks
ensures that the organization is able to go on with the project
and in exchange the stakeholder benefits if they are successful

in dealing with the risk and if not, they incur the losses.
Mitigation
When mitigation risks, it is important taking account of
other risks which might have affect the project in the future.
The firm then prioritizes the risks with the risk which will have
the largest impact on the project being given priority and dealt
with first. Through risk mitigation, it is possible for them to
incur fewer charges as it is possible to deal with all risks at
once or deal with risks as each risk is being established.
Risk mitigation is a continuous thing that firms have to
keep on undertaking as new risks are being established and
dealt with; the project will run into more. The risk can be in
terms of performance, competition or market factors which will
affect the operations of the project in the long run.
Acceptance is a way of risk mitigation which leads to the
project managers accepting and acknowledge that the risks
exists and then they do not engage in any activities that will
avert the risks. The project managers will have to consult with
the managers of the firm in establishing that the risk will be
carried on into the projects life.
The best strategy of dealing with the risk is the mitigation
of risk as it leads to the development of the firm being safe and
the project being successful. In the mitigation of various risks,
it is possible to uncover more risk which will lead to the firm
and the project being more careful of the options that they take
and also in improving the performance of the project. Risk
mitigation makes it possible to cut down costs of the operations
and also makes the project to avoid future events and project
which might increase the level of risks that the project will be
opened to,
Risk mitigation increases the probability of a project being
successful and this enables the firm to be able to plan more
successful projects. It is possible to take into account the
previous risks which had been incurred by the firm and this will
help it to plan better projects. Risks lead to the firms having

increased cost which leads to the project being unviable and this
might affect the company profits. Company profits are tied to
the success of the projects that it initiates and a failure of
projects will lead to higher losses.
References:
Top of Form
KENDRICK, T. (2009). Identifying and managing project risk:
essential tools for
failure-proofing your project. New York, AMACON.
http://www.dawsonera.com/depp/reader/protected/external/Abst
ractView/S9780814413418.
LIN, L. (2014). Investigating Chinese HE EFL classrooms:
using collaborative learning
to enhance learning.
http://search.ebscohost.com/login.aspx?direct=true&scope=site
&db=nlebk&db=nlabk&AN=883346.
Kendrick, T. (2015). Identifying and managing project risk:
Essential tools for failure- proofing your project.
Kerzner, H. (2015). Project Management 2.0: Leveraging tools,
distributed collaboration, and metrics for project success.
Madsen, S. (2012). The Project Management Coaching
Workbook. London: Management Concepts Press.
Cruz, M. G. (2002). Modeling, measuring and hedging
operational risk. New York: John Wiley & Sons.
Bottom of Form
MPM344- Project Risk- Phase 1IP5

Wedding Planning
Student XXXX
June XX, XXXX
TT A B L E O F A B L E O F CC O N T E N T SO N T E N T
S
II .. PP R O J E C T R O J E C T OO U T L I N E U T L I N
E (( I PI P 1 )1 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
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1 .1 . PP R O P O S A L R O P O S A L AA P P R O V A
LP P R O V A L . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
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2 .2 . PP R O J E C T R O J E C T DD E S C R I P T I O NE
S C R I P T I O N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
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3 .3 . MM I L E S T O N E SI L E S T O N E S . . . . . . . . . .
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I II I .. RR I S K I S K MM A N A G E M E N T A N A G E
M E N T JJ U S T I F I C A T I O N U S T I F I C A T I O N

( I( I PP 1 )1 ) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . .
. . . . . . . . . . 99
1 .1 . TT H E I M P O R T A N C E O F R I SH E I M P O R
T A N C E O F R I S KK -- T O T H E S P O N S O R T O T
H E S P O N S O R . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
2 .2 . SS T E P S T O D E V E L O P I N G AT E P S T O
D E V E L O P I N G A R I S K M A N A G E M E N T P L
A NR I S K M A N A G E M E N T P L A N . . . . . . . . . . .
. . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . .
3 .3 . FF L O W L O W DD I A G R A M O F S T E P S F
O R I A G R A M O F S T E P S F O R A A R M PR M P .
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I I II I I .. PP R O J E C T R O J E C T RR I S K I S K II
D E N T I F I C A T I O N D E N T I F I C A T I O N ( I( I PP
1 ,1 , II PP 2 )2 ) . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . .
. . . . . . . 1 21 2
11 .. HH II -- L E V E L L E V E L BB R A I N S T O R M I
N G O F R A I N S T O R M I N G O F RR I S K T H A T C
O U L D O C C U RI S K T H A T C O U L D O C C U R . .
. . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . .
22 .. RR I S K S I S K S CC A T E G O R I Z E D WA T E G
O R I Z E D W // S W O TS W O T A N A L Y I S I SA N A
L Y I S I S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .
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3 .3 . SS T A K E H O L D E R S T A K E H O L D E R S
&& PP R O J E C T R O J E C T TT E A M U T I L I Z E D
T O I D E NE A M U T I L I Z E D T O I D E N T I F Y R I
S K ST I F Y R I S K S . . . . . . . .. . . . . . . .
I VI V .. PP RR O J E C T O J E C T RR I S K I S K AA S
S E S S M E N T S S E S S M E N T (( I PI P 2 )2 ) . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . .
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11 .. TT A B L E S H O W I N G R I S K SA B L E S H O W
I N G R I S K S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
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22 .. RR AA N K I N G O F N K I N G O F RR I S K S S H
O W I N G I S K S S H O W I N G LL I K L I H O O D A N
D I K L I H O O D A N D II M P A C T M P A C T . . . . . .
. . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .
VV .. PP R I M A R Y R I M A R Y RR I S K I S K RR E S
P O N S E E S P O N S E SS T R A T E G Y T R A T E G Y
(( I PI P 3 )3 ) . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . .
. . . . . . . . 55
11 .. MM A T R I X A T R I X S H O W I N G S H O W I N
G AA S S E S S M E N T S S E S S M E N T R E P O N S E S
F O R E A C H R IR E P O N S E S F O R E A C H R I S KS
K . . . . . . . . . . . . . . .. . . . . . . . . . . . . . .
2 .2 . DD E T A I L E D E T A I L E D RR I S K I S K RR
E S P O N S E S F O R T H E E S P O N S E S F O R T H E
R I S K SR I S K S … . . .… . . . … … … … … … … … … …
… … . . .… … … … … … … … … … … … . . .
V IV I .. PP RR O J E C T O J E C T RR I S K I S K MM A
N A G A M E N T A N A G A M E N T PP L A N L A N (( I
PI P 44 )) . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .
. . . . . . . 66
11 .. MM O N I T O R I N G O N I T O R I N G RR I S K I
S K RR E S P O N S I B I L I T Y E S P O N S I B I L I T Y
MM A T R I XA T R I X . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

