Reference no: EM134007207

Project Risk, Finance and Monitoring

Assessment - Risk Management Plan

Your task

Individually, develop a 1,500-word professional Risk Management Plan for the project proposed in Assessment 1. This plan should identify key risks, evaluate their potential impact, and outline strategic approaches to mitigate them effectively. You may refer to concepts from Project Management And Planning to support your understanding of project risk processes.

Assessment Description

In this individual assessment, students will demonstrate the critical importance of comprehensive risk management in project environments by developing a robust Risk Management Plan that employs a systematic decision-making process. This plan will serve as a strategic roadmap for project stakeholders, ensuring that risks are rigorously identified, analysed, and mitigated throughout the project lifecycle.

Assessment Instructions

Building on Assessment 1, your Risk Management Plan should present a structured, well-researched approach to managing project risks. It is essential that your submission is based on the same case study selected in Assessment 1-any deviation will result in a grade of zero.

Your Risk Management Plan must incorporate the following components:

Comprehensive Risk Register: Identify and categorise key project risks, complete with detailed probability and impact assessments.

Risk Impact Assessment: Evaluate the likelihood and severity of each risk using rigorous, structured methods. Concepts related to Risk Aversion And Insurance may also assist in analysing uncertainty and project exposure.

Risk Mitigation Strategies: Develop well-supported responses to identified risks, outlining options for avoidance, mitigation, transfer, or acceptance.

Financial Integration: Clearly allocate secured funding to risk management initiatives, justifying these allocations with industry research and benchmarks. Relevant principles from Financial Management can support budgeting and funding allocation decisions.

Continuous Risk Monitoring: Establish a robust framework for ongoing tracking, reporting, and managing risks throughout project execution.

Defined Risk Appetite and Thresholds: Specify the level of risk the project is willing to accept and identify the critical thresholds that necessitate corrective action.

You must use at least ten (10) sources of information. These may include websites, industry reports, census data, journal articles, government publications, policies and frameworks, and newspaper articles.