Risk Response Plan Paper
Use the same company/project idea you used in the Week 1 Overview of a Project Assignment.
Write a 1,100 word paper in which you address each of the following items:
- What is the purpose of a risk response plan?
- What is a risk owner?
- Who should be appointed to own risk on a project?
- What is a risk owner’s role in the risk response plan?
- How should a project manager assess and deal with risk?
- List and describe the most common areas of the project where risks can originate.
- List and discuss at least two types of risk for each area.
- In the project you discussed in Week One, what were the risks and how were they handled?
- Should they have been handled differently?
Format your paper consistent with APA guidelines
I chose a family reunion project.
Solution Preview
Risk management is defined as the identification, estimation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events ,whereas a risk response plan is the process of developing actions to enhance opportunities, and to reduce threats to project objectives” .
A risk owner is usually the person who is accountable to ensure the risk is managed properly and is seen to have the most knowledge risk that threatens the organization.
(398 words)