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Identifying and Managing Project Risk

Identifying and Managing Project Risk

Complete Section 4 – Corrective Action and Monitoring of the risk management plan by evaluating the organizational and departmental tolerance for risk, identifying risk mitigation approaches, describing a strategy for corrective risk management, and assessing a corrective plan for your chosen case study or work project.

Consider why an organization would use corrective action and how the risk management process is monitored. Monitoring risks and preparing corrective action reports are beneficial in the risk management process.

Strategic planning approaches, including the SWOT (strengths, weaknesses, opportunities, and threats) approach, are used in evaluating a business and examining its strengths (opportunities) and weakness (threats). The SWOT approach can be a beneficial tool for corrective action and risk monitoring processes.

The information collected can identify areas of risk opportunities or threats so that corrective action and monitoring can be planned into the risk management process.

Preparation

Microsoft Project is the recommended software tool for this course due to its wide industry acceptance and its use in many project management professional roles. This is provided to you through MS Imagine.

Microsoft Software
  1. If you have a Capella MS Imagine account, go to Step 2. Otherwise, see the instructions for registering an account at MS Imagine: Registration.
  2. Log into the Capella Microsoft Imagine WebStore.
  3. Identify the version of MS Visio 2016 and Project Professional 2016 that is compatible with your operating system.
  4. Download and install.

If you encounter any difficulties in the download and installation process, post a detailed question in the Ask Your Faculty Discussion in the menu dropdown when you click the image of your faculty.

Introduction

This assessment includes developing corrective action and monitoring for a risk management plan. Review the Risk Management Plan Template before beginning this assessment. Note: Developing a risk management plan for a project requires speci?c steps in sequence. Complete the assessments in this course in the order in which they are presented.

Corrective action and monitoring determine the different types of corrective risk management and describe the processes and responsibilities.

Requirements

Microsoft Project is the recommended software tool for this assessment. 

Section 4 – Corrective Action and Monitoring

Analyze the information in the case study or your work project to complete this assessment:

  • Determine the type of corrective risk management processes you will use.
  • Describe the corrective action process and responsibilities, and determine the corrective action for risks.
  • Evaluate the organization and departmental tolerance for risk and make suggestions for mitigating and managing risks.

Use the Risk Management Plan template you have been working on to fill out Section 4 – Corrective Action and Monitoring. You must include the following sections. Refer to the template for directions on what to put in each.

  • 4.1 Risk Tolerance.
  • 4.2 Risk Mitigation.
  • 4.3 Corrective Risk Management Strategy.
  • 4.4 Corrective Action Plan.

Deliverable Format

  • References: Use scholarly or academic sources where applicable. There is no set number of references required for this assessment.
  • Format:
    • Use the Risk Management Plan Template you started in Assessment 1.
    • Insert appropriate supporting tables and other supporting information, if needed.
    • Do not submit multiple ?les, PDF ?les, or ZIP ?les.
    • Follow the Academic and Professional Document Guidelines [PDF]. Be sure to use single-spaced paragraphs. 
    • Use APA style and format for references and in-text citations.
  • Length: No specific length requirements. Include all pertinent information.

Evaluation

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:

  • Competency 1: Assess project risks, mitigate threats and capitalize on opportunities to ensure project success.
    • Assess corrective plan procedures in support of the project.
    • Determine the corrective action strategy for project risks.
  • Competency 3: Evaluate risk analysis techniques for application in a project.
    • Evaluate the organizational and departmental tolerance for risk.
    • Identify risk mitigation approaches.

Your course instructor will use the scoring guide to review your deliverable as if they were your immediate supervisor. Review the scoring guide prior to developing and submitting your assignment.


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