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You will continue to add to the Project Risk Management Plan document that you created in Unit 1. This week, you will complete the Project Risk Identification and Project Risk Analysis sections of your management plan.
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- Update any previous sections as needed based on instructor feedback or a review of the project information.
- Complete the Project Risk Identification section. You will develop a risk register if you are not using the Project Risk Management template in Microsoft Word that you downloaded in Unit 1. In this section, you will need to do the following:
- Describe at least 5 risks for your project. Use the categories you described in Unit 1 to help you define the 5 risks.
- Use the risk register to list the risks, and note detailed descriptions of the risks and their potential impacts (e.g., schedule, budget, customer, and so on).
- The following matrix is an example of a risk register:
Risk Category Description of Risk Potential Impact on Project
- Within the Project Risk Identification section, conduct a qualitative risk analysis by completing the probability and impact matrix.
- Perform a qualitative risk analysis, and complete the probability and impact matrix.
- Perform a quantitative risk analysis, and complete the quantitative risk analysis results matrix.
- For each risk, estimate the probability of occurrence and the potential impact level using scales of 1 through 5, with 1 being the lowest probability and potential impact.
- Use the levels to rank the risks from highest to lowest.
- An example of a probability and impact matrix is as follows:
|Probability of Occurrence
- Describe the method you will use to conduct your quantitative risk analysis. Some techniques include conducting interviews, creating probability distributions, performing sensitivity analyses, using expected monetary value (EMV) analysis, modeling and simulating, and getting information from experts.
- Using the risk prioritization, perform a quantitative risk analysis by estimating the monetary amounts, schedule days, or some other numerical data for the top 3 risks.
- An example of the quantitative risk analysis results matrix is as follows:
Numerical Value (dollars, days, etc.)
- Update the reference list, and update the Table of Contents to show the correct page numbers.
- Note: Be sure to include the pages with only section headings and TBD as the content that will be completed in later units