Project Introduction: The project will allow you to apply risk management concepts, tools, and techniques to a complex project, which involves building a playground in the back yard of a home. Through this project, you will identify and plan for risks that might happen in the course of executing the project. Course Objectives Tested: 1. Create a risk management plan that outlines the approach for managing risks in a project. 2. Apply risk identification techniques to document positive and negative risks in a project. 3. Analyze the impact of positive and negative risks on a project. 4. Develop options and actions to enhance opportunities and reduce threats to project objectives. 5. Evaluate the impact of program changes on the risk of a project. 6. Apply the Project Management Body of Knowledge (PMBOK) and Project Management Institute (PMI) standards in managing project risks. PROJECT SUBMISSION PLAN Description/Requirements of Project Evaluation Criteria Assessment Preparation Checklist: Before completing the assignment: Read the assigned chapters for this week from your textbooks, Project Risk Management Guidelines: Managing Risk in Large Projects and Complex Procurements (Custom Update Ed.) and PMBOK® Guide, 5th ed. Read article “How Project Manager-Project Owner Interaction Can Work Within and Influence Project Risk Management” on the ITT Tech Virtual Library using the following path: ITT Tech Virtual Library> Search> 360 Search Search with “How Project Manager-Project Owner Interaction Can Work Within and Influence Project Risk Management” as the keyword. Have you created the Risk Management Plan? Have you calculated risk factor for each risk? Have you developed a risk strategy for each risk? Have you submitted your project on time? PM4620 Project 2 Description/Requirements of Project Evaluation Criteria 1. Read the topic “Painting a House” from this week’s online lesson. Title: Risk Management Plan Click here to view the scenario details. Task 1: Create a risk management plan that includes the following: risk identification risk register risk strategies assessment of contingency funds required Task 2: Answer the following questions: What assumptions did you have to make about the project to identify the risks? What assumptions did you have to make to qualify and quantify the risks? What additional information would have made the risk management planning process easier? How would you recommend that your brother track and control risks throughout the project? Submission Requirement: Task 1: Create documents for completing items 1 and 2 from Task 1 using a Microsoft Excel spreadsheet. You may use as many spreadsheets as you want to completely identify and register all risks for the project. For items 3 and 4 of Task 1, create a maximum of 10 page document using Microsoft Word. Task 2: Answer the items listed in Task 2 using APA formatting in a Microsoft Word file with a maximum of 10 pages. Attachments: pm4620_project_scenario.pdf
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