Analyze approaches to project risk management techniques used to assess and control project risk.
You are assuming the role of the project manager for a company called SuperPacks to provide a new backpack product with a built-in refrigeration pouch and radio module. Your customer for this project is the U.S. Army, Ground Forces and Special Operations. As the project manager for your team, you will be submitting to your manager a project management report.
As a project manager for this company, you are to analyze the risks associated with the project. Risks should be identified and defined as cost, probability, impact, and mitigation plans for each risk. Below, you are to provide a risk assessment for the project based on the criteria and template provided.
- Identify and name at least three risks and name them (risk name).
- Determine the expected costs for each named risk.
- Determine the risk probability for each named risk.
- Include factored risk value (should automatically calculate using the Risk Assessment Matrix template).
- Determine the risk impact to project (using the drop-down menu in the Risk Assessment Matrix template).
- Provide the Risk Mitigation Plan.
- Provide the expected risk retire date (when the risk is no longer a risk).