1 Assignment Objectives Introduction to Project Risk Management Explain how risk management is integrated as a component into the total project management approach. 400 Words Risks can occur as a result of both known risks, such as for newer tasks there may be a learning curve that causes delays in the delivery of a task, and unknown risks, such as events like an earthquake or tsunami. Also, some suggest that they take calculated risks, where careful consideration is taken before taking on a challenge. Risk management, in essence, is doing the same thing in a more formalized process. The discussion assignment for this week will be an evaluation of how risk management can be a contributor versus an inhibitor to a project. The following Discussion Board task will assist you in evaluating various types of risk. Research at least 2 sources (which may include your textbook) to support your response. 1.Describe a project that you were involved with, or are familiar with, and the types of risks (at least 5) that occurred. 2.How were these risks handled or mitigated? 3.When the risk occurred, what impact did it have on the overall project, such as from a cost and schedule-deadline perspective? 4.If a risk management process was not in place, explain why it may have helped. If a process was in place, did it help, and why? Write 2 more paragraphs that are an introduction and conclusion to this topic. Be sure to include your references, and format your submission in APA format. 2 Assignment Objectives Introduction to Project Risk Management Explain how risk management is integrated as a component into the total project management approach 1,100 Words, including many empty sections, in a Word document Risks fall in a few categories, known and unknown. It is extremely important in any project to effectively plan for both with a contingency budget and resources because some will happen. In this class, you are asked to develop a Risk Management Strategy and Plan that identifies potential risks, ranks them by impact and likeliness, contains mitigation strategies, and includes a way to control and communicate them. You will select a project that you may have developed in a previous class or a known project in your organization to create this strategy and plan for. Throughout this course, you will be working on developing several components of a final Key Assignment. Additional information and the deliverables for each Individual Project will be provided in the assignment description for this project. In this first Individual Project, you are asked to develop the outline of the sections that will be included in the “Risk Management Strategy and Plan” document and a draft of a proposal to submit to your instructor. The other information you will include is a high-level description of the project you will be conducting the risk analysis on. You will also be setting up the final Key Assignment outline that you will add to each week. The combined In ...

1. 1 Assignment Objectives
Introduction to Project Risk Management
Explain how risk management is integrated as a component into
the total project management approach.
400 Words
Risks can occur as a result of both known risks, such as for
newer tasks there may be a learning curve that causes delays in
the delivery of a task, and unknown risks, such as events like an
earthquake or tsunami. Also, some suggest that they take
calculated risks, where careful consideration is taken before
taking on a challenge. Risk management, in essence, is doing
the same thing in a more formalized process. The discussion
assignment for this week will be an evaluation of how risk
management can be a contributor versus an inhibitor to a
project.
The following Discussion Board task will assist you in
evaluating various types of risk. Research at least 2 sources
(which may include your textbook) to support your response.
1.Describe a project that you were involved with, or are familiar
with, and the types of risks (at least 5) that occurred.
2.How were these risks handled or mitigated?
3.When the risk occurred, what impact did it have on the overall
project, such as from a cost and schedule-deadline perspective?
4.If a risk management process was not in place, explain why it
may have helped. If a process was in place, did it help, and
why?
Write 2 more paragraphs that are an introduction and conclusion
to this topic. Be sure to include your references, and format
your submission in APA format.
2 Assignment Objectives
Introduction to Project Risk Management

2. Explain how risk management is integrated as a component into
the total project management approach
1,100 Words, including many empty sections, in a Word
document
Risks fall in a few categories, known and unknown. It is
extremely important in any project to effectively plan for both
with a contingency budget and resources because some will
happen. In this class, you are asked to develop a Risk
Management Strategy and Plan that identifies potential risks,
ranks them by impact and likeliness, contains mitigation
strategies, and includes a way to control and communicate them.
You will select a project that you may have developed in a
previous class or a known project in your organization to create
this strategy and plan for.
Throughout this course, you will be working on developing
several components of a final Key Assignment. Additional
information and the deliverables for each Individual Project will
be provided in the assignment description for this project.
In this first Individual Project, you are asked to develop the
outline of the sections that will be included in the “Risk
Management Strategy and Plan” document and a draft of a
proposal to submit to your instructor. The other information you
will include is a high-level description of the project you will
be conducting the risk analysis on.
You will also be setting up the final Key Assignment outline
that you will add to each week. The combined Individual
Project (IP) assignments will be your final Key Assignment
deliverable.
Project Selection:
The first step will be to select a project that you to develop a

