University Of Phoenix How to Create a Risk Action Plan?

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User Generated

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zneglzne

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Business Finance

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University of Phoenix

Description

Prepare a paper of no more than 1,400 words, including the following elements:

Determine project risk management procedures and relay forms of risk management.
Determine responses to potential risks. Relay initial risk response measures for risks in earlier weeks.
Create a risk action plan. Relay the components of a risk action plan and provide one example of a risk in your project.

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PM/584 v4 PM/584: Project Risk Management Risk Management Planning Grading Guide Purpose of Assignment The Week 4 individual assignment extends the work of the prior weeks and focuses on operationalizing the Project Risk Management Plan by creating a Risk Management Action Plan. Earlier assignments have identified risk elements; the Risk Management Action Plan identifies the approaches and specific plans of action for responding to risks that may be encountered during the pendency of the individual project. Elements of this individual assignment will be incorporated into the course-length project. Resources Required Risk Management Plan Outline Content Met Partially Met Not Met Total Available Total Earned 75 #/75 The student determines project risk management procedures and relays forms of risk management. The student determines responses to potential risks and relays initial risk response measures for risks in earlier weeks. The student creates a risk action plan relaying the components of a risk action plan and provides one example of a risk in their project. The paper is no more than 1,400 words in length. Copyright© 2019 by University of Phoenix. All rights reserved. Comments: Grading Guide PM/584 v4 Page 2 of 2 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 35 #/35 110 #/110 The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total # Additional comments: Copyright© 2019 by University of Phoenix. All rights reserved. Comments: PM/584 v4 PM/584: Project Risk Management Risk Management Plan Outline The following elements must be included in your Risk Management Plan. Your plan is not limited to the outlined content. Specific detail and content is determined on the scenario. 1) Executive Summary 2) Project Summary a) Requirements b) Schedule c) Constraints 3) Risk Management Strategy and Process a) Strategy i) Application of resources ii) Areas in which risk is accepted b) Process i) Risk identification ii) Assessment iii) Prioritization iv) Management v) Reporting and communicating 4) Executing Organization 5) Risk Identification 6) Risk Analysis a) Explanation of risk analysis i) Qualitative ii) Semi-quantitative iii) Assessment of risks 7) Risk Mitigation Planning 8) Risk Response Planning 9) Risk Tracking a) Explanation of risk register b) Presentation of risk register Copyright© 2019 by University of Phoenix. All rights reserved.
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Explanation & Answer

Attached.

Project Risk Management outline
Thesis Statement: Without having knowledge on the possible risks that the project could
encounter then the project can be authorized by the project committee.
I.
II.

Introduction
The basic project management procedures followed are briefly described below.

III.

Forms of risk management

IV.

Risk Response

V.
VI.

Initial risk response measures
Action Risk plan

Running head: PROJECT RISK MANAGEMENT

Project Risk Management
Institution Affiliation
Date

1

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PROJECT RISK MANAGEMENT
Introduction
According to El Yamami et al. (2017), a risk action plan outlines the course of actions
that the organization uses in addressing the potential risks, minimizes the likelihood of the risk

occurring and reduces the risk impact if it occurs. It ensures that the organization undertakes the
appropriate actions on a timely basis. Therefore, the risk action plan guides the risk manager
what do at a given time. It prepares the Business to successfully implement its project by
enabling it to put a contingency plan. Without a risk action plan on the possible risks that the
project could encounter then the project committee can not authorize the project.
The basic project management procedures followed are briefly described below.
These steps involve uncovering, identifying, recognizing, and describing risks that might
affect the project and its outcomes as well. The risk manager should devise techniques which
can be used to identify the risks. Some of the techniques that can be applied in identifying the
risks include document reviews, brainstorming, interviews, SWOT analysis, and Delphi
techniques. The second step of risk management is risk analysis. This involves determining the
likelihood of the risks and the consequences of each risk. It helps the risk manager to understand
the nature of the risk and its potential effects on the project goals and objectives. The third step
involves evaluating or ranking the risks. In this step, the risk is evaluated or ranked according to
their magnitude...