Risks And Risk Management Plan - 1240 Words

Risk Management Plan Introduction An important part any project is to identify risks and to determine how to address said risks. In this paper, I will identify 10 risks that could occur during the making of Coleman Covenant Studios. I will also assess and address each risk in detail. Although I am hopeful the completion of this project will happen with minimal negative risks, I do realize hope is not a plan. For this reason, this risk management plan is in place to acknowledge and prepare for a variety of unplanned events. Planning Risk Management The purpose of this section is to determine how I will perform the risk management process, who will be assigned to the risk management process, the budget, definitions of risk and impact,†¦show more content†¦Lastly, the stakeholders are willing to accept a considerable amount of risk as long as a plan is in place to address it. Qualitative Risk Analysis In addition to determining the impact of each risk and the likelihood of that risk occurring, I also prioritized the risks by ranking them. By ranking each risk, I am ensuring all team members understand the important of each risk in relation to other risks. As mentioned earlier in paper, the ranks are in parentheses above. Once the risks were ranked, I determined the probability of each risk and the impact it would have on the project if it did occur. These numbers are factored into the risk matrix below: Table 1. Risk Matrix The high risk in red is venue selection. The moderate risks in yellow are under budget, promotion, venue location, legal issues, natural force delay, and bank doesn’t approve loan. The low risks in green are grand opening troubles, ahead of schedule, and design change. Quantitative Risk Analysis In this section, I will further analyze the high-risk activity: venue selection. This activity is identified as high-risk because the likelihood that it will occur is 50% and if it occurs, its impact is at a level nine. Proper venue selection is integral to the successful completion of the project. Ideally, a clear lot will be selected. However, there is a 50/50 chance the lot selected will not be clear and destruction will take place.Show MoreRelatedPlan Risk And Risk Management Plan1708 Words   |  7 Pages 342), Plan risk response â€Å"†¦ is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives.† This is a link of project risk management during which the PM and the project team can use the analysis result from prior assessments and choose the effective risk management strategy. 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