3. risk management strategy and plan for. This project will be used
as the basis for each of the assignments throughout the course
and should conform to the following guidelines:
1.Nontrivial: The selected project candidate should reflect a
real-life project that has at least the major milestones identified.
2.Domain Knowledge: You will be applying knowledge of this
project to address assignments related to identifying and
analyzing risks.
Select a project that fits these requirements, and submit your
proposal to your instructor before proceeding further with the
assignments in the course. Approval should be sought within the
first few days of the course. Your instructor will tell you how to
submit this proposal and what notification will be given for
project approval.
Assignment:
Your first task in this process will be to select a project to use
as the basis of your Key Assignment. You will also create the
shell document for the final project Key Assignment document
deliverable that you will be working on throughout the course.
As you proceed through each project phase, you will add
content to each section of the final document to gradually
complete the final project delivery, which is the Risk
Management Strategy and Plan.
The following project deliverables:
1.Submit project proposal to instructor for approval
2.Risk Management Strategy and Plan Document Shell ◦Use
Microsoft Word
◦Title Page 1.Course number and name
2.Project name
3.Student name
4.Date
◦Table of Contents i.Use auto-generated TOC
ii.Separate page

4. iii.Maximum of three levels deep
iv.Be sure to update the fields of the TOC so it is up-to-date
before submitting your project.
3.Section Headings (create each heading on a new page with
TBD as content except for sections listed under "New Content"
below) i.Project Outline
ii.Risk Management Justification
iii.Project Risks Identification
iv.Project Risks Assessment
v.Project Risks Responses Strategy
vi.Project Risks Responsibility Plan
vii.Project Risks Monitoring & Control Plan
viii.Project Risks WBS & Budget Updates
ix.Project Risks Communications Plan
4.New Content to be Inserted in Above Shell ◦Project Outline
i.Brief description of the project.
ii.The milestones and/or WBS for the project.
iii.Material can be taken from approved proposal submitted to
the instructor, and this will serve as the draft for the proposal.
iv.Be sure this project is approved by the instructor.
5.Risk Management Justification i.Discuss why risk
management is so important to the success of the selected
project in a letter to the project sponsor.
ii.Describe the steps that will be used to develop the Risk
Management Plan.
iii.Represent this process in a flow diagram as well.
1.Project Risks Identification i.Start brainstorming, at a high
level, on some categories where risk could occur in this project
(Note: you will continue this brainstorming activity in the next
week with specifics, likelihood, and impact).
3 Assignment Objectives
Identifying & Analyzing Project Risks

5. 400 words
The following Discussion Board research will assist you in
developing your Individual Project. Research at least 2 sources
(which may include your textbook) to support your response.
•List the project team members and stakeholders (at least 4) that
can be utilized to assist in identifying risks.
•What risk identification techniques will you utilize, and why
do you believe that these will work best for your Key
Assignment project?
•What diagramming techniques will you use to fully explore
specific types of risks?
•Risks can be prioritized utilizing impact analysis. Identify the
impact scales that you intend to use for both the impact to the
major project objectives and the likelihood.
Write 2 more paragraphs that are an introduction and conclusion
to this topic. Be sure to include your references and format your
submission in APA format.
4 Assignment:
Identifying & Analyzing Project Risks
800 Words
For this assignment, you will use what you identified as your
approach in this week’s Discussion Board to identify and assess
all of the risks that are associated with your project. You should
identify a minimum of 8 risks then assess them by employing
the techniques that you selected in the Discussion Board
assignment.
For the compilation of your risk assessment component, you
may use a table similar to the following:
Note: This is just a sample, and you may choose to represent it
in a different format as long as you have all of the pertinent
risk-related information, including the following:
•Risk name
•Risk description

6. •Likelihood (using a scale)
•Impact (use both as a scale and description)
Leave room to append more information later to show your
mitigation strategy.
The following is an example of ranking the risks using a 2x2
risk matrix approach:
In this sample 2x2 ranking matrix, the risks that should receive
the highest priority are the risks that are in quadrant 1, and the
risks that will receive the least attention are in quadrant 4.
Deliverables:
The overall project deliverables are the following:
•Update the Key Assignment Document title page with a new
date and project name.
•Update previously completed sections based on instructor
feedback.
•Complete the New Content below, and copy it under the
sections in Key Assignment Document called "Project Risks
Identification" and "Project Risks Assessment": ◦New Content
◾Project Risks Identification ◾Use the project risk categories
that you brainstormed during the previous week to categorize
the risks that you have determined for this assignment.
◾Show a list of stakeholders and project teams that you utilized
to identify risks.
◾Thoroughly describe each project risk (at least 8), which
includes the source for identifying the risk.
◾Identify and show the specific technique that you used to
identify the risks, such as cause and effect, a fishbone diagram,
a SWOT analysis, interview notes, and an assumption list.
◾Project Risks Assessment ◾Create a table similar to the
sample above, or use another method to list the risk, the
likelihood of occurrence, and the overall severity of impact if it
occurs.

