HU14 PMGT 530 Unit 2 - Create a Risk Management Plan KA1 90%3
Purpose
This multi-week team assignment challenges you to develop a comprehensive Risk Management Plan that adheres to PMI standards and industry best practices. The goal is to produce a professional-quality document that could be implemented in a real project environment without further revision. This assignment integrates multiple risk management concepts into a cohesive plan and provides experience in creating a critical project management artifact.
Learning Alignment
This assignment contributes to the following outcomes:
- Program Goal: Demonstrate the applied knowledge and technical expertise in the management of a single project to meet stakeholder needs within constraints and aligned with traditional project management frameworks with industry-standard artifacts.
- Course Learning Outcome: CLO 1 - Create a Risk Management Plan
Assignment Overview
This is a team-based assignment that begins in Module 2 and concludes at the end of Module 8. Your team will develop a comprehensive Risk Management Plan for a project of your choosing (subject to instructor approval). The plan should be complete, professional, and immediately usable for managing risks on the selected project.
Key Deliverables and Timeline:
- Module 2: Project selection and initial outline of Risk Management Plan (submit to instructor for approval)
- Module 4: Progress check - Draft of at least 5 core elements of the Risk Management Plan
- Module 6: Progress check - Draft of at least 8 core elements of the Risk Management Plan
- Module 8: Final submission - Complete Risk Management Plan with all required elements
Project Selection Guidelines
Your team may select a project using one of the following approaches:
- Real Project: A current or planned project at one of your team members' organizations (with appropriate permissions)
- Case Study Project: A well-documented case study project (provided by your instructor or sourced from academic literature)
- Hypothetical Project: A realistic project scenario developed by your team (must include comprehensive project background, scope, timeline, budget, and objectives)
Project Requirements:
- Must have sufficient complexity to demonstrate all required risk management elements
- Must have a duration of at least 6 months
- Must involve multiple stakeholder groups
- Must have a budget of at least $500,000
- Must include at least one regulatory or compliance requirement
Submit your project selection to your instructor for approval by the end of Module 2.
Risk Management Plan Requirements
Your Risk Management Plan must include all of the following core elements:
- Risk Strategy
- Overall approach to risk management for the project
- Strategic alignment with organizational risk policies
- Risk thresholds and general risk attitudes for the project
- Methodology
- Tools and techniques for risk identification, analysis, response planning, and monitoring
- Approach to qualitative and quantitative risk analysis
- Risk assessment procedures and frequency
- Roles and Responsibilities
- Risk management team structure
- Specific responsibilities for each role in the risk process
- Risk ownership assignment guidelines
- Escalation procedures for risk issues
- Funding
- Budget allocation for risk management activities
- Contingency and management reserves
- Process for accessing and approving risk response funds
- Timing
- Schedule for regular risk management activities
- Integration with project schedule and key decision points
- Timing of risk reviews, reassessments, and updates
- Risk Categories
- Risk breakdown structure (RBS)
- Definitions and examples of each risk category
- Categorization methodology
- Stakeholder Risk Appetite
- Analysis of key stakeholders' tolerance for various types of risk
- Risk attitude assessment for different project areas
- Risk threshold definitions for major stakeholder groups
- Definitions of Risk Probability and Impacts
- Detailed probability scales with specific thresholds and definitions
- Impact scales for each project objective (scope, schedule, cost, quality)
- Scoring guidelines for consistent risk evaluation
- Probability and Impact Matrix
- Risk scoring and prioritization framework
- Thresholds for low, moderate, and high risks
- Guidelines for risk prioritization
- Reporting Formats
- Risk register template and structure
- Risk report formats for different stakeholder groups
- Dashboard or visualization approaches for risk communication
- Tracking
- Process for monitoring identified risks
- Methods for identifying and documenting new risks
- Procedures for tracking risk response implementation
