Risk management plan
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).
Sample Solution
A risk management plan outlines potential threats to an organization as well as the precautions that its personnel should take to keep such threats at a manageable level. To address various risks, a business will have a variety of risk management plans in place. To handle high-level and strategic risks, important stakeholders including senior management, compliance officials, and department managers may construct a risk management plan. Or, in a situation involving project management, a project manager collaborates with the project team to create a risk management strategy specific to project hazards. The risk management plan is created by a group of stakeholders who are skilled in identifying various potential hazards and conducting risk analysis, regardless of the scope of the plan.
