Risk Assessment

All projects have some risk and the project plan must take this into account. Identifying risks early during the project planning stage can help you respond to these risks if they arise.

Review Exhibit 10.1, 10.2, 10.8 and 10.9 before beginning this assignment.

Create a risk register for your example project. Categorize each risk, list potential impact, and list potential responses (as in Exhibit 10.9).

Describe what each project success measure (from Exhibit 10.1) looks like on your example project. Identify at least three risks to each success measure, determine which are major risks, and for each major risk develop one or more contingency plan(s). Identify whether the contingency plan is an avoidance plan (reducing the probability of the risk event), a mitigation plan (reducing the impact of the event), or both.

Facilitate a discussion with the sponsor and other key stakeholders of your project. Have them determine the relative importance of their priorities and document them as in Exhibit 10.2.

Perform a risk review for your example project. Use at least three types of review as shown in Exhibit 10.8. Which of these types gave you the most useful information? Why?