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During the project life cycle, project risk reviews and reports are required as previously identified in the risk management plan. Two months after the project started, the following events have taken place.
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- The top-two (2) threats have occurred.
- The top opportunity has been realized.
- The project’s risk budget is already exhausted.
- The risk management schedule has been shortened by two (2) months.
Using the case study, write a five (5) page paper in which you:
- Analyze the impact of those events on the project. Make sure the impacts are realistic given the things “known” or “reasonably assumed”. Also, you should have planned responses to the risk previously identified.
- Determine if any mitigation activities are required and explain why. Know what it means to mitigate risk before you answer this deliverable.
- Determine if budget / schedule changes are necessary and explain why. In other words, what did these realized/occurred risk(s) cost you in budget and or schedule?
- Update the risk register and highlight the changes made. Provide the justification for the changes. Go back to the risk register and update it. Are there any new risks? Does the impact introduce any new line items? Does the likelihood of a risk occurring increase/decrease?
Use at least four (5) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources