Application of Risk Management to a Project
Individual Risk Management Plan (RMP)
The goal of the Individual Risk Management Plan (RMP) is to select a project and then to create and detail a risk management plan that would support that project.
The Individual Risk Management Plan is due by the end of Week 4 and should be 10 to 15 pages long without counting cover page, reference page, or appendix.
The Individual Risk Management Plan will be graded on quality of research topic, quality of paper information, use of citations, grammar, and sentence structure. Papers must be in 12-point font, double-spaced, and must include a cover page, table of contents, introduction, body of the report, summary or conclusion, and works cited. All DeVry University policies are in effect, including the plagiarism policy.
Even though this is not a scientific-type writing assignment, and is mostly creative in nature, references are still very important. At least six authoritative, outside reference citations are required in APA format (anonymous authors or web pages are not acceptable). These should be listed on the last page, titled References.
Any questions about this paper may be discussed in the Course Q & A Forum.
You will create Individual Risk Management Plan for a project of interest to you, defining how to conduct risk management activities for the project. When selecting a project, avoid picking one that is either too big or too small. For example, do not decide to build a new stadium for your local sports team (too big) or to plant your summer garden (too small). For this course, you should select a project that has 4 to 6 milestones with 15 to 25 tasks or activities in total. If you have any questions about the suitability of your project selection, please follow-up with your professor for his or her guidance. If you are confident in your project selection and feel that you will not have any problems creating the deliverables mentioned below, you are not required to submit your project idea to your professor or obtain approval to proceed.
The Individual Risk Management Plan for your project must apply risk management processes learned from both of your textbooks, describing how risk management activities will be structured and performed. The document may include the following points:
- Risk Strategy: Describes the general approach to managing risk on your selected project.
- Methodology: Define the specific approaches, tools and data sources that will be used to perform risk management on the project.
- Roles and Responsibilities: Defines the lead, support and risk management team members that may be required for each type of activity described in the RMP and clarifies their responsibilities.
- Funding: Identifies the funds needed to perform activities related to Project Risk Management. Establishes protocols for the application of contingency and management reserves.
- Timing: Defines when and how Project Risk Management processes will be performed throughout the project life cycle and establishes risk management activities for inclusion into the project schedule.
- Risk Categories: Provide a means for grouping individual project risks.
- Stakeholder Risk Appetite: An expression of measureable risk thresholds that provide the level of overall acceptable project risk exposure.
- Probability and Impact: Definitions of probability and impact levels for both negative and positive risks.
- Reporting Formats: Define how the outcomes of the Project Risk Management process will be documented, analyzed and communicated.
- Tracking: How risk activities will be recorded and how the Risk Management process will be audited.
Sample Outline of Typical Paper
- Title Page
- Table of Contents
- Project Management Plan Components
- References in APA format
Grading Rubric for Individual Risk Management Plan
CategoryDescriptionPointsCover Page, TOCCover page and table of contents10Documentation and FormattingSupporting documentation and formatting of paper10Introduction and ConclusionClarity of introduction and conclusions20Organization and CohesivenessOrganization of paper10Risk Management PlanDoes the plan include the risk management processes as outlined in the text and the PMBOK® Guide?140ReferencesDoes the paper have a minimum of 5 references? Are the references in APA format? Does the paper have a suitable appendix?10TotalA quality paper will meet or exceed all of the above requirements.200