Question

Final Project: Due Week 8 (NEXT WEEK): Risk Management Plan

Develop a Risk Management Plan. This is a document which details the risk management plan for your project.

(Don't confuse this with the Risk Register or Risk Response Planning).

Rubric

Task	Point Value (out of 100)
Proper APA format, spelling, grammar, citation, and organization of writing	10 points
All required sections included in the RMP	50 points
Clearly understood plan, regardless of the persons background in risk or project management	20 points
Risk Policy and Tolerance Clearly Defined	20 points

Answer 1

The Risk Management Plan for your project

while doing a project we may face many risks in that. the project manager should be comfortable in making a risk management plan. then only we can monitor the risk and solve it by making good decisions. we should face the risk and move on. always remember that there is a chance to win.

A risk is an unpredictable one that can negatively or positively impact our project. it is not an event, it may happen in your project. so we should monitor the project. The risk should be clearly defined so we can respond to it. There is 2 type of risk. Known risk and unknown risk. Known risk, which is already identified by the project team. it can be monitor and analyze and take good methods to solve it. Unknown risk is an unpredictable one, no one is responsible for that.

There are some steps in risk planning

Step 1: identify the potential risk

Before starting the project we should communicate with the team members and the stakeholders. your experience also helps you in this area.

Step 2: evaluate and process the potential risk.

here we need good communication skills. the manager should communicate with the team members and evaluate the project. the project manager will create a risk register for analyzing and monitoring the risk.

Step 3: Assign ownership for each potential risk.

assigning ownership will make a sense of responsibility in the team members and they will take care of it seriously and find solutions for solving it.

step 4: Create a response

We should keep the responses for monitoring the risk. avoid changing the plan. transfer the risk to a team member and he will take care of it. Reduce the negative impact of the risk on the project.

Step 5: Continuously monitor the risk.

We should monitor the risk. risk planning is an ongoing complex one. we can't predict the risk but monitoring it will help you to avoid its negative impact on the project.

These is some processes that we want to do in risk management planning. using this you can create a risk management plan of your project.