Description
Write a 350-500 word essay after reviewing all of the material from this week regarding the major components of risk management. Ensure all of the following questions are answered with this week’s assignment:
- What are the inputs to the risk management plan? Why are they important?
- Who is a risk owner?
- What are residual risks? Secondary risks?
- What are the various risk categories?
- When would you use a risk audit?
Cite three scholarly references.Sources must be used to enhance the learning experience. By using a reference, you are enhancing the learning experience by searching for another source of information on the topic. Also, please ensure you are using a source that is peer reviewed to ensure accuracy of information
Explanation & Answer
Attached.
Running head: RISK MANAGEMENT
1
Risk Management
Name
Institutional Affiliations
RISK MANAGEMENT
2
Risk Management
Risk management plans are important guides to project strategy and help in identifying
project objectives and priority tasks. The risk management plan components is an important
aspect in this essay. Components include the definitions and assumptions, probability impact
matrix, a risk breakdown, cost and schedule frameworks, accuracy estimates, and risk assessment
registers (Sanchez et al., 2009). The rationale for the components has to do with analyzing and
monitoring the risk condition and how can records of past risks inform future mitigation strategy.
The risk management plan is therefore vital for putting the cost and benefit of a project into
perspective.
The risk owner is usually the point of contact stakeholder that handles the risk
management processes and is a senior leadership coordinating efforts ...
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