Risk Likelihood

The following notes provide guidance on how to fill in your risk registry table: • Risk Likelihood (Probability): Using industry best practices (PMBOK® 11.3.2.3), identify the likelihood of the risk occurring. • Risk Impact: Using industry best practices (PMBOK® Table 11-1), describe the potential impact of the risk on the project’s three primary constraints (schedule, budget and quality impact). • Risk Strategy: Identify your overall strategy or strategies for dealing with the particular risk and briefly justify the strategy. Strategies include the following: o For threats (PMBOK® 11.5.2.4): Mitigate, Transfer, Accept, Avoid o For opportunities (PMBOK® 11.5.2.5): Accept, Exploit, Enhance, Share • Risk Response: Using appropriate industry best practices (such as fast tracking, schedule crashing, buffers, insurance policies, contracting mechanisms, contingency funds, management reserve funds, etc.) to describe how you would propose to manage your identified project risks. 10) QUALITY MANAGEMENT PLAN (PMBOK® Section 8.1.3.1) Based on the task that you described in your WBS dictionary, create a quality control checklist (PMBOK® sections 8.3.2.1 and 11.2.2.2) that demonstrates how the project could verify that your tasks’ quality standards and requirements (that you identified in your WBS dictionary) could be quantifiably and measurably achieved. Briefly explain how you would integrate this quality checklist into the project’s overall workflow. 11) COMMUNICATION MANAGEMENT PLAN (PMBOK® Section 10.1.3.1) Based on the communication requirements of the task that you have previously identified, develop a communication plan that adheres to the communication management plan requirements outlined in the PMBOK® section 10.1.3.1. Keep in mind that the project communication requirements should only include formal, contractually required communication that would be appropriate for a project of this nature. You can use the table below as a communication plan template. Stakeholder communication requirements Information to be communicated When and how frequently the information will be communicated Who will send the information How the information will be communicated Who will receive the information