7. ◾Fill in the table with the information from the project
identification utilizing the 2 scales that you determined as a part
of your Discussion Board assignment. Be sure to consider both
the cost and schedule impact as you determine the overall
impact.
◾Rank your risks based on both the likelihood and impact using
a technique, such as 2x2 matrix as shown in the assignment
description section.
5 Assignment Objectives
Mitigating Project Risks
400 Words
The following Discussion Board research will assist you in
determining the correct responses. Research at least 2 sources
(which may include your textbook) to support your response.
•The vendor that you hired is not performing. Identify the risk
response that is the most appropriate for this risk (avoid,
transfer, mitigate, or accept), and write a full description of the
contingency plan to go along with the selected response.
•The equipment that you ordered for this project is now a month
late. Identify the risk response that is the most appropriate for
this risk (avoid, transfer, mitigate, or accept), and write a full
description of the contingency plan to go along with the
selected response.
•The location where the project is being developed has
hurricanes that come through the area a few times a year.
Identify the risk response that is the most appropriate for this
risk (avoid, transfer, mitigate, or accept), and write a full
description of the contingency plan to go along with the
selected response.
•The task effort that was initially estimated is actually going to
take three times as long because there is a learning curve
involved. Identify the risk response that is the most appropriate
for this risk (avoid, transfer, mitigate, or accept), and write a
full description of the contingency plan to go along with the
selected response.

8. Write 2 more paragraphs that are an introduction and conclusion
to this topic. Be sure to include your references, and format
your submission in APA format.
6 Assignment:
Mitigating Project Risks
800 Words
Explain how risk management is integrated as a component into
the total project management approach.
Apply the PMBOK 3 process approach to project risk
assessment to produce and present a risk management plan from
a given or chosen project scenario. and present a risk
management plan from a given or chosen project scenario.
For this assignment, you will utilize some of the same decision
processes and responses that you gave for the Discussion Board
assignment to determine a response for each of the risks that
you have already identified in the previous weeks. For the
higher priority risks, make sure the responses minimize the
risks as much as possible.
You will be adding columns to your table (similar to this
example) that you started in Week 2.
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 section
in the Key Assignment Document that is called "Project Risks
Responses Strategy." ◦New Content ◾Project Risks Responses
Strategy ◾Determine the type of response for each identified
risk (avoid, transfer, mitigate, or accept).

9. ◾Thoroughly describe what the specific response will be,
including any additional tasks to the project plan or a
contingency budget where appropriate.
◾Update the table or matrix that you have been summarizing
the risks in to include identification of the response (see
example in the assignment section).
7 Assignment Objectives
Explain how risk management is integrated as a component into
the total project management approach.
Controlling Project Risk
demonstrate basic competency in qualitative and quantitative
risk analysis.
Employ the techniques for monitoring, communicating, and
controlling risks to demonstrate an understanding of the
concepts and purpose of risk management.
Your first task is to post your own Key Assignment Draft to the
discussion area so that other students are able to review your
plan. Attach your document to the main discussion post, and
include any notes you feel are appropriate. The purpose of this
assignment is to help improve the quality of the Key
Assignment Draft you will complete next week.
8 Assignment Objectives
Controlling Project Risk
Explain how risk management is integrated as a component into
the total project management approach.
Demonstrate basic competency in qualitative and quantitative
risk analysis.
Employ the techniques for monitoring, communicating, and
controlling risks to demonstrate an understanding of the
concepts and purpose of risk management.

10. 1200 words
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

11. 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.
9 Summative Discussion Board
Assignment Objectives
Demonstrate basic competency in qualitative and quantitative
risk analysis.
Employ the techniques for monitoring, communicating, and
controlling risks to demonstrate an understanding of the
concepts and purpose of risk management.
Identify team and problem-solving skills to collaborate on a
project.
Communicating Project Risks
400 words
Review and reflect on the knowledge that you have gained from
this course. Based on your review and reflection, write at least 3
paragraphs on the following:
•What were the most compelling topics that you learned in this
course?
•How did participating in discussions help your understanding
of the subject matter? Is anything still unclear that could be
clarified?
•What approaches could have yielded additional valuable
information?

12. 10 Assignment:
Assignment Objectives
Employ the techniques for monitoring, communicating, and
controlling risks to demonstrate an understanding of the
concepts and purpose of risk management.
Communicating Project Risks
Note on this assignment , you will add #2,4,6,8 and 10 together
as a project.
Identify team and problem-solving skills to collaborate on a
project.
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:

13. The overall project deliverables are the following:
1.Update previously completed sections based on instructor
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.
4.Update previously completed sections based on instructor
feedback.
5.Be sure to update your table of contents before submission.