- Metrics for evaluating risk management effectiveness
In addition to these core elements, your Risk Management Plan should include:
- Executive Summary - Brief overview of the project and key risk management approaches
- Project Background - Sufficient context to understand the project's nature and complexity
- Integration with Other Project Management Processes - How risk management integrates with other project areas
- Appendices - Templates, forms, and supporting materials necessary to implement the plan
Risk Management Plan Development Guidelines
Professional Documentation Standards:
- Create a complete, standalone document that could be implemented without further revision
- Use consistent formatting, including headers, footers, page numbers, and section breaks
- Include a table of contents, glossary of terms, and executive summary
- Incorporate appropriate visual elements such as tables, matrices, and diagrams
- Use precise, specific language appropriate for project management professionals
- Ensure all content is original and properly cited when external sources are referenced
- Design the document to be usable by individuals not familiar with the project
Common Risk Management Plan Pitfalls to Avoid:
- Generic content that does not reflect the specific project context
- Vague or ambiguous risk thresholds that cannot be objectively measured
- Unclear roles and responsibilities that would hamper implementation
- Probability and impact scales that lack specific definitions
- Overly complex processes that would be impractical to implement
- Insufficient detail on funding and resource allocation for risk management
- Missing integration with other project management processes
- Failure to account for both threats and opportunities
Submission Format
Your team's final submission should include:
- Complete Risk Management Plan in Microsoft Word format including:
- All required elements as outlined above
- Professional formatting appropriate for a business document
- Table of contents, page numbers, and section headers
- Consistent terminology and defined acronyms
- Appropriate appendices with templates and supporting materials
- Team Member Contribution Summary as a separate document:
- Table listing team member names and their assigned sections/contributions
- Brief overview of the collaborative process used by the team
- Description of how the team managed quality control and integration of sections
Submission Requirements
- Format: Microsoft Word (.docx)
- Length: The complete Risk Management Plan should be 20-30 pages (excluding appendices)
- Citations: APA 7th edition format for all references
- Required References:
- PMBOK Guide (7th Edition, sections on Project Risk Management)
- PMI's Practice Standard for Project Risk Management
- At least three additional scholarly or professional sources published within the last 5 years
- Submission Timeline:
- Module 2: Project selection and initial outline
- Module 4: Progress check - Draft of at least 5 core elements
- Module 6: Progress check - Draft of at least 8 core elements
- Module 8: Final complete Risk Management Plan
Success Strategies
- Begin by selecting a project with sufficient complexity but manageable scope for this assignment.
- Establish a clear project management structure within your team with assigned responsibilities.
- Create a detailed work breakdown structure for the Risk Management Plan development.
- Set internal deadlines that allow for team review prior to progress check submissions.
- Refer to PMI standards frequently to ensure alignment with best practices.
- Research examples of high-quality Risk Management Plans to understand effective formats and content.
- Ensure all risk management processes are practical and implementable, not just theoretical.
- Customize all elements to reflect the specific characteristics of your selected project.
- Include specific examples within each section to illustrate how processes would be applied.
- Conduct peer reviews of each section to ensure consistency and quality throughout the document.
- Test your risk management processes with hypothetical scenarios to verify their effectiveness.
Please Note: The level of performance expected for students on core competencies and program learning outcomes varies depending on the course. The numbers at the end of the key assignment name identify the expected level of performance for a specific key assignment. For example, for the key assignment entitled "HU14 GEND 201 Final Research Paper KA1 85%2," the 85%2 part of the title means that 85% of students are expected to score a level 2 on a four-point scale where level 1 represents a novice rating, and a level 4 represents an advanced rating.
