Capella UniversityPM 5333PMFPX5334__Assessment6-1.

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Risk Management Plan Project Name: Rose Custom Building Risk Management Learner Name: Megan Ribb Course Name: FPX PM5334 Date: 12/19/19 Table of Contents Section 1 – Introduction to the Plan__... ____________________________________________________________________________3 1.1 Benefits of Risk Management________________________________________________________________________________________3 1.2 Project Goals and Objectives_________________________________________________________________________________________3 1.3 Company Background______________________________________________________________________________________________3 1.4 Risk Identification_________________________________________________________________________________________________3 Section 2 – Risk Scope, Components, and Value_____________________________________________________________________3 2.1 Scope of the Risk Management Plan__________________________________________________________________________________3 2.2 Risk Management Plan Components__________________________________________________________________________________3 2.3 Expected Monetary Value___________________________________________________________________________________________3 2.4 Determine the Risks________________________________________________________________________________________________4 2.5 Evaluate and Assess the Risks________________________________________________________________________________________4 2.6 Qualitative and Quantitative Processes________________________________________________________________________________4 Section 3 – Risk Analysis and Assessment_________________________________________________________________________4 3.1 Major and Minor Risks_____________________________________________________________________________________________4 3.2 Risk Probability___________________________________________________________________________________________________5 3.3 Risk Matrix Template_______________________________________________________________________________________________5 13.4 Risk Data Quality Strategy___________________________________________________________________________________________5 3.5 Risk Reviews______________________________________________________________________________________________________5 Section 4 – Corrective Action and Monitoring______________________________________________________________________5 4.1 Risk Tolerance____________________________________________________________________________________________________5 4.2 Risk Mitigation____________________________________________________________________________________________________6 4.3 Corrective Risk Management Strategy_________________________________________________________________________________6 4.4 Corrective Action Plan______________________________________________________________________________________________6 Section 5 – Postmortem Plan____________________________________________________________________________________6 5.1 Results__________________________________________________________________________________________________________6 5.2 Follow Up________________________________________________________________________________________________________6 Section 6 – References_________________________________________________________________________________________7 6.1 References_______________________________________________________________________________________________________7 Templates___________________________________________________________________________________________________8 Risk Matrix Legend Example____________________________________________________________________________________________8 Risk Matrix Example__________________________________________________________________________________________________8 Risk Monitoring and Control Example____________________________________________________________________________________9 2Section 1 – Introduction to the Plan 1.1 Benefits of Risk Management Risk Management is one of the most important portions of any project phase. Risk management is included within the planning, identification, analysis, implementation and monitoring of the project. Risks can happen during any phase so it is best to plan ahead and review risk management during each phase. All employees must ensure they are aware and prepared for any risk that could happen. A successful risk management plan will provide the stakeholders and managers information to review and show the different aspects of how the project can succeed if a problem was to occur. In addition risk management also provides mitigation for when these problems do arrive. However, not all risk can be predicted but with an appropriate risk management plan there will be options for how the issue is handled and possibly even budget put aside to help detain the issue. The best way to determine the risk is to get the employees involved, since they handle majority of the data and issues this will help provide proper decision making based on the data coming from the project itself. As you can see, ensuring the team has adequate information and knowledge of what to do if/when a problem occurs is a key factor in project management. 1.2 Project Goals and Objectives [Show More]

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