This document provides instructions for completing the second part of Section 2 of a risk management plan. It describes applying qualitative and quantitative processes to identify sources of risk and their potential impact. These include sensitivity analysis, expected monetary analysis, decision tree analysis, Monte Carlo simulation, and PERT tree analysis. It also describes prioritizing and ranking risks, evaluating individual risks based on probability and impact, and performing quantitative analysis for high priority risks.

1. Complete the second part of Section 2 – Risk Scope,
Complete the second part of Section 2 – Risk Scope, Components, and Value of the risk
management plan by applying qualitative and quantitative processes to identify sources of
risk and the corresponding potential impact on project outcomes for your chosen case study
or work project.Risk identification includes qualitative and quantitative analysis to identify,
evaluate, and assess risk. These processes support the examination and evaluation of risks.
Other methods and processes—such as sensitivity analysis, expected monetary analysis,
decision tree analysis, Monte Carlo simulation, and PERT tree analysis—provide unique
approaches to evaluating and assessing risks. Analyzing risk begins with identifying risks
and recording them in your risk matrix or risk register.The next step is to conduct a
qualitative risk analysis to prioritize and rank the risks in your matrix. This can save time
and effort, because you will be able to focus on the typical 20 percent of the risks that often
generate 80 percent of the threats to your project’s success. Next, each identified individual
risk is evaluated based on the probability and potential impact to the project. Following the
qualitative analysis, a quantitative analysis may be performed for each high-priority risk,
using various tools, such as a monetary or time analysis to assign a dollar amount or a
number of days to the risk probability.PreparationMicrosoft Project is the recommended
software tool for this course due to its wide industry acceptance and its use in many project
management professional roles. This is provided to you through MS Imagine.Microsoft
SoftwareIf you have a Capella MS Imagine account, go to Step 2. Otherwise, see the
instructions for registering an account at MS Imagine: Registration.Log into the Capella
Microsoft Imagine WebStore.Identify the version of MS Visio 2016 and Project Professional
2016 that is compatible with your operating system.Download and install.If you encounter
any difficulties in the download and installation process, post a detailed question in the Ask
Your Faculty Discussion in the menu dropdown when you click the image of your
faculty.IntroductionThis assessment includes developing the risk identification in a risk
management plan. Review the Risk Management Plan Template before beginning this
assessment. Note: Developing a risk management plan for a project requires specific steps
in sequence. Complete the assessments in this course in the order in which they are
presented.Not all methods may work for a certain situation. It is beneficial to evaluate them,
based on the types of risks, and determine which is most useful for specific risk
assessments.RequirementsMicrosoft Project is the recommended software tool for this
assessment.Section 2 – Risk Scope, Components, and ValueUse the Risk Management Plan
template you started in Assessment 1 to record the second part of your analysis for Section

2. 2 – Risk Scope, Components, and Value. You must include the following sections. Refer to
the template for directions on what to put in each.2.4 Determine the Risks.2.5 Evaluate and
Assess the Risks.2.6 Qualitative and Quantitative Processes.Deliverable FormatReferences:
Use scholarly or academic sources where applicable. There is no set number of references
required for this assessment.Format:Use the Risk Management Plan Template you started
in Assessment 1.Insert appropriate supporting tables and other supporting information, if
needed.Do not submit multiple files, PDF files, or ZIP files.Follow the Academic and
Professional Document Guidelines [PDF]. Be sure to use single-spaced paragraphs. Use APA
style and format for references and in-text citations.Length: No specific length
requirements. Include all pertinent information.EvaluationBy successfully completing this
assignment, you will demonstrate your proficiency in the following course competencies
through corresponding scoring guide criteria:Competency 2: Evaluate risk impact analysis
methods for application in a project.Identify sources of risk and the potential impact on
project outcomes.Define the elements of the risk breakdown structure for use in evaluating
project risk.Integrate risk analysis techniques to create a risk breakdown structure.Apply
qualitative and quantitative risk analysis techniques to categorize risks.Your course
instructor will use the scoring guide to review your deliverable as if they were your
immediate supervisor. Review the scoring guide prior to developing and submitting your
assignmen