Discuss the principles of Risk Management

Week 10 and worth 100 points

Note: The assignments are a series of papers that are based on the same. The assignments depend on one another. During the project life cycle, project risk reviews and reports are required as previously identified in the risk management plan. Two months after the project started, the following events have taken place:

  1. The top two (2) threats have occurred.
  2. The top opportunity has been realized.
  3. The project’s risk budget is already exhausted.
  4. The risk management schedule has been shortened by two (2) months.

Write a four to six (4-6) page paper in which you:

  1. Analyze the impact of the events on the project. 2\
  2. Determine if any mitigation activities are required and explain why.
  3. Determine if budget / schedule changes are necessary and explain why.
  4. Update the risk register and highlight the changes made. Provide the justification for the changes. 5
  5. Use at least four (4) quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Analyze the Critical Success Factors (CSF), project benefits, and organizational readiness and risk culture of the company.
  • Assess and prioritize risks to the project through an analysis of the active threats and opportunities presented.
  • Conduct a quantitative analysis of the project risks and opportunities, including the triggering events for each of the project risks.
  • Develop an appropriate risk response plan for the project encompassing all of the identified risks, a communications strategy, and a process to add or remove risks, as the project progresses.

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