IT301M3: Create project artifacts to plan and manage project risk and resources.

by | Jun 18, 2022 | Project Management

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IT301M3: Create project artifacts to plan and manage project risk and resources.

Purpose
The purpose of this assignment is to assess your ability to create a plan for risk management. You should complete the reading and practice activities before attempting this assessment. The reading materials will be useful in identifying project risk and resources.

Assignment Instructions

For this assignment, use your imagination and choose one of the following project types: 1. a home- improvement project, 2. a gardening project, 3. a website creation project, 4. a corporate office move of several departments of workers from one building to another located in the same city, 5. a family vacation, 6. a wedding, or 7. another project to be approved by the professor. Choose a project you are familiar with, as this knowledge will help you in the planning process.

Risk management is comprised of three major activities: risk identification, risk analysis, and risk mitigation. Risk management is critical to project success by reducing uncertainty. Review the example risks listed in the ISA Risk Management Plan. Using these risks as an example, make a list of ten risks to your project leveraging risk register. Quantify the risks based on probability and impact.

For each risk, rate probability and impact to produce a score for each. After you have identified and scored ten risks for your project, using the matrix in figure 11-5 of your PMBOK Guide, examine each risk event separately based on the project objectives and try to place it in the appropriate grid cell in the Probability and Impact matrix from figure 11-10 of your PMBOK Guide. Determine what sources of risk and which risk events may be expected to affect your project. Quantify the risks identified to determine which risk events require a response. In doing so, according to figure 11-5, consider and describe impacts to
Cost
Quality
Schedule
Scope

Prepare a two page executive summary of your findings, not to exceed 500 words, addressing the key points of your research.

Minimum Submission Requirements

The risk register template is provided and all columns must be completed for each risk.

Risks need to be described in complete sentences. Probability scale used is 0%-100%. Impact scale used is 1–5, 1 being the lowest impact and 5 being the highest.

Executive summary must follow APA formatting requirements and be two full pages of content providing the overall risk assessment of the project.

APA citations are not required.

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