OMGT423 Mastery Assignment:
Risk Management Plan (RMP) Project
The purpose of this mastery assignment is to facilitate the acquisition, comprehension, and application of the material learned during the class. It was also designed to develop research, critical thinking, reading, and writing skills.
For this project, you will develop and write a 8-10 page (minimum) Risk Management Plan for a risk issue that you identified in your place of employment (e.g., a broken process that decreases productivity) or in your personal life (e.g., house project). Be sure to review the Sample RMP Template for guidance. Keep in mind, the template is a sample and there may very well be some variation in you RMP depending on your specific project requirements. For example, the template lists “Top Three Risks” but you may have two or four top risks. Also, be sure to include any supporting material you used to build the RMP and include that information in the appendix of the final paper (e.g., research you conducted, artifacts, and any raw data you collected).
The RMP is a cumulative project. That is, the project includes a series of mini-assignments that build upon on one another. The mini-assignments submitted in Units 2-5 will be included in the final report. Each of the constituent assignments must be a minimum of 500 words. Overall, the final RMP report must be at least 2,000 words. All submissions must follow APA formatting. Consult the sample RMP template for details of what to include in each section.
The elements required for each submission are listed below.
1. Unit 2 Written Assignment: Introduction & Top Three Risks
2. Unit 3 Written Assignment: Risk Management Approach & Risk Identification
3. Unit 4 Written Assignment: Risk Qualifications & Prioritization
4. Unit 5 Written Assignment: Risk Treatment, Monitoring, and & Risk Register
5. Final RMP: all of above, plus conclusion, references, and appendix
Unit 2 Written Assignment
Write a draft of the following sections:
• Introduction – explains why risks exist and highlights the purpose and importance of the risk management plan. It provides a general description of why risk management is essential to effectively managing a project and describes what is needed before risk management can begin.
• Top three project risks. It is important to explicitly state the top three risks to the project in the Risk Management Plan. This will make management aware of the top risks for the project and the nature of the risks.
Unit 3 Written Assignment:
Write a draft that includes the following sections:
• Risk management approach – This section provides a general description for the approach taken to identify and manage the risks associated with the project. It should be a short paragraph or two summarizing the approach to risk management on this project.
• Risk identification section explains the process by which the risks associated with this project were identified. It should describe the method(s) for how the project team identified risks, the format in which risks are recorded, and the forum in which this process was conducted. Typical methods of identifying risks are expert interview, review historical information from similar projects and conducting a risk assessment meeting with the project team and key stakeholders.
Unit 4 Written Assignment
Write a draft of the following section:
• Risk qualifications and prioritization – Once risks are identified it is important to determine the probability and impact of each risk in order to allow the project manager to prioritize the risk avoidance and mitigation strategy. Risks which are more likely to occur and have a significant impact on the project will be the highest priority risks while those which are more unlikely or have a low impact will be a much lower priority. This is usually done with a probability – impact matrix. This section explains risks were qualified and prioritized for this project.
Unit 5 Written Assignment
Write a draft of the following sections:
• Risk monitoring – this section should discuss how the risks in the project will be actively monitored. The key to risk monitoring is to ensure that it is continuous throughout the life of the project and includes the identification of trigger conditions for each risk and thorough documentation of the process.
• Risk mitigation and avoidance – once risks have been qualified, the team must determine how to address those risks which have the greatest potential probability and impact on the project. This section explains the considerations which must be made and the options available to the risk manager in managing these risks.
• Risk register – every project must maintain a risk register in order to track risks and associated mitigation strategies. This section describes the risk register criteria as well as where the risk register is maintained and how these risks are tracked in the project schedule. Reference the “Writing assignment rubric” for assignment requirements.
Unit 6 Final RMP Paper
Prepare the final draft of your RMP.
• The final RMP paper must be a minimum of 2,000 words, excluding title page or references page, or appendices
• The final RMP will include the Unit 2 – 5 assignments listed above, plus a conclusion, appendix (e.g., artifacts – that is, research you conducted – and any raw data that was collected).
• Use the Sample RMP Template as a guide to what to include in this report.
• Use APA style:
o Refer to APA Resources and the Online Writing Center resources in Academic Resources (see SC College Resources Links) for guidance on writing style and page and citation formatting.
o Be sure to include a title page, table of contents, and references page.
o Abstract is not required
• A minimum of 3 sources of credible evidence in addition to course resources that have been published within the past 5 years is required.