Rubric
HU14 PMGT 530 Unit 2 - Create a Risk Management Plan KA1 90%3
| Criteria | Ratings | Pts |
|---|---|---|
This criterion is linked to a Learning OutcomeCOMM 0.4 IdeasCOMM 0.4 Support Ideas threshold: 3.0 pts | 4 ptsAdvanced: Support ideas appropriate to the discipline and genre of the writing by using and documenting high-quality, credible, relevant sources or evidence.3 ptsProficient: Employ consistent use and documentation of credible, relevant sources or evidence to support ideas appropriate to the discipline and genre of the writing. 2 ptsEmerging: Follow expectations appropriate to a specific discipline and/or writing task(s) for basic organization, content, and presentation.1 ptsNovice: Demonstrate an attempt to use and document sources or evidence to support ideas in the writing. | -- |
This criterion is linked to a Learning OutcomeCRIT 0.1b InformationCRIT 0.1b Manage Information threshold: 3.0 pts | 4 ptsAdvanced: Provide, interpret, and evaluate information from one or more given sources and develop a comprehensive analysis or synthesis of that information.3 ptsProficient: Provide, interpret, and evaluate information, key facts, data, theories, or terminology from one or more given sources. 2 ptsEmerging: Provide evidence, key facts, data, theories, or terminology from one or more given sources with some interpretation or evaluation.1 ptsNovice: Provide information from one or more given sources without any interpretation or evaluation. | -- |
This criterion is linked to a Learning OutcomeCRIT 0.2a Key ConceptCRIT 0.2a Work with Key Concept threshold: 3.0 pts | 4 ptsAdvanced: Work with key concepts/information/process/theory related to a given topic and conduct a thorough analysis by doing five or more of the following: applying or extending them to new predictions, recognizing hidden meanings, drawing inferences, analyzing patterns and component parts, and communicating contrasts and comparisons.3 ptsProficient: Work with key concepts/information/process/theory related to a given topic by identifying patterns, interpreting challenging concepts, drawing logical conclusions, explaining component parts, and potential applications or extensions to new problems or contexts. 2 ptsEmerging: Work with key concepts/information/processes/theories related to a given topic by distinguishing key elements, illustrating relationships between concepts, describing key information generally, and inferring the importance of specific elements.1 ptsNovice: Work with key concepts by relating or comparing them. | -- |
This criterion is linked to a Learning OutcomeTEAM 0.2 Assigned TasksTEAM 0.2 Complete Assigned Tasks threshold: 3.0 pts | 4 ptsAdvanced: Complete all assigned group tasks by deadline; work is thorough and comprehensive and advances the project towards defined goals. Proactively helps other team members complete their assigned tasks to optimal level of quality.3 ptsProficient: Complete all assigned group tasks by deadline; work is thorough and comprehensive and advances the project towards defined goals. 2 ptsEmerging: Complete all assigned group tasks by deadline, advance a project towards defined goals through work student has accomplished.1 ptsNovice: Complete assigned group tasks to minimal level. | -- |
This criterion is linked to a Learning OutcomePMGT 1.2 PlanPMGT 1.2 Plan projects to meet stakeholder needs within constraints. threshold: 3.0 pts | 4 ptsAdvanced: The Project Management Plan contained the twelve fully detailed sections outlined in the Proficient performance level and included the rationale supported by best practices found in the current literature.3 ptsProficient: The created Project Management Plan (PMP) describes the project's execution, monitoring, controlling, and closing occurs. The PMP included the following twelve fully developed sub-plans: change control, communications management, cost management, procurement management, quality management, requirements management, resource management, risk management, scope management, schedule management, and stakeholder management plan. 2 ptsEmerging: The Project Management Plan contained the required elements. Continue working toward consistent details throughout each aspect of the PMP.1 ptsNovice: The submitted Project Management Plan illustrates an attempt to meet the Proficient performance level. Missing elements from the PMP or inconsistent details require further attention. | -- |
This criterion is linked to a Learning OutcomePMGT 1.3 ControlPMGT 1.3 Execute project control to meet best practices and standards. threshold: 3.0 pts | 4 ptsAdvanced: The implemented control systems and measures for the twelve PMP sub-plans met the Proficient performance level and included a rationale supported by best practices found in the current literature.3 ptsProficient: Recommended the appropriate implementation control systems and measures for each PMP sub-plan linked to the project objectives and goals. 2 ptsEmerging: The control systems and measures appeared throughout the sub-plans. Added focus on the sub-plan’s details, project objectives, and goals advances the final deliverables for controlling a project.1 ptsNovice: The submitted control systems and measures illustrated an attempt to meet the Proficient performance level. Missing segments and inconsistent focus on the sub-plan’s details, project objectives, or goals require immediate attention. | -- |
