Risk Management Register and Plan, writing homework help

Part Two – Risk Management Register and Plan

Collectively as a group – This assignment is focused on
identifying risk, ranking and prioritizing – the primary focus of risk
analysis. For this assignment, you will determine the “risk exposure”
for your selected IT RFP projects.

At a minimum, you will need
to include the following additional columns in your risk register (you can also
add additional columns as you see necessary and informative):

§  Probability –
Use a numeric label such as a decimal (0.80) or a percentage (80% chance of
happening).

§  Impact – Use a numeric scale
such as 1 (low) to 5 (high); 1 (low), 2 (moderate), or 3 (high); or some other
scale that is meaningful to your team.

§  Exposure – Also known as the Risk
Probability Impact (RPI) number, which is calculated by multiplying the
“probability” x “impact.” 

§  Rank – Use a number or color
ranking system to prioritize your risks, so you will know which to focus on.
For instance, you may use “1” for highest ranking risks based upon
the RPI number and sequential numbers for lower ranked risks. Alternatively,
you may use a color schema (i.e. such as the traffic light schema) with green
indicating low level risks, yellow indicating moderate, and red indicating
high. You may need to create categories or thresholds for each color category.
A simple program such as MS Excel does allow you to use thresholds by
incorporating “IF, THEN” statements or macros, if so inclined.
Another option is a combination of numbers and colors – the choice is yours,
but do some research so that you create something that is easily understandable
and readable.

§  Risk Triggers –
Those indicators that indicate a risk is happening or about to occur.

§  Risk Owners –
Assign someone, multiple people, a subcontractor, or an entity to
“own” the risk and handle it if it comes to fruition. This many not
seem like it is important, but it is critical as we can all get busy and lose
focus on the individual risks. This creates that “accountability” we
have discussed throughout this program.

§  Risk Strategies/Responses – how you plan to deal with the risks – both positive and
negative.

§  Contingencies –
What is your plan ‘B’ should your initial risk strategy not work?

Other Information – Any other
information you would like to add.