V I IV I I .. PP R O J E C T R O J E C T RR I S K S I S K
S MM O I N I T O R I N G O I N I T O R I N G && CC O N
T R O L O N T R O L PP L A N L A N ( I( I PP 44 )) . . .. .
. 77
11 .. FF L O W L O W CC H A R TH A R T . . . . . . . . . . . .
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V I I IV I I I .. PP R O J E C T R O J E C T RR I S KI S K
SS MM I L E S T O N E SI L E S T O N E S && BB U D G
E T U D G E T UU P D A T E S P D A T E S (( I PI P 55 ))
.. 88
11 .. MM I L E S T O N E SI L E S T O N E S ,, BB U D G E
T U P D A T EU D G E T U P D A T E . . . . . . . . . . . . . . .
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2 . C2 . C O N T I N G E N C Y O N T I N G E N C Y BB U D
G E T U D G E T
UU P D A T EP D A T E … … … … … … … … … … … … …
… … … … … …… … … … … … … … … … … … … … … …
… … …
I XI X .. PP RR O J E C T O J E C T RR I S K S I S K S CC
O M M U N I C A T I O N O M M U N I C A T I O N PP L A
N L A N (( I PI P 5 )5 ) . . . . . . . . . . . . . . . . .. . . . . . . . . . .
. . . . . . 99
1 .1 . PP R O J E C T R O J E C T DD I R E C T O R YI R E

C T O R Y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .
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2 .2 . MM A T R I X F O R T H E C O M M U NA T R I X
F O R T H E C O M M U N I C A T I O N S P L A N I C A T
I O N S P L A N
33 GG U I D E L I N E S F O R C O M M U NU I D E L I N
E S F O R C O M M U N I C A T I O N S M E E T I N G S I
C A T I O N S M E E T I N G S
… … … .… … … . … … … … … … … … … …… … … … …
… … … … …
I .I . PP R O J E C T R O J E C T OO U T L I N EU T L I N
E
1. PROPOSAL /APPROVAL
Dear Sponsor: Ronald Burke,
My proposal will give you the insights of why I am seeking
your approval
to being the lead Project Manager for the project of Wedding
Planning. I am really
excited to take on this new venture for I know it will help add
to my resume and my

future growing endeavors with your company. As proposed,
clients Walter James and
Gloria Jefferies decided to take on the commitment of marriage
in June of 2013 and
are the official winners of “The $50,000 Wedding Give Away
Day” from our
sweepstakes raffle. I understand before the kickoff of this
project I would need your
approval of your sponsorship to take on such a large project.
Even though I am a new
hire under your management team of project managers, this
proposal is to declare my
ability and desire to taking on the Wedding Planning Project
with delight, but first let
me explain in detail of why I strongly feel this way.
May 7, 2011 was one of the best days of my life….For it was
my Wedding
Day! This is the year my husband and I promised ourselves and
loved ones that we
would finally have a wedding which was on our 10th Year
Anniversary. Besides that,
we felt that since our family is now complete they could
participate in the ceremony as
well. Well we did just that. Our little girl was our mini

bride/flower girl, our middle
son was the ring bearer and our older son actually walked me
down the aisle, which
was very emotional, since my uncle passed away last year and
was suppose to walk
me since he was just like a father to me.
However, I never knew until this project that the risks
involved with an individual
planning their own wedding could be just as stressful, if not
more, and loaded with a
ton of risks, than if you were to hire a project manager/planner
to do it all. As a
matter-of-fact, I personally just experienced how substantial
those risks and stresses
could be…and yes it was experienced, the hard way- without a
risk plan.
I was a bride on a limited budget and decided to have my
wedding on a cruise in
the Bahamas with 6 months of planning. Well, that idea fell
through after the 4th
month and the plans had to change because the most important

guests such as our
parents, siblings, etc. were not able to get on board with us for
unseen circumstances.
My immediate family and my photographer were already booked
for the cruise and at
this point we could not cancel. So to sum up the situation: our
wedding funds were
tied up on a Carnival Cruise Ship that only my family of 5 plus
my photographer
would be able to attend.
Instead of panicking, I decided to use the $ 2,000 dollar
reserve funds that we set
aside as “spending money” on the cruise, to have a simple
ceremony with 30 guests in
Orlando, FL the weekend week prior to our departure. I had
two months to make the
plans. As anyone can imagine, those were the busiest 2 months
of my life. The details
were mind boggling, the risks were endless, resources were
many, the groom did not
disappear, as I’m sure he wanted to at times, and everything was
beautiful in the end
for we finally had our 25 thousand dollar wedding on a 2
thousand dollar budget!

