Capella University Risk Management Plan Report

INTRODUCTION

This assessment includes developing a risk analysis and assessment for a risk management plan. Review the Risk Management Plan Template before beginning this assessment. Note: Developing a risk management plan for a project requires specific steps in sequence. Complete the assessments in this course in the order in which they are presented.

A risk matrix is a tool for categorizing potential levels of risk in a project. It facilitates risk mitigation and can help a project succeed.

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REQUIREMENTS

Microsoft Project is the recommended software for this assessment.

SECTION 3 – RISK ANALYSIS AND ASSESSMENT

Analyze, in depth, the work you completed in Section 2 – Risk Scope, Components, and Value, adding the major and minor risks, and determining the probability of the risks. You must include the following sections of Section 3 – Risk Analysis and Assessment. Refer to the template for directions on what to put in each.

• 3.1 Major and Minor Risks.
• 3.2 Risk Probability.
• 3.3 Risk Matrix Template.
• 3.4 Risk Data Quality Strategy.
• 3.5 Risk Reviews.

EVALUATION

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

• Competency 1:Assess project risks to mitigate threats and capitalize on opportunities to ensure project success.
  • Analyzes project risk to identify major and minor risks associated with the project and defines an appropriate mitigation strategy based on best practices supported with corroborative evidence from the literature.
• Competency 3: Evaluate risk analysis techniques for application in a project.
  • Integrates qualitative and quantitative risk analysis techniques to identify methods for evaluating the probability of a risk event that are appropriate for the data and given context as supported with corroborative evidence from the literature.
  • Defines the process and tools to be used to determine the quality of data for use in assessing project risk with a recommended best practice approach based on corroborative evidence from the literature.
  • Develop a risk matrix for a project that is error free, complete, and accurate for a given context.
• Competency 4: Communicate in a manner that is professional and consistent with expectations for members of the project management profession
  • Defines the process to be followed for risk reviews to be conducted throughout the project life cycle. Process is complete and accurate for a given context.