Implementation of Risk Management Plan Research Paper

User Generated

zbunaanq1992

Business Finance

Description

Student will write a paper to implement their risk management plan for the project developed in previous assignments. Implement the process to identify, analyze and respond to at least 10 risks or opportunities specific to schedule, scope, budget, and resources as part of the Risk Register. Of those 10 identified risks or opportunities, create at least two (2) triggers using the earned valued management process (CPI, SPI, EV, BAC, EAC) and identify a mitigation plan to handle those two risks. Students may propose an alternative project of their own design that shows attainment of the corresponding course outcome. The mentor must approve the alternative project.

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Explanation & Answer

Attached.

Implementation of a risk management Plan
Thesis Statement: The implementation of the risk management plan is the responsibility of the
project manager through a risk manager and a risk team, and the organization needs to be
committed to providing all the resources required for successful implementation.
(I)
(II)

Introduction
Risk and Opportunities Identification, Analysis and Response Strategies

(III)

Triggers Using the Earned Valued Management Process

(IV)

Cost and Time risks Mitigation Measures

(V)

Conclusion


Running head: IMPLEMENTATION OF RISK MANAGEMENT PLAN

Implementation of a Risk Management
Name
Institution Affiliation
Date

1

IMPLEMENTATION OF RISK MANAGEMENT PLAN
Implementation of a Risk Management Plan
A risk management plan needs to be used as a tool for decision making in all stages of the
project. It's unless the risk management plan is put in active implementation that the project
success will be attained. Risks have two main components which are the probability that the risks
will occur and the impact they cause on the project. According to Kerzner and Kerzner (2017),
implementation of risk management plan involves identification of the risks, analysis of
probability and impact on the project and definition of response strategies. A risk management
plan is an essential document for running successful projects. A project manager plays a vital
role in the implementation of the risk management plan. Considering the size of the project the
project manager would need to have a risk management team with an independent risk manager
(Zavadskas, Turskis, & Tamošaitiene, 2010). Various measures are used for assessment of the
likelihood of risk occurrence. The earned valued management process aspects like CPI are useful
for the forecast of risk threat in the project. In a construction project, multiple risks are affecting
the scope, schedule, and cost of the project as defined in the risk management plan.
This risk management plan is based on the risks and opportunities that occur in the
project. An opportunity provides favorable outcomes while a risk gives unfavorable results. The
study considers the analysis and decisions needed to respond to the risks. A response can entail
transfer, acceptance, mitigation or avoidance of the risk. Both qualitative and quantitative
a...


Anonymous
Really great stuff, couldn't ask for more.

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