Afterwards we enjoyed our week of vacation in beautiful
Orlando, Fl home of Mickey
Mouse, and at the end of the week we embarked on the ship and
vacationed for 3 more
days. When it was all over, I can honestly say that I was
extremely happy with the
results, for it was all worth it in the end.
I had previously told a friend of mine that if I could execute
my wedding on
such short notice and budget that I will be able to plan anything
and project
management was definitely my talent and calling. As a matter-
of- fact, planning
weddings as a career has always been a life-long dream, and my
purpose for my
education in project management. Therefore this proposal to
lead the project of
“Wedding Planning” is being written with a little experience but
a whole lot of zeal!
Mr. Burke thanks in advance for your consideration for approval
of this proposal.

Respectfully Yours,
Jane Doe
Project Manager
1. PROJECT DESCRIPTION
This risk management plan will identify risks that are associated
with planning a
wedding. The planning of a wedding involves a lot of detail that
must be thoroughly
planned out. There are a lot of milestones involved and
sometimes can seem
overwhelming even for the most experienced project planner.
Although similar, there
are no two weddings ever alike because everyone is different
with different likes and
dislikes; this could make the planning of a wedding a risk all by
itself. That is why it is
important for the project manager to be well -rounded and
diverse because there are
simply no limits to where a wedding can take place. A wedding
can be planned on top
of a mountain or at the bottom of a sea. Most of the time it is a
preference, illusion or a

dream that the project manager is expected to make realistic…
on schedule and most
of all within budget. For example it would not be ideal to go to
a bride and tell her that
her wedding date needs to change or more money is needed to
accommodate random
expenses that were never allotted for. This is just the tipping of
the ice-burg when a
project manager is in charge of planning a wedding. However,
this process does not
get any easier when one plans their own wedding as discussed
earlier in section 1 (the
proposal/approval section).
2. MILESTONES
a. Flowers
b. Cake and Catering
c. Music Getting Marriage License
d. Name Change on all cards (i.e. social security, credit, health
etc.)

e. Preparing A Budget
f. Guest List
g. Invitations
h. Vendors
i. The Bride
j. The Groom
k. Wedding Party
l. Hair & Beauty
m. Ceremony
n. Reception
o. Honey moon
p. Photo & Video
q. Rehearsal Dinner
r. The Wedding day
s. Thank you gifts/ cards

II. RISK MANAGEMENT JUSTIFICATION
1. THE IMPORTANCE OF RISK- TO THE SPONSOR
Dear Ronald Burke,
Thank you for your approval. I wanted to write you a letter to
inform you of the
importance of having a risk management plan (RMP) in place
for the current wedding planning
project. Since my wedding it has opened my eyes to know that
the risk involved in planning a
wedding is crucial to the success of it. Our current client/family
is depending on our expertise to
making their dreams come true and we do not want to let them
down. First of all, to identify
what a risk is, I would consider it as anything that could
potential stop, tamper or change the
progression of the project. This could be a temporal stagnation
or it could be permanent. We do

not want anything to cause our clients wedding from taking
place. This could be devastating to
our client’s future and even though we are sponsoring it, our
reputation is on the line. Therefore
this is my rationale for having a risk plan in place for this
project.
Through the complete lifecycle of this project, the PRM can
also help us stay on schedule. If
we have a plan for mitigating the risk, when it occurs we can
continue plans without having to
cancel them. Risks are real. It is better to be prepared for them
than not to be. A RMP gives us
this outlet to have changes already on the table before they can
occur. Some risks are much
higher than others and must be respected as such. There are
risks that maybe very rare and never
happen. In either case it is still better to be prepared. For
example having the wedding outside in
June may be a risk of the weather conditions being either too
hot or raining. In this case, we
would need to consider a back up location. Think about it, how
can we promise our client a

wedding of their dreams if it rains on them, or if they or their
guest fallout from a heat stroke?
These are the types of risks I’m speaking of. I hope I have
convinced you in the importance of
having a project risk plan in place. In the meantime, I will
continue my brainstorming of the risks
associated with this wedding and I would appreciate any insight
you may foresee that I can
include in this document. Thank you for your time.
Respectfully Yours,
Jane Doe
Project Manager
2. STEPS TO DEVELOPING A RISK MANAGEMENT PLAN
(RMP)
.
a. First understand that it is very essential to the success of the
project
b. Brainstorm with other stakeholders including bride and
groom to partner and help form
this document

c. Define what constitutes as a risk in this business by
researching historical data of
weddings gone wrong
d. Use expert judgment for identifying risk
e. Utilizing forecasts to determine unseen conditions
f. Categorizing the Risks for example (wedding dress, chapel,
guest, etc.)
g. Rank the risk as to its significance and the likely hood of it
happening (Burke, 2011)
h. Mitigating the risks with plans to overcome the expected
obstacles (Barkley, 2004)
i. Develop a plan to identify, mointor control,and execute the
risk
j. Write the plan
3. FLOW DIAGRAM OF A RISK MANAGEMENT PLAN
(Microsoft, 2007)

Iden%fy
Risk
Analyze
Plan
Monitor
Control
Execute
What
to
do
with
each
risk?
III. PROJECT RISK IDENTIFICATION
1. HIGH LEVEL- POTENTIAL RISKS

a. Budget is Overrun
b. Guests don’t RSVP but arrive at wedding
c. Cake is wrong color and size
d. Food taste awful
e. Flowers shrivel before ceremony
f. Best Man forget his pants
g. Limo driver is held up by traffic
h. Bridal party arrives late
i. Brides zipper to her bridal gown breaks
j. Best Man looses one of the rings
k. Reception location is overbooked
l. 2 people from wedding party can’t be in wedding at last
minute
m. Bride/ Groom’s selected songs has been left at home for
ceremony on accident
n. Outside weather conditions are bad
o. The groom’s white suit gets a stained
p. DJ get into accident with all the equipment in van
q. Videographer forgets camcorder

r. Wedding Officiate looses the couple’s written vows to each
other
2. RISKS CATEGORIZED USING A TABLE MATRIX &
SWOT ANALYISIS
Risk
Categorized
Risk
Categorized
&
Described
Method/
Techniques
used
to
identify
risks

