Chat with us, powered by LiveChat Complete the second part of Section 2 - Risk Scope, Components, and Value of the risk management plan by applying qualitative and quantitative processes to ide | WriteDen

Complete the second part of Section 2 – Risk Scope, Components, and Value of the risk management plan by applying qualitative and quantitative processes to ide

Complete the second part of Section 2 – Risk Scope, Components, and Value of the risk management plan by applying qualitative and quantitative processes to identify sources of risk and the corresponding potential impact on project outcomes for your chosen case study or work project.

Risk identification includes qualitative and quantitative analysis to identify, evaluate, and assess risk. These processes support the examination and evaluation of risks. Other methods and processes—such as sensitivity analysis, expected monetary analysis, decision tree analysis, Monte Carlo simulation, and PERT tree analysis—provide unique approaches to evaluating and assessing risks. 

Analyzing risk begins with identifying risks and recording them in your risk matrix or risk register.

The next step is to conduct a qualitative risk analysis to prioritize and rank the risks in your matrix. This can save time and effort, because you will be able to focus on the typical 20 percent of the risks that often generate 80 percent of the threats to your project's success. Next, each identified individual risk is evaluated based on the probability and potential impact to the project. Following the qualitative analysis, a quantitative analysis may be performed for each high-priority risk, using various tools, such as a monetary or time analysis to assign a dollar amount or a number of days to the risk probability.

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 the risk identification in a risk management plan. Review the Risk Management Plan Template before beginning this assessment. Note: Developing a risk management plan for a project requires specific steps in sequence. Complete the assessments in this course in the order in which they are presented.

Not all methods may work for a certain situation. It is beneficial to evaluate them, based on the types of risks, and determine which is most useful for specific risk assessments.

Requirements

Microsoft Project is the recommended software tool for this assessment.

Section 2 – Risk Scope, Components, and Value

Use the Risk Management Plan template you started in Assessment 1 to record the second part of your analysis for Section 2 – Risk Scope, Components, and Value. You must include the following sections. Refer to the template for directions on what to put in each.

  • 2.4 Determine the Risks.
  • 2.5 Evaluate and Assess the Risks.
  • 2.6 Qualitative and Quantitative Processes.

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 files, PDF files, or ZIP files.
    • 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 2: Evaluate risk impact analysis methods for application in a project.
    • Identify sources of risk and the potential impact on project outcomes.
    • Define the elements of the risk breakdown structure for use in evaluating project risk.
    • Integrate risk analysis techniques to create a risk breakdown structure.
    • Apply qualitative and quantitative risk analysis techniques to categorize risks.

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 assignmen

The following resources provide information about risk management.

• Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.

• Anonymous. (2013). Weak project management increases risk, experts say. The Controller's Report, 1, 14.

• Bowers, J., & Khorakian, A. (2014). Integrating risk management in the innovation project. European Journal of Innovation Management, 17(1), 25–40.

• Hillson, D. (2009). Managing risk in projects. Farnham, England: Ashgate.

• Kendrick, T. (2009). Identifying and managing project risk: Essential tools for failure-proofing your project (2nd ed.). New York, NY: AMACOM Books.

• Kerzner, H. (2013). Project management best practices: Achieving global excellence (3rd ed.). Hoboken, NJ: John Wiley & Sons.

• Kerzner, H. R. (2017). Project management: A systems approach to planning, scheduling, and controlling (12th ed.). Hoboken, NJ: John Wiley & Sons.

• Raydugin, Y. (2013). Project risk management: Essential methods for project teams and decision makers. Hoboken, NJ: John Wiley & Sons.

• Teller, J., Kock, A., & Gemünden, H. G. (2014). Risk management in project portfolios is more than managing project risks: A contingency perspective on risk management. Project Management Journal, 45(4), 67– 80.

• Ward, S., & Chapman, C.. (2011). How to manage

project opportunity and risk: Why uncertainty management can be a much better approach than risk management (2nd ed.). Hoboken, NJ: John Wiley & Sons.

The following resources provide information about risk identification.

• Pritchard, C. L. (2015). Risk management: Concepts and guidance (5th ed.). Boca Raton, FL: CRC Press. ◦ Chapter 22, "Network Analysis (Excluding PERT),"

pages 225–234. ◦ Chapter 23, "PERT," pages 235–243. ◦ Chapter 24, "Other Diagramming Techniques,"

pages 245–254. • Project Management Institute. Guide to the Project

Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.

• Part 1: Section 11.2, "Identify Risks," pages 409– 418.

• Part 2: Section 3.19, “Identify Risks," pages 586– 587.

HOW OUR WEBSITE WORKS

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of 
HIGH QUALITY & PLAGIARISM FREE.

Step 1

To make an Order you only need to click ORDER NOW and we will direct you to our Order Page at WriteDen. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
 Deadline range from 6 hours to 30 days.

Step 2

Once done with writing your paper we will upload it to your account on our website and also forward a copy to your email.

Step 3
Upon receiving your paper, review it and if any changes are needed contact us immediately. We offer unlimited revisions at no extra cost.

Is it Safe to use our services?
We never resell papers on this site. Meaning after your purchase you will get an original copy of your assignment and you have all the rights to use the paper.

Discounts

Our price ranges from $8-$14 per page. If you are short of Budget, contact our Live Support for a Discount Code. All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Please note we do not have prewritten answers. We need some time to prepare a perfect essay for you.