Risk Management Plan
Project Name: Virtual Team Risk
Learner Name: Sean Lewis
Course Name: PM-FPX 5334 – Project Risk Assessment and Control
Date:
... [Show More] 1/25/2021
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____________________________________________________________________4
2.1 Scope of the Risk Management Plan________________________________________________________________________4
2.2 Risk Management Plan Components_______________________________________________________________________5
2.3 Expected Monetary Value________________________________________________________________________________5
2.4 Determine the Risks_____________________________________________________________________________________6
2.5 Evaluate and Assess the Risks_____________________________________________________________________________7
2.6 Qualitative and Quantitative Processes_____________________________________________________________________9
Section 3 – Risk Analysis and Assessment________________________________________________________________________10
3.1 Major and Minor Risks_________________________________________________________________________________10
3.2 Risk Probability________________________________________________________________________________________11
3.3 Risk Matrix Template___________________________________________________________________________________11
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3.4 Risk Data Quality Strategy______________________________________________________________________________14
3.5 Risk Reviews__________________________________________________________________________________________15
Section 4 – Corrective Action and Monitoring_____________________________________________________________________16
4.1 Risk Tolerance_________________________________________________________________________________________16
4.2 Risk Mitigation________________________________________________________________________________________16
4.3 Corrective Risk Management Strategy_____________________________________________________________________16
4.4 Corrective Action Plan__________________________________________________________________________________17
Section 5 – Postmortem Plan__________________________________________________________________________________17
5.1 Results_______________________________________________________________________________________________17
5.2 Follow Up_____________________________________________________________________________________________17
Section 6 – References________________________________________________________________________________________18
6.1 References____________________________________________________________________________________________18
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Section 1 – Introduction to the Plan
1.1 Benefits of Risk Management
Building up a risk the executive's plan helps in accomplishing the destinations of a venture. The accompanying risk the board
plan distinguishes, evaluates, and gives relief rules to chances confronting virtual groups. As innovation keeps on advancing
individuals can for all intents and purposes interface from numerous points of view. Receiving these mechanical arrangements may
profit projects in the work environment however it likewise accepts the risk. Utilizing this risk the executives plan the association
might have the option to perceive hazards that are not obviously evident, give an appraisal of those risks for probability and sway, and
create reactions to alleviate any misfortune.
1.2 Project Goals and Objectives
Define the plan's goals and objectives as they relate to the evaluation of risk for a project.
The objective of this undertaking is to moderate risks confronting virtual groups. Thus, this would permit the association to
successfully utilize virtual groups which have numerous likely advantages. Perspectives, for example, worker security, office space
minimization, travel time moderation, and others could be acknowledged whether an association adequately utilizes virtual groups. As
globalization keeps on rising, associations are not, at this point thwarted by conventional workgroup limits, for example, topography
or time (Regueira, 2016). Gaining by virtual groups includes assessing the new risks related. A portion of the components related with
virtual groups are correspondence, coordination, and innovation (Regueira, 2016). Different objectives for the virtual group hazard
relief project are improving these factors.
1.3 Company Background
Evaluate the company background and identify the stakeholders, their role in the enterprise, and their impact on the plan.)
This venture is pertinent to numerous associations endeavoring to exploit virtual groups. Common recipients of virtual groups
range from the Board of Directors, if the association turns out to be more proficient, to the clients, if the virtual group can perform at
high caliber. The part of the chiefs is to give oversight and vision to the association overall. The clients have a value-based relationship
with the association and the job of promoting the mission of the business in return for an item or administration.
Explicit jobs inside this setting are a task director. It is the obligation of the task chief to sort out, plan, and allot assets to meet
the goals of the venture (Regueira, 2016). The gathering answerable for executing reliant errands is alluded to as the undertaking
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group. Singular colleagues have explicit ranges of abilities that add to the achievement of the task. This gathering executes the extent
of the undertaking practically through mechanical assets. This conveys likely advantages as well as is exceptionally proper thinking
about the current atmosphere. The capacity for groups to work essentially considers safe social separating keeping the labor force solid
and profitable.
1.4 Risk Identification
Identify strategies appropriate for the project situation and the parameters for analysis.
Qualitative Risk Assessment – A rating scale of probability and severity was defined to prioritize identified project risks.
Quantitative Risk Assessment – Further assessment which quantifies probability measures based on achieving the project
objectives. Specific variables of cost and time are utilized.
For this undertaking, a subjective risk appraisal will be utilized to assess explicit risks to virtual groups. This approach takes
into account adaptability between settings, profiting various circumstances or associations. A likelihood size of the low, medium, high,
and high will be utilized. A seriousness size of no effect, minimal, basic, and cataclysmic will be utilized related to the likelihood. To
recognize chances, an audit of A contextual investigation of risk distinguishing proof and risk the board in a virtual undertaking group
setting by J. Regueira Jr. alongside master judgment will be utilized. [Show Less]