Bride’s
Risks
• Bride
zipper
breaking
on
wedding
day
• Interview
of
Bride
Groom’s
Risks
• Best
Man
loosing
the
rings

• Interview
of
Groom
Ceremony
Risks
• Music
player
won’t
play
• Music
left
at
home
• Minister
loose
vows

• PM
Team
Assumptions/Brainstorming
Reception
Risks
• Overbooked
• Room
Set
up
Wrong
• Flowers
die
because
of
room
temp.

• Lead
PM
Assumptions
Wedding
Party
Risks
• Back
out
of
wedding
at
last
minute
• SWOT
Analysis
Guest
Risks

• Showing
up
without
prior
RSVP
• SWOT
Analysis
Sponsor
Risks
• Budget
Overruns
• Interview
of
Sponsor
(Grewal & Levy, 2008, 2010)

3. STAKEHOLDERS & PROJECT TEAM UTILIZED TO
IDENTIFY RISKS
a. Sponsor
b. Project Management Team
c. Lead Project Manager
d. Bride and Groom
Note: The table below explains the role of the stakeholders that
I brained stormed with
last week to categorize the risks. I have also added some
additional responsibilities that
each key member adhered to. Each one has agreed and is
committed to these
responsibilities during the project’s life cycle as the need arises.
Everyone is now aware
of the importance of this document and would like to help in
any way possible to be sure
it is a success. After all we are a team. Either we are all winners
or we all fail. We have
Strengths
Good Budget to work with, Bride and Groom leaving
most details to us, only Planning Agency to offer
such reward in State

Opportunities
To make a clients dream come true, Can
become the Leading Planning Agency by
reputation
Weaknesses
Can’t predict the client/ or their families involved ;
dependant on resources for a successful outcome
Threats
Risks associated with planning and executing the
project/ Bad reputation for the company
agreed that failure is not an option. So we will work as a team
to getting this project on its
way by mitigating the risks as often as possible.
ROLE RESPONSIBILITY TO RISK IDENTIFICATION
by interview.
life

cycle
on to ensure effective communication between
team,
and vendors regarding project changes
Project Management
Team Members
success of
the project.
project
risk assessment to identify unforeseen risk
mmunication and reports to sponsor, clients
mitigation plans according to their desires
availability
of vendors

hinder their wedding
day
IV. PROJECT RISK ASSESSMENT
1 .1 . TT A B L E A B L E SS H O W I N G H O W I N G
RR I S K SI S K S ,, T H E I RT H E I R L I K E L I H O O
D A N D L I K E L I H O O D A N D II M P A C T SM P A
C T S
Risk
Name
Risk
Description
Risk
Likelihood
Scoring
#’s for 2x2
matrix
Below

Risk
Impact
Ranking
Risk Impact
Description
Bride’s
Risks
Bride
zipper
breaking on
wedding
day
Low (2) High Ceremony
would be
delayed until
problem fixed
Groom’s
Risks
Best Man
loosing the
rings
would be
delayed
Ceremony
Risks

Music
player
won’t play
Low (2) High Upset bridal
party
ceremony will
probably be
delayed
Reception
Risks
overbooked Low (2) High No reception
Wedding
Party
Risks
Back out of
wedding at
last minute
High (1) High Unequal
wedding
party/no escort
for someone
Limo
Venue
Risks
Traffic
/wrong

directions
High (1) Low Could delay
schedule
Guest
Risks
Showing up
without
prior RSVP
High (1) High Could cause
the costs to be
impacted
Sponsor
Risks
Budget
Overruns
High (1) High A Loss for
client/company
2 .2 . RR A N K I N GA N K I N G RR I S K SI S K S ((
## ’’ SS D E S C R I P T I O N A B O V ED E S C R I P T I
O N A B O V E )) S H O W I N G S H O W I N G LL I K L I

H O O D I K L I H O O D
A N D A N D II M P A C TM P A C T
****Please refer to the above table/chart for actual risk
matrix with detail. ***
All of the risks in the above table risk fell in between #’s
(1) and (2).
All risks in quadrants (1) should receive the highest priority
since these risks are more likely
to happen. The others will receive the least attention arranged
by number from 2-5 as shown
above.
(Burke, 2011)

V. PROJECT RISKS RESPONSES STRATEGY
1. RISK RESPONSE ASSESSMENT MATRIX
Risk
Name
Risk
Description
Risk
Likelihood
Scoring
#’s for
2x2
matrix
Below
Risk
Impact
Ranking
Risk

Impact
Description
Risk
Response
Type
Risk
Response
Description
Bride’s
Risks
Bride
zipper
breaking on
wedding
day
would be
delayed
until
problem
fixed
Avoid Be sure
seamstress put
a corset
backing
instead of a
zipper to
avoid the risk
totally

