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.
The overall project deliverables are the following:
- 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.
- Update the Key Assignment title page with a new date and project name.
- Update previously completed sections based on instructor feedback.
- Be sure to update your table of contents before submission.