Risk Management Plan
Assignment 2: Risk Management Plan
Note: The assignments are a series of papers that are based on the same case, which is located in the Student Center of the course shell. The assignments are dependent
upon one another.
In this assignment, you will create a risk management plan. You have a budget of $100,000 and a timeline of six (6) months for the plan. Please refer to Figure A-1,
Risk Management Plan Template, from Appendix A of the Hillson and Simon text to create the plan.
Write an eight to ten (8-10) page Risk Management Plan Component paper in which you:
1. Prepare the Scope and Objectives of the Risk Management Process section of the Risk Management Plan based on the facts presented in the case study. The case studies
are uploaded in the Announcements section of BB. This is the work and the project objectives it supports. Looking at a WBS will put you in the right frame of mind.
2. Determine the project size, based on the facts resented in the case study, and provide justification based on Figure 3-4, Example Project Sizing Tool (Chapter 3 of
the Hillson and Simon text). What is the scope “size”. How big? How vast? What is the quantity? How far reaching is the scope—several countries—one country…?
3. Select the risk tools and techniques, and complete the Risk Tools and Techniques section of the Risk Management Plan for both the qualitative and quantitative
aspects of the project. Provide a rationale for the selection. Think “what am I using to make this assessment?” What are the methods? Such as NPV, ROI, Monte Carlo
Analysis, PBP? Decision Tree? Why this method?
4. Develop the Risk Reviews and Reporting section of the Risk Management Plan based on the project size previously determined. What is/are the criteria I will use to
inform my stakeholders? I’ll report on what? Whom will I report to and why? How often? Do NOT simply throw ink to paper. You’ll be graded on demonstrated rationale.
5. Define the Probability and Impacts section of the Risk Management Plan and justify the values assigned. See the Risk Matrix (uploaded in the Announcements section
of BB) we’ve done before or Google it and study.
6. Define the Risk Thresholds section of the Risk Management Plan and justify the values assigned. What is acceptable risk on those things you’re reporting on in
number 4 above?