Mitigating Project Risks

User Generated

Xbbygbal843

Business Finance

ctu online

Description

You will continue to add to the Project Risk Management Plan document you created in Unit 1 and revised in Unit 2.

  1. Update any previous sections as needed based on instructor feedback or a review of the project information.
  2. Define each of the risk response and implementation strategies for both positive risks (opportunities) and negative risks (threats).
  3. Complete the Project Risk Response and Implementation Strategy section. You will develop a risk response template if you are not using the Project Risk Management template that you downloaded in Unit 1. In this section, you will do the following:
    • Add the risks you identified in Unit 2, and determine the type of response strategy you will use for each risk.
    • Discuss the response strategies for each of the identified risks. Describe the specific method of handling each risk.
      • Strategies for positive risks include accept, enhance, exploit, and share.
      • Strategies for negative risks include accept, mitigate, avoid, and transfer.
    • The following matrix is an example of a risk response table:
Risk Risk Response Strategy Description of Risk Response
  1. Update the References page and the Table of Contents to show the correct page numbers.
  2. Note: Be sure to include the pages with only section headings that will be completed in later units.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Project Risk Management (MPM344 -1804B-02)
Risk Management Justification
Antonio Larkin
11/23/18

2
Table of Contents
Project Outline ................................................................................................................................ 3
Project Description...................................................................................................................... 3
Method (Agile or Waterfall) ....................................................................................................... 3
Overall Risk Management Strategy ............................................................................................ 3
Risk Categories ........................................................................................................................... 4
Project Risk Identification .............................................................................................................. 5
Project Risks ............................................................................................................................... 5
Risk Register ............................................................................................................................... 5
Project Risk Analyses ................................................................................................................... 10
Qualitative Risk Analysis ......................................................................................................... 10
Quantitative Risk Analysis ....................................................................................................... 12
Project Risk Response Strategy .................................................................................................... 13
Risk Response Strategy............................................................................................................. 13
Project Risk Controlling ............................................................................................................... 19
Plan for Reviewing Risk Responses ......................................................................................... 19
Identification of New Risks ...................................................................................................... 19
Project Risk Communications Plan .............................................................................................. 20
Communications Matrix ........................................................................................................... 20
Memo to the Project Sponsor.................................................................................................... 21
References ..................................................................................................................................... 23

3
Project Outline
Project Description
The project focuses on developing a marketing strategy. Marketing strategy is a component of a
business plan that highlights a game plan to get customers for a business. Business success is
dependent on the marketing strategy. Profitable businesses organizations have a strong marketing
strategy, and also businesses seeking to grow or expand their market share must develop a
marketing strategy. This project is determined to guide businesses on how to develop a
marketing strategy that can propel them to success and growth.
Method (Agile or Waterfall)
The project uses the agile methodology. The agile applies lean concepts. The methodology
encourages continuous inspection, high-quality service delivery, leadership philosophy (centered
on team-building, accountability, and accountability), development and customer needs. This
methodology is new, and it helps the business align its development or marketing strategy with
customer needs. The basis for developing a marketing strategy is to help the business broaden its
customer base and this is only sustainable if the business meets the needs of customers. Also,
through the agile method, the business shall commit itself to create value for customers while
making profits. This method balances both the interest of the organization and customers.
Overall Risk Management Strategy
Risk control is the overall strategy that will be used to determine risks. The marketing strategy is
bound to fail, for this reason, it should be reviewed all the time. The risk control strategy allows
proper management of the risk. It allows an organization to be proactive in dealing with risks.
The marketing strategy developed here takes into consideration of risk control strategy because
the market of today needs businesses that are proactive. If one marketing strategy fails the

4
business should know early enough that the plan is failing and takes a proactive action. This
strategy shall ensure that the business follows all necessary actions and steps to make sure it
achieves its objectives.
Risk Categories
On the technological risk, the marketing strategy should be adaptive. Even the methodology and
risk control strategies require a marketing strategy to be adaptive. The marketing strategy will
always respond to all technological changes. However, hacking is one risk that comes with
technological challenges in the market. On the financial risk, the marketing strategy must
capture the ...


Anonymous
Very useful material for studying!

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags