CASE STUDY RISK MANAGEMENT PLAN BUSINESS HOMEWORK HELP Complete each section of attached document using the Space Shuttle Challenger as the project managem

CASE STUDY RISK MANAGEMENT PLAN BUSINESS HOMEWORK HELP Complete each section of attached document using the Space Shuttle Challenger as the project management case study. Use the Project Management Institute Guide to the Project Management Body of Knowledge (PMBOK Guide) for in-text citations. Risk Management Plan
Project Name:
Learner Name:
Course Name:
Date:
Table of Contents
Section 1 – Introduction to the Plan ____________________________________________________________________________ 3
1.1 Benefits of Risk Management ______________________________________________________________________________________ 3
1.2 Project Goals and Objectives _______________________________________________________________________________________ 3
1.3 Company Background ____________________________________________________________________________________________ 3
1.4 Risk Identification________________________________________________________________________________________________ 3
Section 2 – Risk Scope, Components, and Value ___________________________________________________________________ 3
2.1 Scope of the Risk Management Plan _________________________________________________________________________________ 3
2.2 Risk Management Plan Components_________________________________________________________________________________ 3
2.3 Expected Monetary Value _________________________________________________________________________________________ 3
2.4 Determine the Risks ______________________________________________________________________________________________ 4
2.5 Evaluate and Assess the Risks ______________________________________________________________________________________ 4
2.6 Qualitative and Quantitative Processes ______________________________________________________________________________ 4
Section 3 – Risk Analysis and Assessment ________________________________________________________________________ 4
3.1 Major and Minor Risks ____________________________________________________________________________________________ 4
3.2 Risk Probability __________________________________________________________________________________________________ 5
3.3 Risk Matrix Template _____________________________________________________________________________________________ 5
1
3.4 Risk Data Quality Strategy _________________________________________________________________________________________ 5
3.5 Risk Reviews ____________________________________________________________________________________________________ 5
Section 4 – Corrective Action and Monitoring ____________________________________________________________________ 5
4.1 Risk Tolerance___________________________________________________________________________________________________ 5
4.2 Risk Mitigation __________________________________________________________________________________________________ 6
4.3 Corrective Risk Management Strategy _______________________________________________________________________________ 6
4.4 Corrective Action Plan ____________________________________________________________________________________________ 6
Section 5 – Postmortem Plan __________________________________________________________________________________ 6
5.1 Results ________________________________________________________________________________________________________ 6
5.2 Follow Up ______________________________________________________________________________________________________ 6
Section 6 – References _______________________________________________________________________________________ 7
6.1 References _____________________________________________________________________________________________________ 7
Templates _________________________________________________________________________________________________ 8
Risk Matrix Legend Example __________________________________________________________________________________________ 8
Risk Matrix Example _________________________________________________________________________________________________ 8
Risk Monitoring and Control Example ___________________________________________________________________________________ 9
2
Section 1 – Introduction to the Plan
1.1 Benefits of Risk Management
Explain the benefits of risk management in support of the project.
1.2 Project Goals and Objectives
Define the plan’s goals and objectives as they relate to the evaluation of risk for a project.
1.3 Company Background
Evaluate the company background and identify the stakeholders, their role in the enterprise, and their impact on the plan.)
1.4 Risk Identification
Describe qualitative and quantitative risk analysis processes to determine priority and impact of project risks strategies for identifying
and evaluating project risk.
Identify strategies appropriate for the project situation and the parameters for analysis.
Section 2 – Risk Scope, Components, and Value
2.1 Scope of the Risk Management Plan
Define the boundaries of the risk management plan scope.
2.2 Risk Management Plan Components
Explain the components and the corresponding responsibilities that comprise the Risk Management Plan.
Describe the processes included in a risk management plan.
2.3 Expected Monetary Value
Apply an expected monetary value analysis to estimate the cost of a project without a risk plan.
Articulate the benefits of a risk management plan.
3
2.4 Determine the Risks
Identify sources of risk and the corresponding potential impact on project outcomes.
Include evidence of at least one of these processes:

Brainstorming.

The Delphi technique.

Ishikawa diagrams.

Interviewing processes.
2.5 Evaluate and Assess the Risks
Define the elements of the risk breakdown structure for use in evaluating project risk.
Analyze the impact of risk on project outcomes.
Integrate risk analysis techniques to create a risk breakdown structure.
2.6 Qualitative and Quantitative Processes
Apply qualitative and quantitative risk analysis.
Include evidence of at least one of these processes:

Sensitivity analysis.

Expected monetary analysis.

Monte Carlo simulation.

Decision tree analysis.)
Section 3 – Risk Analysis and Assessment
3.1 Major and Minor Risks
Analyze project risk to identify major and minor risks associated with the project.

How were the risks determined?
4

Were qualitative or quantitative methods used?

Was the most effective method applied to determine risk?)
3.2 Risk Probability
(Integrate qualitative and quantitative risk analysis techniques to identify methods for evaluating the probability of a risk event.

How confident are you in the accuracy of the probabilities used?

What can you do to improve the accuracy of the probability?
3.3 Risk Matrix Template
Insert your completed Risk Matrix Template. See the end of this document for examples.
3.4 Risk Data Quality Strategy
Define the process and tools to be used to determine the quality of data for use in assessing project risk.

How reliable is the data?

What is the evidence of reliability?)
3.5 Risk Reviews
Define the process to be followed for risk reviews to be conducted throughout the project life cycle. Insert your completed Risk
Monitoring and Control Template. See the end of this document for an example.

What is being done to proactively reduce risk in the future?

What is being done to communicate risks?
Section 4 – Corrective Action and Monitoring
4.1 Risk Tolerance
Evaluate the organizational and departmental tolerance for risk.

