Risk Response Plan

Risk Response Plan

This assignment provides the opportunity to review risk management practices and create handling actions for analyzed risks. To do this you will complete the following steps:

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· At the end of this assignment, you will submit your Risk Register – filled out with identified risks, risk analysis and risk response plans

· For all required risks, identify the risk response.

· Be very clear on the risk response strategy, how it will be implemented and the planning deliverables that will be changed to integrate the risk response. Do not just note that a risk will be mitigated – explain how it will be mitigated. What is the action plan for implementing that strategy? How do these actions integrate with other planning deliverables (i.e. what gets added to the WBS, does an estimate change?)

· Re-asses the risk based on the handling actions- did the response strategy reduce the probability and impact below the threshold value (as will be set in the Risk Management Plan). If not, what additional actions need to be taken?

· Consider the use of multiple responses for critical risks

· Create a contingency plan for those risks that require this based on your determined guidelines .

· Identify and analyze secondary risks created by the risk responses. Note any responses needed.

· Include a summary paragraph sharing how response plans were developed, what was effective about the process and what you might do differently moving forward.

· Cite any sources. The writing style should be concise and straightforward. Please use a 12 point font.

· Refer to the Rubric attached to the assignment for additional criteria for evaluation.

PJM 6015 – Project Risk Management – Week 4: Individual Assignment

Overview and Rationale

In order to demonstrate proficiency with the content in this course we will complete a number of different assignments to validate your learning – and allow you to implement relevant practices a real-world setting.

Program Level – Student Learning Outcomes:

    • Create a risk management plan to determine how both positive and negative risks will be identified, analyzed and managed
    • Articulate the value and benefits of creating an effective approach to planning for project risk management
    • Identify project related risks and their drivers by integrating best practices, tools and techniques
    • Analyze risks using qualitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders
    • Analyze risks using quantitative methods for the purpose of risk exposure and prioritization and communicate their impact to the stakeholders
    • Recommend risks for risk response planning or watch list
    • Devise a risk response plan based on appropriate techniques and strategies that would meet stakeholders’ expectations

Execute the risk management plan to continuously monitor risks and risk responses

    • Describe how organizational and cultural factors may undermine implementation of effective risk management and develop strategies to overcome these factors

 

Week 4 Learning Objectives

Classify Positive and Negative Risk Response Strategies

Craft response strategies to ensure the responses are effective for the risk and its impact (can be more than one)

Integrate risk response strategies into project plan (knowledge, application)

Reassess risk post-response plan to confirm effectives of risk response plan

Analyze and craft response to Secondary risks

Determine actions for Residual Risks

  • Communicate risk response strategies and post-analysis through the Risk Register
  • Produce recommendation for Contingency Reserve
  • Evaluate impact of risk response strategy to other risks and their response strategies

 

  • Distinguish between Contingency vs. Management Reserve

 

 

 

 

Essential Components of the assignment

In the previous assignment, you have identified risks that should be placed on a watch list or risks for which a response plan must be established. In this phase of risk management you will be developing your risk response plan. This assignment provides the opportunity to review risk management practices and create handling actions for analyzed risks. To do this you will complete the following steps:

 

  • At the end of this assignment, you will submit your Risk Register – filled out with identified risks, risk analysis and risk response plans
  • For all required risks, identify the risk response.
  • Be very clear on the risk response strategy, how it will be implemented and the planning deliverables that will be changed to integrate the risk response. Do not just note that a risk will be mitigated – explain how it will be mitigated. What is the action plan for implementing that strategy? How do these actions integrate with other planning deliverables (i.e. what gets added to the WBS, does an estimate change?)
  • Re-asses the risk based on the handling actions- did the response strategy reduce the probability and impact below the threshold value (as will be set in the Risk Management Plan). If not, what additional actions need to be taken?
  • Consider the use of multiple responses for critical risks
  • Create a contingency plan for those risks that require this based on your determined guidelines .
  • Identify and analyze secondary risks created by the risk responses. Note any responses needed.
  • Include a summary paragraph sharing how response plans were developed, what was effective about the process and what you might do differently moving forward.
  • Cite any sources. The writing style should be concise and straightforward. Please use a 12 point font.
  • Refer to the Rubric attached to the assignment for additional criteria for evaluation.

