Risk Management Create a project risk management document using the elements from this week's lesson and reading. The document should be in Word and include the following elements.

Planning: Describe your strategy for handling risks in your project.

Identification: List at least seven negative risks and three positive risks for your project.

Qualitative analysis: Use a probability and impact matrix, past experience, or some other technique to prioritize the risks.

Quantitative analysis: Based on the prioritization of the risks, determine a number for each risk, such as a monetary figure or days the risk event will affect the project if the risks occur.

Response planning: Determine the strategy to handle each of the risks: escalate, exploit, enhance, share, or accept for positive risks and escalate, avoid, mitigate, transfer, or accept for negative risks.

Response implementation: Assume three of the risk events occurred and describe how the responses you chose worked to handle each risk.

Monitoring: Describe how you will monitor your project for new risks and review the implementation of responses for risks that have occurred. Tools such as data analysis, audits, and meetings can be used for monitoring. A table in Word may be used for the identification, qualitative analysis, quantitative analysis, and response planning sections. The other sections can be in paragraph form.

Quality Management

Quality assurance is critical as it increases the success of your project. For your project, create a quality assurance plan using any format you desire. Just make sure that your plan is explained with details and supporting evidence if necessary. Remember, every project is unique, therefore, you must create a quality assurance plan that is directly related to your project. If you decided to use a template (Note: you can research the internet to find templates.), make sure you adapt it to your project.

Quality control is equally important because rather than looking forward, you are looking backward to determine if work completed was completed according to specifications or specific design requirements. Create a quality control plan for three specifications you believe are important for your project's success. This plan is critical as it helps ensure the benefits of your project are maintained as any deviation from specifications and or requirements possibly reduces the project output's effectiveness.