Groom’s
Risks
Best Man
loosing the
rings
would be
delayed
Mitigate Have the rings
pinned inside
a bag inside of
his pockets
instead of
them being
loose or in a
box.
Ceremony
Risks
Music
player
won’t play
Low (2) High Upset bridal
party
ceremony
will
probably be
delayed
Transfer Have another

music player
on standby
just in case
the first one
stops working
Reception
Risks
overbooked Low (2) High No
reception
Avoid/Transfer Have a
backup
location/venue
Wedding
Party
Risks
Back out of
wedding at
last minute
High (1) High Unequal
wedding
party/no
escort for
someone
Transfer Have the extra
person to
perform a
different task

such as usher
or escort the
guest in if it is
a male or if it
is a female
she can help
with hair and
makeup etc.
Limo
Venue
Risks
Traffic
/wrong
directions
High (1) Low Could delay
schedule
Avoid Allot extra
time by
planning
everything
one hour
ahead
Guest
Risks

Showing up
without
prior RSVP
High (1) High Could cause
the costs to
be impacted
Mitigate Have a guest
greeter
checking
RSVP’s at the
door to
eliminate the
budget from
being depleted
with having to
pay for guest
that were not
accounted for.
Sponsor
Risks
Budget
Overruns
High (1) High A Loss of
revenue for
the
company
Avoid Request all
transactions to
be reported

daily via
email by all
project
managers to
stay abreast.
Request all
changes are
handled
through the
sponsor first
which
includes
changes in all
costs and
schedules.
2. DETAILED RISK RESPONSES STRATEGIES
First Risk:
The bride’s zipper breaks before the wedding ceremony. This
risk will be mitigated
by getting the bride’s zipper dress altered to a corset by the
seamstress. This will
avoid this risk all together. This risk is a low likelihood, but the
impact could be
high so we do not want to take on this risk at all. In adding a

corset backing, the
costs will be an extra $150.00 which will increase our budget
for the dress by that
amount.
Second Risk:
The Best man loosing the rings is the second risk. The
likelihood of this risk is low
but the impact would be high. Therefore it is important to
mitigate this risk by the
groom having the groom inside a box that will be placed in a
jewelry bag that will
be pinned to the inside of the groom’s right pants pocket. This
will allow the rings
to stay safe, unless the Best mans looses’ his pants. This will
not change the budget
for the bag is part of the ring purchase.
Third Risk:
This risk involves having Sound System problems where the
music player won’t
play during ceremony. This risk is high and the impact would be
high for it could

delay the wedding’s schedule. This could also cause the budget
to change because
it will mean more time in the chapel as well as more money to
be spent on new
equipment. This risk will be avoided by purchasing a back up
sound system if
needed. This will cause the costs to increase by $1000.000. The
vendor will need
to deliver the first sound system on time and on schedule to be
tested. It will also
be tested one week and one day prior to the ceremony. If the
vendor cannot fulfill
the requirements of the delivery contract, they will assume all
costs as agreed to.
Fourth Risk:
The fourth risk of the reception location being overbooked is
less likely to happen,
but will have a high impact on the project. Therefore, having a
backup location we
will mitigate this risk. This information will need to be verified
well in advanced
for proper planning. A contract will need to be signed. In the
event the location has

been overbooked we will request that the original vendor
returns all money for
deposits. This could cause our cost and schedule to change if a
new vendor is
needed. For example if the new location costs more than the
current one it would
cause the budget to increase. Also if the new location date
requested is unavailable
it would cause the schedule to change.
Fifth Risk:
The fifth risk is that several of the wedding party back out of
wedding two weeks
before the wedding. This risk is high and the impact is high for
this could cause the
wedding party to be unequal. There could possibly be for
example not enough men
for the women to be escorted or vice versa. This could also alter
the entrance and
standing arrangements. In this case, the risk will be transferred
by having the extra

wedding party fulfill other tasks such as an extra male could act
as an usher or
escort of guests to their seats. The extra females can be used to
help with make-up
hair and dressing. A back up rehearsal should also be
performed. The wedding
party can rehearse walking in alone and also walking in with
escorts. This will
transfer this risk for everyone will be prepared either way.
Sixth Risk:
Limo driver has traffic issues and does not get the wedding
party to the chapel on
time. This risk is high and likely to happen. The impact will
also be high because it
will cause the schedule and possibly cost to change. Most
wedding chapels allow
you to rent it by the hour. If the limo drive is an hour late, this
could cause a charge
to occur that was not planned for. Therefore, we would like to
avoid this risk by
planning the Limo driver to arrive an hour ahead of schedule.
We will also be sure
that the limo driver has made a test run to be sure he will know
where he is going

on the day of the ceremony. If for any reason he does take the
bridal party to
another location in the contract it will be stated that he will be
responsible for any
extra fees that his company will charge for they also charge by
the hour.
Seventh Risk:
Guest showing up at the wedding that has not RSVP. The likely
hood of this
happening is high for people show up all the times to places
they have not
reserved. In this case this could cause the budget, planning, and
everything to
increase. We will mitigate this risk by having a greeter that will
check names and
RSVP information at the door. If that person is not on the list
they will not be
allowed to attend.
Eighth Risk:

The last risk of budget overruns for this project has a high
likelihood and a high
impact. This could cause the entire project to be canceled. This
risk will be
mitigated by keeping an open line of communication by
requesting that all
transactions to be reported daily between all project managers
to stay abreast. It is
also required that all changes are presented and approved by the
sponsor first. This
does include changes in all costs and schedules.
VI. PROJECT RISKS MANAGEMENT PLAN
1. Monitoring Risk Responsibility Matrix
R=Responsible, A=Approver, S= Support, I=Information
N/A=not applicable
Responsible = person who take full responsibility of monitoring
and controlling the risk of the task.
Approver = person who approves or allow changes to occur to
budget, schedule, changes etc.(takes action)

Support= person who provides their response to the risk or
support regarding any aspects of the project.
Information= person who should be notified but does not
possess any control for decisions
n/a= monitoring risk plan does not apply in that particular task
Name
Wedding
Project
Schedule
Risks
Overall
Project
Cost/
Budget
Risks
Decorations
Type, Set
up
And take
down risks
Staff

