Reference no: EM131192947

Assignment: Project Progress

Note: The assignments are a series of papers that are based on the same case, which is located in the Student Center of the course shell. The assignments are dependent upon one another.

During the project life cycle, project risk reviews and reports are required as previously identified in the risk management plan. Two months after the project started, the following events have taken place.

1. The top-two threats have occurred.
2. The top opportunity has been realized.
3. The project's risk budget is already exhausted.
4. The risk management schedule has been shortened by two months.

Write a five to seven page paper in which you:

1. Analyze the impact of those events on the project. Make sure the impacts are realistic given the things "known" or "reasonably assumed". Also, you should have planned responses to the risk previously identified.

2. Determine if any mitigation activities are required and explain why. Know what it means to mitigate risk before you answer this deliverable.

3. Determine if budget / schedule changes are necessary and explain why. In other words, what did these realized/occurred risk cost you in budget and or schedule?

4. Update the risk register and highlight the changes made. Provide the justification for the changes. Go back to the risk register and update it. Are there any new risks? Does the impact introduce any new line items? Does the likelihood of a risk occurring increase/decrease?

5. Use at least four quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.4 good sources are a B on the rubric; more quality sources will help you do better on this criteria

Your assignment must follow these formatting requirements:

• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.

• Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

• Given an information requirement related to project risk management, determine the nature and extent of information needed to effectively address the topic; efficiently locate, determine the validity, and critically evaluate the resources; and apply the information to accomplish the specific purpose (report, case analysis, factual requirement, problem solving, and planning).

• Use technology and information resources to research issues in project risk management.

• Write clearly and concisely about project risk management using proper writing mechanics.