Risk Planning

This Critical Thinking Assignment builds upon the Option #2 Critical Thinking Assignment you submitted in Module 5. However, you may select Option #2 even if you did not select Option #2 for the Module 5 Critical Thinking Assignment. All elements identified below must be fully addressed in the paper you submit.

Update the paper you submitted in Module 5 by populating theRisk, Impact, Likelihood, Response Type, and Response Description columns in the table in (4) below. Prepare a paper in which you address each of the following in separate, titled sections framed by an introduction and a conclusion:

Select a hypothetical or real project in a professional organizational environment, like implementing a computer system or replacing a set of outdated machines in a manufacturing cell. Describe the project specifically and measurably in terms of scope, budget, schedule, and quality.
Identify 3-4 logical chronological phases that comprise the entirety of the project duration and describe these phases.
Brainstorm a total of eight risks facing this project, including six negative risks and two positive risks. State each of the six negative risks concisely in the form of an undesirable event and explain each risk. State each of the two positive risks concisely in the form of a desirable event and explain each risk.
Prepare a table that includes the following column headings, from left to right: Project Phase, Risk, Impact, Likelihood, and Response. Populate all of these columns. Populate the first column with the names of the phases identified in (2) above. Populate the second column with the eight risks identified in (3) above in such a way that each risk appears in the same row of the table as the project phase to which it pertains. Populate the Likelihood and Impact columns with numerical ratings from 1-10. Populate the Composite Risk Score column with a value that is the product of the Likelihood and Impact ratings for each risk. Populate the Response Type column with one of the five one-word risk responses identified in The PMBOK ® Guide section 11.5 only. Populate the Response Description column with a concise description of the Response. Now sort your table so that it is arranged from highest to lowest Composite Risk Score, moving from the top to the bottom of the table.
Discuss the rationale and approach you used to arrive at the Likelihood and Impact scores. Explain in detail your planned Response for each of the three risks with the highest Composite Risk Scores.


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