Work
Hours
Wedding
Vendor
non-
Performance
Risks
Wedding
Party
Attire
Activities
Associated
To
Mitigating
Wedding
Risks
Wedding
changes/
status
updates
Wedding

Guest
RSVP
Risk
Project
sponsor
A A A A A A A A A
Lead Project
Manager/
Coordinator
R R R R R R R R R
Project
Management
Staff
I I S I R S I I I
Vendors I I R I R I I S I
Design
Team
I S R I I R S S I
Bride/Groom I I A I A I A S
Bridal Party S R n/a n/a n/a A I S S
Wedding
Guest
I n/a n/a n/a n/a n/a I I S

PROJECT MONITORING & CONTROL PLAN
Risk monitoring and control is the process of identifying,
analyzing, and
planning for newly discovered risks and managing identified
risks. Throughout this
process, the responsible person of the risk identifies the risks,
identifies new risks,
implements risk response plans, and measures the risk response
plans
effectiveness. The actual inputs to Risk Monitoring and Control
are: Risk
Management Plan, Risk Register, Approved Change Requests,
Work Performance
Information and Performance Reports which most will be
discussed in more detail.
The wedding giveaway sweep steak project must be obtained

in a solid risk
monitoring and control plan in order to reassure the project goes
according to plan.
The risk monitoring and control must be carried out during the
entire life cycle of
the project. What this means is that this process will include but
not be limited to
analyzing and identifying risk as they derive and documenting
them to form
contingency plans for if and when they do arise. This helps the
project stay on task
and helps monitor if our company’s resources that are being
utilized for the project
are operating correctly (FFIEC, 2008).
Effective Risk monitoring and control will be essential to the
schedule, cost and
overall budget. There are techniques involved in the risk
monitoring process to
ensure the execution of the project (PMI, 2008). Each and every
one of the
stakeholders involved in this development of the wedding

project will either lose
or gain from the success or failure of it. A successful outcome
is desired so that is
where project risk and monitoring will come into play because
it ensures but does
not guarantee the project’s success. Put it this way, it will make
the chances much
greater of being successful than if this process was not
implemented at all.
The project management team, sponsor and other key
stakeholders must always
be ready to not just identify the risk, but take a proactive
approach to mitigating the
risk that are associated with it. In other words, they must
always be prepared to
take a stance to eliminate the associated problem at hand. The
techniques that are
used to manage the risks must be embodied within our project
risk paradigm. The
basic techniques used to manage the risks are the following:
identify, analyze, plan,
track, control, and communicate, (PMI, 2008).
We will use spreadsheets, performance reviews, variance
analysis (VA) and

Microsoft project manager as the software tool to schedule and
track the tasks to
help identify and document the risks. We will also use
communication methods
such as by phone, fax, face to face or email to name a few ways
to keep one
another abreast on any changes. If changes are needed such as
in schedules or
costs, that final decision must be made by the Sponsor and our
Executive Team.
The Project managers, vendor or anyone for that matter has the
option to request a
change, but the request must be made known to the lead project
manager which
will communicate it to the sponsor team right away for the
decision making
process.
Monitoring and Controlling of this project will also deal with
tracking and
periodically reviewing the information from the spreadsheets or
risk analysis (RA).

This will enable us to regulate the process to meeting the
performance that is
defined within the project scope and project management plan
(PMI, 2008). Some
of the things that we will use to monitor and controlling the
deliverables for this
wedding project are (1) collect information from all parties
involved such as
reports showing work in progress and or completed. (2)
Measure how this
information compares to the actual schedule and costs.
When a risk occurs, the control process is to first of all assess
the risk, modify it
by determining if we can accept, avoid, or mitigate the risk. (3)
The lead project
manager is in control of disturbing the performance information
to the sponsor and
others that are of interest. (4) Last, perform measurements to
effectively make
process improvements will be assessed. This information will be
repeated the
entire time until the project is over and the couples have
returned happily from

their honey moon.
This long duration of monitoring and controlling will ensure
that corrective
actions will be taken in the event a risk does arise which is a
part of the control
process. As a breakdown of the planned project monitor and
control work that will
take place for this project the task are as following:
1. Continue to compare the actual performance of vendors, team
members, etc.
to the project plan
2. Determine if there are actions needed to correct or prevent
risks and
recommend them.
3. Identify new risks by analyzing, tracking and monitoring the
wedding
project at hand. Also current and or past risk as well to be sure
they are
identified, reported, and response mechanisms has been put into
place

4. Keep an up to date status of the progression or digression of
the project’s
progress throughout the project life cycle.
5. Inform the team and sponsor of support status reports,
forecasting, and
progress measurements
6. Keep a detailed log of forecasts, current costs and current
schedule
information to stay current and keep stakeholders current
7. Implement monitoring of approved changes from the sponsor
as they occur
to the team members and vendors (PMI, 2008).
8. Quality assurance, Quality control Inputs and Risk Analysis
performed ( i.e.
flowcharting to determine if improvements are needed) (PMI,
2008).
9. Documentation of lessons learned regarding the project will
be indicated as
well
10. Close the project.

