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Part 4

09 Mar

Part 4

For this assignment, you will determine how you will monitor the risks that you have projected, as well as the unknown risks that occur during the course of the project. You will also formulate a control plan once a risk has been identified during the monitoring process.

As part of the monitoring and control process, you will need to identify who plays what role in this process, also known as the risks responsibility plan. One method is to construct a RASI matrix that is similar to the following example:

Please note that the risk categories and names are very general in this example, and you will have more specific risk categories that are based on Weeks 1 and 2’s work.

Deliverables:

The overall project deliverables are the following:

  1. Update the Key Assignment Document title page with a new date and project name.
  2. Update previously completed sections based on instructor feedback.
  3. Complete New Content below and copy it under the sections in the Key Assignment Document that are called “Project Risks Responsibility Plan” and “Project Risks Monitoring and Control Plan.”
    • New Content
      • Project Risks Responsibility Plan
        • Include a responsibility matrix listing the stakeholders and project team members, with risk actions (or category of actions) along the top.
        • Next, fill in the table using the following letters, and refer to the examples in the Assignments section as “R” if they are responsible for monitoring and controlling the risk, “A” if they are the approver for taking action to respond to the risk, “S” if they have a support role in responding to the risk, and “I” if they only need to be informed. This is also known as a RASI chart.
      • Project Risks Monitoring and Control Plan
        • Include a detailed description of the overall monitoring process, including the techniques that will be used to monitor the existence and impact of individual risks.
        • Include a detailed description of the control process when a risk occurs.
        • Include a diagram flowchart to depict the steps in the control process from risk discovery through risk response.
  4. Be sure to update your table of contents before submission.
  5. Name the document “yourname_MPM344_IP4.doc.”
  6. Note that this document will also be submitted as you Key Assignment Draft in the next Discussion Board.

Part 5.

In previous weeks, you selected a project around which to develop your Risk Management Strategy and Plan Key Assignment. In Week 1, you crafted a letter to the project sponsor explaining the importance of project risk management. You also determined the high-level steps for conducting risk assessment and brainstormed on some of the risk categories. In Week 2, you fully identified the individual project risks and analyzed them by determining their likelihood and impact. In Week 3, you determined the mitigation strategies, which might include prevention, control, or ignoring the risk. In Week 4, you developed a project risks matrix with all of the information that you gathered in Weeks 2 and 3, and you developed a risk monitoring and control approach and plan.

Now you are ready to embark on adding all of the risk management tasks to the overall project plan, as well as producing a well-thought-out communications plan. In the final week, you will also revise the Key Assignment draft document based on feedback from your instructor and peers. Under the last sections, which are not filled in, you will develop a very detailed WBS, contingency budget, and communications plan.

Deliverables:

The overall project deliverables are the following:

  1. Update previously completed sections based on instructor feedback.
  2. Complete “New Content” below, and copy it under the appropriate sections in Key Assignment Document called “Project Risks WBS and Budget Updates” and “Project Risks Communication Plan.”
    • New Content
      • Project Risks WBS and Budget Updates
        • Identify the additional tasks that are associated with planning, monitoring, and controlling risks.
        • Put this in a WBS structure so that they can be added to an existing plan.
        • Determine a contingency budget to mitigate the risks that are most likely to occur.
        • Determine additions to the project plan budget to monitor and control risks.
    • Project Risks Communications Plan
        • Identify the stakeholders that communications should go to.
        • Determine the frequency of communications.
        • Construct the types of reports and how they will be delivered.
        • Discuss how this might be integrated into the change management process.
        • Define who has the final authority for sign-off to extract from the contingency budget to mitigate risks.
  3. Update the Key Assignment title page with a new date and project name.
  4. Update previously completed sections based on instructor feedback.
  5. Be sure to update your table of contents before submission.
  6. Name the document “yourname_MPM344_IP5.doc.”
  7. Submit the final Key Assignment document for grading.
 
 

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