Using the PMBOK Guide and a provided template, develop a risk management plan for a given scenario or a real-world project

Using the PMBOK Guide and a provided template, develop a risk management plan for a given scenario or a real-world project of your choice.

Introduction

This portfolio work project, a project risk management plan, is based on your selected business or IT project. You may base your assessment on Cosmo, Inc., a developer and distributor of wearable technology, or use a project of your choice.

Project risk management is the "processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project" (Project Management Institute, 2017, p. 569).

Risk management plays a critical role in projects. How the risks of a project are identified and managed can affect whether the project is completed on time and within budget and whether it is a success. According to Cooper, Grey, Raymond, and Walker (2014), "risk management assists project managers in setting priorities, allocating resources and implementing actions and processes that reduce the risk of the project not achieving its objectives" (p. xviii).

Reference

Cooper, D., Grey, S., Raymond, G., & Walker, P. (2014). Project risk management guidelines: Managing risk in large projects and complex procurements (2nd ed.). Hoboken, NJ: John Wiley & Sons.

Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.

Scenario

For this assessment, choose either Option A or Option B. You do not need to do both. Faculty will grade both options using the same scoring guide.

• Option A: Based on the analysis completed by a task force at Cosmo, Inc., the marketing department must develop, implement, and test a new marketing campaign focused on maintaining current customer levels and increasing their customer base through the utilization of new technology. Refer to the Cosmo, Inc. Case Study [DOC] document for more information.
• Option B: You may choose a business of your own. It must include (but is not limited to) the following criteria:
  • Clear business objective and a specific completion outcome.
  • Project team with at least three members in addition to yourself. Each member must have defined roles and responsibilities
  • Completion window of 180 days.
  • Cost estimates that serve as the basis for a budget used as part of the plan development process.

Your Role

For both Options A and B, you are the project manager.

Requirements

Microsoft Project is the recommended software tool for this course due to its wide industry acceptance and its use in many project management professional roles. If you have not already done so, follow the instructions provided through the links below to download and install software or register for an account, as required.

1. If you have a Capella MS Imagine account, go to Step 2. Otherwise, see the instructions for registering an account at MS Imagine ‒ Registration.
2. Log into the Capella Microsoft Imagine WebStore.
3. Identify the version of MS Project that is compatible with your operating system.
4. Download and install.

If you encounter any difficulties in the download and installation process, post a detailed question in the Ask Your Faculty Discussion in the menu dropdown when you click the image of your faculty. They should be able to help you or point you in the right direction for the answers you need.

Using Project in this course helps prepare you for future professional PM roles and responsibilities. Please use Project for tasks the software supports. If you have access to other tools such as Microsoft Visio, PowerPoint, and Word, or other project management software you believe may still meet the requirements of this course, please discuss your selected alternative with faculty.

Deliverable

Develop a risk management plan for your project. Use the Risk Management Plan Template and the PMBOK® Guide to complete this assessment:

1. Analyze the project introduction and project risk principles.
2. Identify project risks (both positive and negative).
3. Create a Risk Matrix Legend.
   • Probability Level / Criteria / Color Code.
   • Impact Level / Criteria / Color Code.
4. Create your Project Risk Matrix. Identify a minimum of 10 potential risks (positive or negative). For each risk:
   • ​​Describe the risk.
   • Identify the probability rating.
   • Identify the impact of the risk to the project.
   • Identify response or solution for the risk.
   • Explain the action plan for the response or solution to the risk.
   • Identify the responsible person for each action.
   • Identify the status of each action.
5. Create your Risk Monitoring and Control Strategy:
   • Define the Review and Action Plan for identified and unidentified risks.
   • Establish a Review process.
   • Establish a Reporting process.

Preparation

Use the provided template develop the deliverables for this assessment. This assessment has one deliverable:

• Deliverable 1: Complete the Project Risk Management Plan Template.

Deliverable Format

• References: There is no set number of references required for this assessment. Use scholarly or academic sources where applicable.
• Format:
  • Utilize the Risk Management Plan Template.
  • All assessments are professional documents and should therefore follow the corresponding Academic and Professional Document Guidelines, including single-spaced paragraphs.
  • Use APA style and format for any references and in-text citations.
• Length: Utilize the template, including the title page and the Reference page.

Evaluation

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:

• Competency 1: Create a project plan, including all subsidiary plans, to deliver project outcomes that meet stakeholder expectations.
  • Analyze the project introduction and project risk principles.
  • Identify project risks both positive and negative.
• Competency 2: Lead teams, users, stakeholders, and sponsors.
  • Create a risk matrix legend.
  • Create project risk matrix.
• Competency 3: Communicate formally and informally with project stakeholders and sponsors.
  • Communicate in a manner representing a project professional.
• Competency 4: Establish change-control processes, and use the tools and techniques to assure approvals.
  • Create risk monitoring and control strategy.