2. DIAGRAM FLOW CHART
(Microsoft Word Smart Art, 2011)
Risk
Iden%fied
Risk
Register
Access
Risk
Respond
to
the
Risk
Work
Perform
ance
Requested

Changes
Con%gency
Plan
Introduced
Previous
and
New
Risk
iden%fied,
VIII. PROJECT RISKS MILESTONES & BUDGET UPDATE
1. MILESTONES & UPDATES
a. Flowers
b. Cake and Catering

c. Music Getting Marriage License
d. Name Change on all cards (i.e. social security, credit, health
etc.)
e. Preparing A Budget
f. Guest List
g. Invitations
h. Vendors
i. The Bride
j. The Groom
k. Wedding Party
l. Hair & Beauty
m. Ceremony
n. Reception
o. Honey moon
p. Photo & Video
q. Rehearsal Dinner
r. The Wedding day
s. Thank you gifts/ cards

t. Weekly meeting
u. Monthly meeting
v. Consult bride and groom w/ updates
w. Contact vendors monthly
x. Pay vendor in full one month prior to event
y. Contact catering company 1 month prior with exact numbers
of guests
z. Contact wedding reception venue 1 month prior with exact
number of guests
aa. Fitting for brides dress 3 months prior to event
bb. Wedding Party attire dress rehearsal 1 month and 1 week
prior to event
cc. Rehearsal Dinner 1 week prior to event
dd. Limo driver test drive locations- obtain status report
ee. Flowers, Decorations, etc. Needs to be delivered two days
prior
ff. Refrigerate flowers
gg. Check on cake venue be sure it is on schedule for delivery
the day of event

hh. Accessories for flower girls and brides maids needs to be
picked up 3 months
prior
ii. Last fitting of entire wedding party 2 weeks prior to event
jj. Chairs, tables, and all equipment delivered on week prior to
event
kk. Set up team arrive 7 am to chapel (1 day prior to wedding
day)
ll. Take down at 7pm at wedding chapel (1day post wedding
day)
mm. Photography and Videographer arrive (1 day prior for shots
of décor)
nn. Contact Reception Hall tour (1 day prior to be sure set up is
correct)
oo. Test all equipment to ensure functionality 1 month, 1 week,
1 day prior
pp. Take a break and relax by 6pm. (1 day prior to event)
2. CONTINGENCY BUDGET -UPDATES

As of June 20th, 2011 our budget of $50,000 has not
overrun. As a matter of fact we are
predicted to come in under budget by 20% or 5,000 dollars due
making the Estimated Cost (EC)
to be $45,000. This is due to the recent changes in the reception
location. The cost for the new
location is the same and the only difference is they will do all
the decorations as per the
bride/grooms preference. This is part of their complimentary
packages and services. Another
thing is they are accommodating the bride and groom a free
honey moon suit the night of the
event. The guests are also allowed to stay with a group rate
charge of 100.00 per night which is a
50% savings off the regular price. (Each guest will be
responsible for his/her own fees). With
these amazing changes, this has allowed the event to be on
schedule and under budget.
This brings me to mention about the couple’s one week cruise
honey moon package to the
Bahamas. It is still on schedule to take place the day after the
wedding. They will have a honey
moon suite w/ balcony view. We have also added a surprise
bonus to this package ( thanks to

contributions made by our loyal customer’s) of a $5,000
spending voucher as well as limo
service transportation to and from the loading dock in Port
Canaveral Fl.
We are sure to make this couple’s wedding day a dream come
true and a day to remember for
the rest of their lives! We are also expected to receive a 30 %
percent growth in client base and
revenue after this project is completed for it has received
nationwide attention by the media. This
story is due to air on a “Wedding Story” on TLC the following
month with permission from our
bride and groom of course! We are all excited about this project
and have taking all the
necessary approaches to identify and mitigate the budget and
planning risks according to this
plan.
IX. PROJECT RISKS COMMUNICATIONS PLAN

1. PROJECT TEAM DIRECTORY
This table is a representation of the contact information for the
persons that are identified in this communications
management plan. The phone numbers/ email address will be
one of the methods used to communicate with each of
them as needed.
Role Name Email Phone
Project Sponsor
Lead Project Manager Jane Doe
Project Staff
Switchboard/Directory
Project
Management Team
line
[email protected] 555-555-1212
Customer (Bride/Groom) Francesca Griffin
and Randy Watson
Vendor Switchboard Vendors Exclusive
Switchboard
Design Team Switchboard Design Team [email protected]
555-888-4567

2. Matrix for the Communications Plan
This table identifies the form of communications that is
requirements for this event.
Communication
Type
Communication
Objective
Type Frequency Audiences Owner Deliverable
Kickoff Meeting The Wedding
Project
introduced as
well as team
members.
Management
Approach-
Objectives
explained
• Face to Face 1x • Project Leader
• Project Team
• Bride Groom
• Stakeholders
Project
Sponsor

• Meetings
• Agenda
Project Team
Meetings
Project Status • Email
• Conference
Call
• Face to Face
Weekly • Project Team
• Project Sponsor
Project
Manager
Staff
• Meetings
• Agenda
Design Team
Meetings
Develop and
Discuss design
plans/solutions
for the project.
• Face to Face As Needed • Project Design
Team/ Lead PM
Lead
Project

Manager
• Agenda
• Meeting
Status Meetings
for the Project
Reports of the
status of the
project to team
• Face to Face
• Conference
Call
• Email
• Smartphone
Monthly • Entire Project
Team
Project
Manager
• Agenda
Status Reports

Of the Project
Report the status
of the project
risk, activities
costs problems
etc.
• Email
• Conference call
• News letter
Monthly • Project Sponsor
• Project Team
• Stakeholders
•
Project
Lead
Manager
• Status
Report
3. Guidelines for the Meetings
Meeting Agenda
The Meeting Agenda will be sent out a week before each
meeting. It will explain the topic and allow room for notes for
questions or comments that should be presented in the meeting.

