Assignment Details You are a project manager for a compliance-driven, complex project. You just completed risk identification and risk analysis of
Assignment Details
You are a project manager for a compliance-driven, complex project. You just completed risk identification and risk analysis of 15 key risks that could affect your project (Unit 2 IP). Your manager reviewed your report and asked you to create another report to address the other two phases of risk management life cycle, as follows:
- Selecting appropriate risk response strategies
- Risk monitoring and control
You will use previously identified and analyzed risks. You need to recommend approaches to reduce or eliminate the impact or probability of these risks for negative risks. You will also use the identified approaches to recommend approaches to increase chances of a risk event happening for positive risks.
You will need to provide the following for this report:
- Detailed explanations of key concepts
- Classifications
- Techniques used for this effort
The company hired a consultant who provided a template with explanations and key tools to be used for completion of this report. Use the template provided to complete a 5-page report (excluding the cover page). NOTE: Please delete all instructions and examples before submitting your work.
The following sections must be included in the report:
- Roles and responsibilities
- Risk tolerance
- Risk considerations according to priority
- Risk response strategies for negative risks
- Risk response strategies for positive risks
- Risk monitoring and control
Please USE ATTACHED TEMPLATE
Submitting your assignment in APA format means, at a minimum, you will need the following:
- Title page: Remember the running head. The title should be in all capitals.
- Length: 5 pages minimum
- Abstract: This is a summary of your paper, not an introduction. Begin writing in third person.
- Body: This begins on the page following the title page and abstract page and must be double-spaced (be careful not to triple- or quadruple-space between paragraphs). The typeface should be 12-pt. Times Roman or 12-pt. Courier in regular black type. Do not use color, bold type, or italics, except as required for APA-level headings and references. The deliverable length of the body of your paper for this assignment is 5 pages. In-body academic citations to support your decisions and analysis are required. A variety of academic sources is encouraged.
- Reference page: References that align with your in-body academic sources are listed on the final page of your paper. The references must be in APA format using appropriate spacing, hanging indent, italics, and uppercase and lowercase usage as appropriate for the type of resource used. Remember, the Reference page is not a bibliography but a further listing of the abbreviated in-body citations used in the paper. Every referenced item must have a corresponding in-body citation.
Individual Project Unit 3
Your Name
American Intercontinental University: MGMT440
Month Day, 2020
Professor’s Name
Running head: ASSIGNMENT TITLE HERE
5
RISK RESPONSE STRATEGIES AND RISK MONITORING
Introduction
Explanation: In this section, describe what will be discussed in this report. Briefly describe all of the main components. The main requirements can be found in the assignment description or in this template as separate sections under specific titles. Please delete explanations and replace them with project-specific text.
Roles and Responsibilities
Explanation: Discuss key roles (e.g., project manager, project sponsor, risk owner, vendor representative, system analyst, and so on), and describe their roles in the risk management process. Discuss at least five roles. Replace the word Role with an actual functional tile (e.g., project manager) for all five roles listed below.
Role 1: text, text…
Role 2: text, text…
Role 3: text, text…
Role 4: text, text…
Role 5: text, text…
Risk Tolerance
Explanation: Compare and contrast risk seekers and risk-averse people. Explain whether your team will consist of risk seekers or risk-averse team members or if you prefer a heterogeneous risk management team. Justify your recommended team structure.
Risk seeker: Text, text…
Risk averse: text, text…
Your recommended team structure based on risk tolerance: text, text…
Justification: text, text…
Addressing Risks According to Priority
Explanation: Explain how the considerations listed below will affect your determination on weather to actively manage a particular risk or not.
Severity of consequences: text, text…
Cost effectiveness: text, text…
Time consideration: text, text…
Are your risk response strategies realistic? text, text…
Risk Strategies for Negative Risks
Explanation: Provide detailed descriptions of the purpose of the strategies listed below, and discuss the advantages and disadvantages of each strategy.
Mitigate: text, text…
Transfer: text, text…
Avoid: text, text…
Risk Strategies for Positive Risks
Explanation: Provide detailed descriptions of the purpose of the strategies listed below, and discuss the advantages and disadvantages of each strategy.
Enhance: text, text…
Exploit: text, text…
Share: text, text…
Risk Response Strategies for Identified Risks
Explanation: Identify risk response strategies for the 15 risks that you previously identified. Use these risks (found in Unit 2’s Risk Identification table). You can select only one risk response strategy per risk. Copy and paste 15 risks from the Risk Identification table, and update only new two columns—Response Strategy and Action Plan.
|
Risk ID |
Risk Description |
Response Strategy |
Action Plan |
|
Example |
Sudden loss of electricity |
Mitigate |
Purchase generators and large fuel canisters |
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1 |
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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8 |
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9 |
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10 |
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11 |
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12 |
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13 |
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14 |
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15 |
Risk Monitoring and Control
Explanation: Explain how risks will be monitored and controlled by discussing each section listed below. Each topic should be discussed in detail, and recommendations should be justified instead of just answering with a few words.
Individual(s) responsible for monitoring risks: text, text…
Frequency of risk audits: text, text…
Will you use auditors from the project team or outside of the project team? text, text…
How will new risks be identified? text, text…
How will outdated risks be removed? text, text…
Were the risk response strategies effective or not? text, text…
Conclusion
Explanation: In this section, describe what has been discussed in this report.
References
Explanation: In this section, you should list all of the resources that you used to complete this paper. If you did not use any external resources, locate the Syllabus section in your Virtual Class. Scroll down to “Unit Overview,” and locate the Reading and Other Resource Materials section for each unit. Please list these and any other resources that you used to create this paper. In addition to the textbook, several videos are available to you to learn about main concepts and categories. References should be presented in accordance with the APA style.
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