Discuss the different risk tolerances within the organization.)
5
4.2 Risk Mitigation
Identify risk mitigation approaches in support of the project.

How will you implement the mitigation approaches?

Have you identified specific triggers to initiate mitigation?
4.3 Corrective Risk Management Strategy
Describe your strategy for corrective risk management.

Explain whether you will use auditing, strategic planning, or another type.

Describe the corrective action process and responsibilities.

Will you be performing a risk postmortem? If not, why not?)
4.4 Corrective Action Plan
Assess corrective plan procedures in support of the project.

Is your documentation available to others?

Is it reviewed by the team or others?
Section 5 – Postmortem Plan
5.1 Results
Identify and describe how results data will be collected and reviewed to determine corrective actions.

Did your postmortem results lead to any concrete changes? Explain.
5.2 Follow Up
Evaluate the organization’s view of risk management and approach, resulting from project outcomes.

Did this project change the organization’s approach and management of risk?
Describe the impact of postmortem results on the organization.
6
Recommend corrective plan procedures to effectively manage risk.

What recommendations would you make for future risk management projects?

What resources did you use to support your assertions?
Section 6 – References
6.1 References
Include a minimum of two references in APA style.
7
Templates
You may delete this section once you have copied the tables as directed above.
Risk Matrix Legend Example
If you wish, you may color code risk in addition to using the indicators of high, very high, and so forth. A usual color scheme is green,
yellow, orange, red.
Probability Level
Criteria
Code
Impact Level
Very High (VH)
90%
Very High (VH)
Catastrophic
High (H)
< 89% x > 80%
High (H)
Critical
Medium (M)
< 79% x > 70%
Medium (M)
Marginal
Low (L)
< 69% Low (L) No Impact Probability Level Criteria Code Impact Level Risk Matrix Example The risk matrix is a graphical representation of the identified risks and their evaluation in terms of probability (likelihood) of occurrence and impact on project success factors (costs, time, quality) if they should occur. The definitions of risk probability and impact levels are specific to the selected project and reflect risk appetite and thresholds. • Risk #: Numerical number of risk. • Risk: Provide a description of the risk (i.e. Weather impacts – storm season). • Probability: Defines the likelihood that risk will occur (i.e. H, M, L). 8 • Impact: Defines the level of impact to project success factors (time, costs, quality) (i.e., H, M, L). • Response to Risk: Avoid, mitigate, transfer and accept. • Action Plan: A detailed explanation of the steps for risk mitigation(s). • Person Responsible: Who will manage the mitigation strategy? • Status: Status of mitigation process. Risk # Risk Probability Impact Response to Risk Action Plan Person Responsible Status Risk Monitoring and Control Example Continue Review and Action Plan Owner Time Estimate Monitoring Process [Define monitoring process of current and new risks] Review [Define stages or timeframes for specific types of review] Reporting [provide types of communication channels and deliverables] 9 Purchase answer to see full attachment

Don't use plagiarized sources. Get Your Custom Essay on
CASE STUDY RISK MANAGEMENT PLAN BUSINESS HOMEWORK HELP Complete each section of attached document using the Space Shuttle Challenger as the project managem
Just from $13/Page
Order Essay
Homework Market Pro
Calculate your paper price
Pages (550 words)
Approximate price: -

Our Unique Features

Custom Papers Means Custom Papers

This is what custom writing means to us: Your essay starts from scratch. Plagiarism is unacceptable. We demand the originality of our academic essay writers and they only deliver authentic and original papers. 100% guaranteed! If your final version is not as expected, we will revise it immediately.

Qualified and Experienced Essay Writers

Our team consists of carefully selected writers with in-depth expertise. Each writer in our team is selected based on their writing skills and experience. Each team member is able to provide plagiarism-free, authentic and high-quality content within a short turnaround time.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Assuarance

We understand you. Spending your hard earned money on a writing service is a big deal. It is a big investment and it is difficult to make the decision. That is why we support our claims with guarantees. We want you to be reassured as soon as you place your order. Here are our guarantees: Your deadlines are important to us. When ordering, please note that delivery will take place no later than the expiry date.

100% Originality & Confidentiality

Every paper we write for every order is 100% original. To support this, we would be happy to provide you with a plagiarism analysis report on request.We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

We help students, business professionals and job seekers around the world in multiple time zones. We also understand that students often keep crazy schedules. No problem. We are there for you around the clock. If you need help at any time, please contact us. An agent is always available for you.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Our services are second to none. Every time you place an order, you get a personal and original paper of the highest quality.

Essays

Essay Writing Service

While a college paper is the most common order we receive, we want you to understand that we have college writers for virtually everything, including: High school and college essays Papers, book reviews, case studies, lab reports, tests All graduate level projects, including theses and dissertations Admissions and scholarship essays Resumes and CV’s Web content, copywriting, blogs, articles Business writing – reports, marketing material, white papers Research and data collection/analysis of any type.

Admissions

Any Kind of Essay Writing!

Whether you are a high school student struggling with writing five-paragraph essays, an undergraduate management student stressing over a research paper, or a graduate student in the middle of a thesis or dissertation, homeworkmarketpro.com has a writer for you. We can also provide admissions or scholarship essays, a resume or CV, as well as web content or articles. Writing an essay for college admission takes a certain kind of writer. They have to be knowledgeable about your subject and be able to grasp the purpose of the essay.

Reviews

Quality Check and Editing Support

Every paper is subject to a strict editorial and revision process. This is to ensure that your document is complete and accurate and that all of your instructions have been followed carefully including creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Prices and Discounts

We are happy to say that we offer some of the most competitive prices in this industry. Since many of our customers are students, job seekers and small entrepreneurs, we know that money is a problem. Therefore, you will find better prices with us compared to writing services of this calibre.