This criterion is linked to a Learning OutcomeElementsThis component evaluates the completeness and quality of all required risk management plan elements. | 50 to >44.5 ptsExemplaryThe plan contains a complete and thorough description and explanation for all required elements. The plan represents best practices in risk management plan design. Contains all 11 required elements and other relevant elements: risk strategy, methodology, roles and responsibilities, funding, timing, risk categories, stakeholder risk appetite, definitions of risk probability and impacts, probability and impact matrix, reporting formats, tracking, plus additional relevant elements that enhance the plan's effectiveness.44.5 to >40.0 ptsProficientThe plan contains all of the required elements. The descriptions and explanations contained in each plan section are above average in quality and detail. Contains all 11 elements: risk strategy, methodology, roles and responsibilities, funding, timing, risk categories, stakeholder risk appetite, definitions of risk probability and impacts, probability and impact matrix, reporting formats, and tracking. 40 to >35.0 ptsDevelopingThe descriptions and explanations contained in each plan section are average in quality and depth. Contains 8-to-10 of the required elements: risk strategy, methodology, roles and responsibilities, funding, timing, risk categories, stakeholder risk appetite, definitions of risk probability and impacts, probability and impact matrix, reporting formats, and tracking.35 to >0 ptsInsufficientThe plan does not contain all of the required sections. The descriptions and explanations contained in each plan section are poor in quality and lack necessary detail. Contains fewer than 8 of the required elements. | 50 pts |
This criterion is linked to a Learning OutcomeApplicationThis component evaluates the team's understanding and application of risk management concepts. | 50 to >44.5 ptsExemplaryThe information contained in the plan demonstrates superior knowledge of risk management concepts, principles, and best practices. The plan reflects thoughtful application of PMI standards and shows evidence of critical thinking in adapting concepts to the specific project context.44.5 to >37.5 ptsProficientThe information contained in the plan sections demonstrates above-average knowledge and understanding of risk management requirements. The plan applies key concepts correctly and shows good alignment with PMI standards. 37.5 to >35.0 ptsDevelopingThe information contained in the plan sections demonstrates average knowledge and understanding of risk management requirements. The plan applies basic concepts correctly but may lack nuance or depth in application.35 to >0 ptsInsufficientThe information contained in the plan sections demonstrates below-average knowledge and understanding of risk management requirements. The plan shows misapplication or superficial understanding of key concepts. | 50 pts |
This criterion is linked to a Learning OutcomeCompletionThis component evaluates the comprehensiveness and usability of the risk management plan. | 60 to >54.0 ptsExemplaryThe plan sections provide a complete and comprehensive discussion of the information necessary for effective risk management. All required information is included, and the material is presented in an excellent, understandable, and organized manner. A working professional reading the plan would understand the process and procedures, goals, and intent of each plan section and could implement the plan with minimal additional guidance.54 to >48.0 ptsProficientThe plan sections provide a complete discussion of the information necessary for the plan sections. All required information is included, and the material is presented in a satisfactory and organized manner. A working professional reading the plan would gain a clear understanding of the process and procedures, goals, and intent of each plan section. 48 to >42.0 ptsDevelopingThe plan sections provide a less than complete discussion of the information necessary for effective risk management. Most of the required information is included, and the material is presented in an average and partially organized manner. A working professional reading the plan would have some difficulty understanding the process and procedures, goals, and intent of each plan section.42 to >0 ptsInsufficientThe plan sections do not provide a complete discussion of the information necessary for effective risk management. Most of the required information is not included, and the material is presented in a below-average and disorganized manner. A working professional reading the plan would have significant difficulty understanding the process and procedures, goals, and intent of each plan section. | 60 pts |
This criterion is linked to a Learning OutcomeProfessional Document StandardsThis component evaluates the professional quality of the document beyond basic grammar and spelling. | 40 to >36.0 ptsExemplaryThe document demonstrates exceptional professional quality throughout. It follows proper structure with consistent formatting, appropriate section breaks, effective use of tables and figures, and proper citation of sources. The writing is clear, concise, and uses appropriate industry terminology. Contains no errors in grammar, spelling, or punctuation. The document could be presented to senior management or external stakeholders without modification.36 to >32.0 ptsProficientThe document demonstrates strong professional quality. It follows proper structure with consistent formatting, clear organization, and appropriate use of visual elements. The writing is clear and uses appropriate terminology. Contains few minor errors in grammar, spelling, or punctuation that do not detract from readability or comprehension. 32 to >28.0 ptsDevelopingThe document demonstrates acceptable professional quality with some inconsistencies. It follows basic document structure but may have minor issues with formatting consistency or organization. The writing is generally clear but may contain some industry jargon or unclear phrasing. Contains several errors in grammar, spelling, or punctuation that occasionally distract from the content.28 to >0 ptsInsufficientThe document fails to meet basic professional standards. It shows inconsistent formatting, poor organization, or confusing structure. The writing contains inappropriate language, excessive jargon, or unclear explanations. Contains numerous errors in grammar, spelling, or punctuation that significantly distract from readability and comprehension. | 40 pts |
Total Points: 200