The Agenda will also express the presenter and
their contact information. The agenda will be reviewed each
week to be sure it follows the previous meeting’s updates
and changes as needed to ensure all items are addressed and
responded to. Occasionally the agenda will express
the actions by review if such case is permissible.
Owner of Meeting/ Presenter
The Owner of the meeting/ presenter will be identified as the
“Chair Person” for that week and is responsible for
distributing the agenda of the meeting to all persons of interest.
The times of both starting and ending will also
be their responsibility. It is asked that the meetings does not run
30 minutes over or they should be rescheduled
and reviewed during the next weeks meeting or conference. This
will vary especially when meeting with the
customers (bride and groom) for they may have questions or
concerns that may go over the allotted time. In the
case of emergencies will be the only time this restriction can be
lifted but must be approved by the sponsor
because this will put the employees in an overtime status. This
could cause the budget to overrun. Or team
members are welcome to talk and meet at any time off of the
company’s paid hours.

Note Taker
It is important that the chair person picks someone to take notes
of the meetings to ensure an accurate recording
of updates and status reports to other stakeholders that may not
be present and also as a good review
mechanism. At the end of the meeting the note taker is
responsible to hand over the notes to the chair person
which will get the notes copied and prepared as needed for
following meetings etc.
.
REFERENCES
Barkley, B. T. (2004). Project Risk Management. New York:
The McGraw- Hill Companies, Inc.
Boyet, (2010). A Guide to the Project Management Body of
Knowledge (PMBOK Guide) Fourth

Edition Translations Retrieved from
http://www.pmi.org/en/About-Us/Press-Releases/A-Guide-to-
the-Project-Management-
Body- of-Knowledge.aspx
Burke, R. (2011). MPM344 Live Chat. Colorodo Tech
University Online.
Haughty, (2009). The Project Management Book of Knowledge.
Retrieved from website
http://www.projectsmart.co.uk/pmbok.html
(PMBOK® Guide); Project Management Institute, Inc. (PMI);
2000, Newtown Square, PA :
Project Management Institute
Project Management Body of Knowledge (PMBOK Guide).
(2008). Newton Square 4th edition:
Project Management Institue, Inc.
Part 4
For this assignment, you will determine how you will monitor
the risks that you have projected, as well as the unknown risks
that occur during the course of the project. You will also
formulate a control plan once a risk has been identified during
the monitoring process.
As part of the monitoring and control process, you will need to
identify who plays what role in this process, also known as
the risks responsibility plan. One method is to construct a RASI
matrix that is similar to the following example:

Please note that the risk categories and names are very general
in this example, and you will have more specific risk categories
that are based on Weeks 1 and 2's work.
Deliverables:
The overall project deliverables are the following:
1. Update the Key Assignment Document title page with a new
date and project name.
2. Update previously completed sections based on instructor
feedback.
3. Complete New Content below and copy it under the sections
in the Key Assignment Document that are called "Project Risks
Responsibility Plan" and "Project Risks Monitoring and Control
Plan."
· New Content
· Project Risks Responsibility Plan
· Include a responsibility matrix listing the stakeholders and
project team members, with risk actions (or category of actions)
along the top.
· Next, fill in the table using the following letters, and refer to
the examples in the Assignments section as "R" if they are
responsible for monitoring and controlling the risk, "A" if they
are the approver for taking action to respond to the risk, "S" if
they have a support role in responding to the risk, and "I" if
they only need to be informed. This is also known as a RASI
chart.
· Project Risks Monitoring and Control Plan
· Include a detailed description of the overall monitoring
process, including the techniques that will be used to monitor
the existence and impact of individual risks.
· Include a detailed description of the control process when a
risk occurs.
· Include a diagram flowchart to depict the steps in the control
process from risk discovery through risk response.
4. Be sure to update your table of contents before submission.
5. Name the document "yourname_MPM344_IP4.doc."

6. Note that this document will also be submitted as you Key
Assignment Draft in the next Discussion Board.
Part 5.
In previous weeks, you selected a project around which to
develop your Risk Management Strategy and Plan Key
Assignment. In Week 1, you crafted a letter to the project
sponsor explaining the importance of project risk management.
You also determined the high-level steps for conducting risk
assessment and brainstormed on some of the risk categories. In
Week 2, you fully identified the individual project risks and
analyzed them by determining their likelihood and impact. In
Week 3, you determined the mitigation strategies, which might
include prevention, control, or ignoring the risk. In Week 4, you
developed a project risks matrix with all of the information that
you gathered in Weeks 2 and 3, and you developed a risk
monitoring and control approach and plan.
Now you are ready to embark on adding all of the risk
management tasks to the overall project plan, as well as
producing a well-thought-out communications plan. In the final
week, you will also revise the Key Assignment draft document
based on feedback from your instructor and peers. Under the
last sections, which are not filled in, you will develop a very
detailed WBS, contingency budget, and communications plan.
Deliverables:
The overall project deliverables are the following:
feedback.
2. Complete "New Content" below, and copy it under the
appropriate sections in Key Assignment Document called
"Project Risks WBS and Budget Updates" and "Project Risks
Communication Plan."
· New Content
· Project Risks WBS and Budget Updates
· Identify the additional tasks that are associated with planning,
monitoring, and controlling risks.

· Put this in a WBS structure so that they can be added to an
existing plan.
· Determine a contingency budget to mitigate the risks that are
most likely to occur.
· Determine additions to the project plan budget to monitor and
control risks.
· Project Risks Communications Plan
· Identify the stakeholders that communications should go to.
· Determine the frequency of communications.
· Construct the types of reports and how they will be delivered.
· Discuss how this might be integrated into the change
management process.
· Define who has the final authority for sign-off to extract from
the contingency budget to mitigate risks.
3. Update the Key Assignment title page with a new date and
project name.
feedback.
5. Be sure to update your table of contents before submission.
6. Name the document "yourname_MPM344_IP5.doc."
7. Submit the final Key Assignment document for grading.

PROJECT RISK MANAGEMENT .docx

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