Controlling project risk

Topic: Controlling Project RiskReading Task: Practice Standard for Project Risk Management, Chapter 9Deliverable Length: 2,200 words of new contentDue Date: 9/11/2012 11:59:59 PM CTAssignment:For this assignment, you will determine how you will monitor the risks that you have projected, as well as the unknown risksthat occur during the course of the project. You will also formulate a control plan once a risk has been identified duringthe monitoring process.As part of the monitoring and control process, you will need to identify who plays what role in this process, also known asthe risks responsibility plan. One method is to construct a RASI matrix that is similar to the following example:Please note that the risk categories and names are very general in this example, and you will have more specific riskcategories that are based on Weeks 1 and 2?s work.Deliverables:The overall project deliverables are the following:1. Update the Key Assignment Document title page with a new date and project name.2. Update previously completed sections based on instructor feedback.3. Complete New Content below and copy it under the sections in the Key Assignment Document that are called ?Project RisksResponsibility Plan? and ?Project Risks Monitoring and Control Plan.?o New Content? Project Risks Responsibility Plan? Include a responsibility matrix listing the stakeholders and project team members, with risk actions (or category ofactions) along the top.? Next, fill in the table using the following letters, and refer to the examples in the Assignments section as ?R? if theyare responsible for monitoring and controlling the risk, ?A? if they are the approver for taking action to respond to therisk, ?S? if they have a support role in responding to the risk, and ?I? if they only need to be informed. This is also knownas a RASI chart.? Project Risks Monitoring and Control Plan? Include a detailed description of the overall monitoring process, including the techniques that will be used to monitor theexistence and impact of individual risks.? Include a detailed description of the control process when a risk occurs.? Include a diagram flowchart to depict the steps in the control process from risk discovery through risk response.4. Be sure to update your table of contents before submission.5. Name the document ?yourname_MPM344_IP4.doc.?6. Note that this document will also be submitted as you Key Assignment Draft in the next Discuss (check for the help you need)ion Board.Phase Resources:? Amplifying Your Effectiveness: Communicating UpArticle with tips and techniques for effectively communicating to stakeholders and other managers.? CIO UpdateFrom the CIO update, there are several relevant articles regarding risk management In the search box, type ?manage risk? andyou will find a list of articles including Using EPM to Maximize Return and Manage Risk? Managing RiskSuccessful Delivery Toolkit page at Office of Government Commerce site with table addressing management risk at the projectlevel in regards to what you need to do and roles and responsibilities in effort to minimize unwanted outcomes.? Risk MagazineThis website holds article and glossary resources from the Risk and Insurance Management Society, Inc. (RIMS).

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