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.
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).
Cooper, D., Grey, S., Raymond, G., & Walker, P. (2014). Project risk management guidelines: Managing risk in large projects and complex procurements (2nd ed.). Hoboken, NJ: John Wiley & Sons.
Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.
For this assessment, choose either Option A or Option B. You do not need to do both. Faculty will grade both options using the same scoring guide.
For both Options A and B, you are the project manager.
Microsoft Project is the recommended software tool for this course due to its wide industry acceptance and its use in many project management professional roles. If you have not already done so, follow the instructions provided through the links below to download and install software or register for an account, as required.
If you encounter any difficulties in the download and installation process, post a detailed question in the Ask Your Faculty Discussion in the menu dropdown when you click the image of your faculty. They should be able to help you or point you in the right direction for the answers you need.
Using Project in this course helps prepare you for future professional PM roles and responsibilities. Please use Project for tasks the software supports. If you have access to other tools such as Microsoft Visio, PowerPoint, and Word, or other project management software you believe may still meet the requirements of this course, please discuss your selected alternative with faculty.
Develop a risk management plan for your project. Use the Risk Management Plan Template and the PMBOK® Guide to complete this assessment:
Use the provided template develop the deliverables for this assessment. This assessment has one deliverable:
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria: