Week 4 – Risk Response Planning
Section 3 – Risk Register – filled out with identified risks, risk analysis and risk response plan – be very clear on the strategy, how it will be implemented and the planning deliverables that will be changed to integrate the risk. Also re-asses the risk based on the strategy. Note secondary risks and provide an analysis of these.
Risk Management Report
The risk management report will include your project scope statement, the risk management plan (your approach to doing risk work) and your risk register (the risks, the analysis, risk response work, and re-analysis).
For Week 1, you submitted a Project Scope Statement that you will use for the basis of your risk work this term.
You also began to work on the Risk Management Plan of your Project Risk Management Report for your individual project. You may develop your own approach based on your organization’s best practices in project risk management and/or utilize effective processes/ tools/ techniques based on reading/ research you may do. Each week you will continue to work on the report, creating the deliverables that align with the content of that week. As we move through the term, you will continue to refine your risk management plan based on our conversations on the risk management process. You have also begun to create and refine your Risk Register.
Your Report should cover all the elements required for an effective risk work for your project. Use the readings and topics covered in class as a checklist to ensure that all the key elements are considered. Refer to Rubric in Syllabus section for grading guidelines. This should connect the formal work done through our lectures, readings, and discussion boards, as well as other research you may conduct.
The format for this report is a Word Document and should be 6 – 10 pages in length. Cite any sources. The writing style should be concise and straightforward. Please use a 12 point font. The report is due on Week 5, Sunday by 11:59 p.m. There is no specified format for the report. Refer to the Rubric in the Syllabus section for additional criteria for evaluation.
Your report should include – at minimum:
Project Scope Statement
Risk Management Plan (approach to risk management)
Completed Risk Register (for risks being addressed) including (at minimum):
• Risks identified – including how they were identified
• Risk Analysis (show your work!) – explain why risks were rated as they are, what the analysis shows and next steps based on that
• Risk Response Plan – and integration with your other project plan deliverables. Be sure to explain this very specifically – not just that the risk was mitigated and the strategy and its detail for that, but how the other planning deliverables have been changed based on that. Include a revised analysis of risk based on that response handling. The intent is to be sure the risk work is value added. Also be sure to identify and address secondary risks.
Risk Monitoring & Control Process (include in Risk Management Plan)
The final part of your risk management report should summarize how the risk work was done through the project. How were risks identified? How were the analyzed? How were response determined? Be sure to connect this to the risk management plan (these should align for your project) and the tools/techniques we discussed. Finally, provide a retrospective around how you feel this project has worked for your project and the value gained.
Please post any general questions that you might have on the Water Cooler so that the information can be clarified for everyone.
This week you will continue to build the risk register by creating response plans for deserving risks. You may also choose, based on the topics covered, to add more detail to your Risk Management Plan, to identify additional risks and provide more insight into risk analysis. The sections will not be graded/ given feedback until the Final Project submission.
The entire assignment is below:
Week 1 – Risk Management Plan
1. Section 1 – Project Background
2. Section 2 – Risk Management Plan – For Week 1 this will be an early draft of this document – as we go through the term and explore more detail in the risk management process, continue to refine the approach for risk management. For this submission, focus on the structure of the risk management plan and provide some insights into how risk work will be done in the project.
Week 2 – Risk Identification
1. Section 3 – Risk Register – filled out with identified risks (in the risk register, add a column to explain how each was identified.) You will begin to format your risk register – consider adding this format to the risk management plan (though, not filled in). I would encourage you to not move beyond the risk identification section of the risk register since next week’s readings and slides will focus on tools/ techniques for risk analysis.
Week 3 – Risk Analysis
1. Section 3 – Risk Register – filled out with identified risks and risk analysis (in the risk register, add a column and explain why the risk was analyzed as it was.)
Week 4 – Risk Response Planning
1. Section 3 – Risk Register – filled out with identified risks, risk analysis and risk response plan – be very clear on the strategy, how it will be implemented and the planning deliverables that will be changed to integrate the risk. Also re-asses the risk based on the strategy. Note secondary risks and provide an analysis of these.
Week 5 – Risk Monitor and Controlling
1. Section 2 – Risk Management Plan – updated with approach for Risk Monitoring and Controlling
In your report, include:
Section 4 – Summary/ Lessons Learned/ Best Practices