For this Assignment, you will practice techniques that you can use to communicate your assessment of a project’s risks to other stakeholders. Develop a risk register to manage and reduce risks identified before and during the picnic project; you will need to document risk mitigation strategies being pursued in response to the identified risks and their rating/ranking/grading in terms of likelihood and seriousness. Your document should be able to provide sponsors, stakeholders and senior management with a documented framework from which risk status can be reported. Risk register updates are often used to update project documents and are an important input to the communications plan. The risk register will communicate risk management issues to stakeholders. This document will provide a means for seeking and acting on feedback to encourage the involvement of stakeholders; it will also identify the mitigation actions required for implementation of the risk management plan and associated costs.
In your Assignment, make headers that include the elements or steps you take to create the register. For example:
- Part 1: Outline the register, assign hi/med/lo and why.
- Part 2: Assign probabilities.
- Part 3: Etc.
You can use the company picnic scenario to create your risk register. You will need to identify risk hazards, assess the probability of the risk occurrences, make corporation decisions about the risks and how they can be mitigated, implement controls, and determine how they will monitor risk. The prompts from this week’s Discussion will give you ideas about how to develop the risk register for this Assignment.
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