 

 

Assignment Rubric

 

Category

Above Standard

Meets Standards

Approaching Standards

Below Standards

Not Evident

Assignment

Goes well above the

Goes above the

Meets minimum

Meets some

Does not meet the

requirements (70%)

requirements of the assignment.

minimum requirements of the

assignment requirements

assignment requirements

requirements of the assignment.

 

Provides new

assignment

 

 

 

 

information, tools,

 

 

 

 

 

and/or techniques

 

 

 

 

Critical Thinking

Professional insights

Comprehensive

Includes an explanation

Includes a general

Does not explain the

(15%)

into depth and breadth

explanation of the

of the issue;

explanation of the issue

issue; does not explore

 

of assignment – goes

issue; exploration of

exploration of expert

but is vague or is not

expert viewpoints or

 

WELL beyond

expert viewpoints and

viewpoints and use of

clearly linked to the

use evidence to inform

 

assignment

use of evidence to

evidence to inform

identified risks;

interpretation and

 

requirements to

inform interpretation

interpretation and

includes some

analysis; does not

 

explore risks and/or

and analysis; thorough

analysis; includes an

exploration of expert

provide an evaluation

 

relevant new

evaluation of the

evaluation of the

viewpoints and use of

of the context

 

techniques.

context (historical,

context (historical,

evidence to inform

(historical, ethical,

 

 

ethical, cultural,

ethical, cultural,

interpretation and

cultural, environmental

 

 

environmental or

environmental or

analysis; includes a

or circumstantial

 

 

circumstantial

circumstantial

general evaluation of

settings), and self and

 

 

settings), and self and

settings), and self and

the context (historical,

others’ assumptions

 

 

others’ assumptions

others’ assumptions

ethical, cultural,

and perspectives when

 

 

and perspectives when

and perspectives when

environmental or

stating a position;

 

 

stating a position; well-

stating a position;

circumstantial

conclusions are not

 

 

informed conclusions

conclusions are based

settings), and self and

based on prioritized

 

 

based on methodically

on methodically

others’ assumptions

evidence and

 

 

prioritized evidence

prioritized evidence

and perspectives when

perspectives.

 

 

and perspectives.

and perspectives.

stating a position, but

 

 

 

 

 

lack specificity;

 

 

 

 

 

conclusions are based

 

 

 

 

 

 

 

on prioritized evidence and perspectives.

 

Communication (10%) (includes grammar and clarity)

Goes well beyond assignment requirements to communicate information in a precise, insightful and professional manner.

Assignment is well organized, and the format can be followed. It is evident to reader what is contained in each section of the report. High quality grammar. No misspellings.

Assignment is organized, and the format can be followed. It is evident to reader what is contained in each section of the report. High quality grammar. No misspellings.

Assignment is well organized, and the format can be followed. It is evident to reader what is contained in each section of the report. Good quality grammar. Minor misspellings.

Assignment is not organized. It is not evident to reader what is contained in each section of report. Low quality grammar, misspellings.

Formatting

Virtually no errors in

Rare errors in

Some errors in

Multiple errors in

Does not submit

(5%)

formatting, citations,

formatting, citations,

formatting, citations,

formatting, citations,

assignment materials

NOTE: Gross

or references.

or references.

or references.

or references.

in APA 6 format.

failure to

 

 

 

 

 

provide

 

 

 

 

 

PROPER

 

 

 

 

 

citations and

 

 

 

 

 

references –

 

 

 

 

 

particularly

 

 

 

 

 

with regard to

 

 

 

 

 

direct quotes –

 

 

 

 

 

will result in

 

 

 

 

 

sanctions as

 

 

 

 

 

outlined in the

 

 

 

 

 

academic

 

 

 

 

 

honesty policy