Create a one-page document of one to two paragraphs with a description of the company and project you will use for your risk management plan.

• Describe the company and project you will use for your risk management plan.

Risk Management Plan Overview

Introduction

The objective of this assignment, completed in several sections, is to create a risk management plan (RMP) that supports the selected project.

Guidelines

The RMP will be completed throughout this course with portions of the plan due each week from Week 2 through Week 7. The final plan will be due in Week 7, with the addition of risk monitoring and control.

The RMP will be graded on the quality of content related to project risks for a chosen project. Because this is a graduate course, proper use of citations, grammar, and sentence structure is required. References such as the company information for your project, textbooks, and other resources used to gather information must be in APA format. All DeVry University policies are in effect, including the plagiarism policy.

You will create a risk management plan for a project of interest to you, defining how to conduct risk management activities for that project. You can choose a project based on your past work experience or find one in other sources. When selecting a project, avoid ones that are either too big or too small. For example, do not decide to solve world hunger (too big) or to plant your summer garden (too small). If you have any questions about the suitability of your project selection, please follow up with your professor for guidance.

You may also choose one of the following example scenarios for your project. If you select one of the example scenarios, you will also be required to look for a research paper about the scenario and the project risks that were encountered related to the scenarios. Share key points about similarities in the research paper compared to your risk management planning or analysis. The research paper must also be cited and referenced.

PROJECT RISK MANAGEMENT – PROJECT EXAMPLE SCENARIOS

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Scenario 1: Construction Project

Desert Builders Construction company is planning to build a new casino located near Scottsdale, Arizona beginning next July. Desert Builders Construction will use several subcontractors to help build the casino and employs many construction personnel from the local area, who are in various construction-related unions. Most of the material will be purchased next year. All of the necessary permits have been completed and the plans have been approved. Desert Builders Construction is in negotiations with a landowner to purchase a plot of land that will be used for additional parking for the casino. Uncertainty type risks have been identified and the project manager was asked to update the project risk management plans with the appropriate risk strategies.

Scenario 2: Ocean Exploration Project

A private investor is planning an oceanographic exploration. The mission is named Blue Whale Expeditions and the plan is to send an unmanned submersible to one of the deepest locations in the Bermuda Triangle. This mission is a precursor to possibly carrying manned submersibles to the same area(s) and for tourists in later years. The project will be managed at the Florida location and will be televised locally. There is some uncertainty and possible environmental considerations, as well as treacherous navigation at specific depths.

Scenario 3: Artificial Intelligence Project

The Project Management Office (PMO) and the Information Technology department at Project Research University (PRU) has a project to integrate artificial intelligence (AI) into the phase of qualitative risk analysis and quantitative risk analysis into enterprise university projects. In past enterprise projects, the risk response and mitigation process has been challenging and the PMO would like to create a predictive model of risk strategies to predict possible future risks. The project is scheduled to start January 5 and be completed by October 1 with the first pilot run. The IT department has contracted with an AI consulting firm to design, develop, and test specialized risk agents on enterprise servers. The objective will follow the same risk management plan methodology but integrate the entire methodology into an AI risk management plan module.

Risk Management Plan Deliverables

The risk management plan for your project must apply risk management processes learned from both of your textbooks, describing how risk management activities will be structured and performed. The assignments will include the following areas.

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Week 1: Risk Management Plan Project

Create a one-page document of one to two paragraphs with a description of the company and project you will use for your risk management plan.

• Describe the company and project you will use for your risk management plan.