The full details, requirements and grading criteria are provided in the in the attached file.
You are required to use the format in the Risk-Register Example. Please provide at least two references.
The purpose of this Individual project is to develop a risk analysis and a risk register spreadsheet for the ITP project. This is an assessment of the potential risks that your project may run into in the future, and a plan for how to either prevent them or handle them if they do occur. By addressing project risks in advance, we can reduce risks, reduce the chance that risks will mature into problems, and reduce costs, and increase chances of project success.
Please include the Executive Summary with appropriate changes
Questions: In an accompanying Word doc or text submission, answer the following questions:
1. Which risks (and associated tasks) would be the most threatening to the success of the project and why? This discussion should be very specific to tasks and their associated risks.
2. Which top THREE mitigations (and associated tasks) and risk handling plans should be implemented, and why? Remember that mitigation actions will affect cost, schedule and/or scope – so discuss what can you AFFORD to do based on the likelihood and impact of the risk?
3. What are the TOTAL impacts on cost, schedule and scope for the project if the recommended risk controls and mitigation actions are taken? If you use costs, how did you calculate the cost? Will the risk handling improve things or make them worse? That is, will the project cost more and/or be less successful because of risk handling, or will it cost less and/or be more successful because of risk handling? How so? Explain.
4. How did you determine those costs and impacts? Please describe. What is the benefit of mitigating risks that are identified for mitigation?
5. If your project could only afford $20,000 for mitigation actions, which risks (identify associated tasks) would be implemented?
6. If your project could only tolerate a 5 day delay related to mitigation actions, which risks and mitigations (identify associated tasks) would be implemented?
7. What would be the most expensive (time and or schedule) contingency action/plan? Identify the associated task and explain why this contingency would be the most expensive in terms of time or schedule.
8. How did you determine those costs and impacts? Please describe.