Assignment task: The reading for this week covers several crucial elements of a risk management strategy, such as risk assessment, identification, monitoring, control, and response planning
This assignment is designed to help you improve your communication, critical thinking, and research skills. Your deliverable should answer the following questions:
- What did you learn this week?
- Was the material valuable and/or applicable? Please elaborate.
- If yes, how are you planning to use this material in the future?
- If no, what changes would you recommend?
Your assignment should contain at least 200 words.
Risk Strategy and Planning
Every project, regardless of their size, have some types of risk attached to them. Therefore, the project manager must develop a plan to address these types of issues well in advance. The first step in addressing risk on projects is to understand that risk events will likely happen to some degree on every project, and a plan for dealing with risk should be developed.
During this unit, you will gain a deeper understanding of how to develop a comprehensive risk management plan by identifying risk, defining risk tolerance, analyzing risks, creating change management process, and communicating risk events with project stakeholders.
Objectives:
- Define procurement within the context of a project.
- Identify and discuss various components of risk management plan.
- Explain the difference between mitigation and elimination of risk.
Activities:
- Review the Course Information page.
- Download/save the course syllabus.
- Introduce yourself in the Introduction discussion forum.
- Read, view, and engage with Readings and Resources.
- Actively participate in Unit Discussions.
- Complete and submit Unit 1 assignment.
- Post to your Weekly Journal.
Readings and Resources
Textbook or eBook:
Wilson, R. (2015). Mastering risk and procurement in project management. Upper Saddle River, NJ: Pearson FT Press.
- Chapter 1: Risk Strategy and Planning