In this assignment, we will address risk tolerance and planning for risk. Project managers are responsible for collaborating with teams to create mitigation and contingency plans for certain risks in a project proposal. This assignment explores the differences between risks that can be mitigated and those that need to have a contingency plan. Risks are constant in any projects you will be on; understanding how to manage them will be a key factor to your success in the role of project manager.
In your Risk Management Plan (RMP), include the following:
- Risk analysis: Develop and provide support for the acceptable level of risk that your project is willing to absorb.
- Risk identification: Identify the project team members and stakeholders that are involved in the decision process and why each decision maker is critical to the process.
- Probability of Risk: Review the RAID log created in Topic 4. Rank each risk in one of three rankings: high, medium, or low, for both impact to the project if the risk is realized and the probability of the risk being realized during the project. Using this information, create a probability matrix to depict the different levels of risk and fill it out during the final step of this assignment.
- Risk response planning: Create a contingency or mitigation plan depending upon the risk levels identified. Any risks ranked as “medium” or “high” that lack a risk management plan will require justification as to why no plan is needed.
Submit your assignment using the following format as one Word document for this assignment:
- Embed or insert the updated RAID log for the project as an appendix to the RMP
Prepare this assignment according to the guidelines found in the APA Style Guide
See attach Rubric and Topic 4 document that would help complete the assignment 100%