Select any project, hypothetical or existing, and then apply what you have learned up to this module to produce a risk management plan for your project. Examples ofprojects arethe implementation of a new system, the construction of a building, a reorganization, or a project that you're working on professionally or personally. Some students choose a real-life project which is highly encouraged.

The plan should address financial, managerial, and technical risks. Your risk management plan should determine which risks could impact the project. List all major risks, placing them in an order with the biggest risk first. Plan appropriate responses to the risks and describe the process you will use for managing risk including the measurements of the risks. Choose a suitable set of project metrics that you will collect during your project to help you monitor risks.

1- Risk Environment [Describe how your project supports your company's strategic plan and why the project is important. Is this project like other projects the company has completed in the past or is this project out of the ordinary and, therefore, riskier? How complex is the project? What parts of the project are most tricky? How much experience does the team have in managing risks?]

2-Methodology [Describe the methods of how you will identify, evaluate, respond to, and monitor risk.]

3-Roles and Responsibilities [Who will perform which risk management activities? List roles such as project manager, risk owner, project team, and stakeholders along with their responsibilities.

4-Timing [Define how often you will perform risk management activities. Standard practice is to review risks weekly during your project meetings. If you have an agile project, consider discussing risks for a few minutes in your daily stand-up meetings.]

5-Risk Categories [Define the risk categories. Standard categories include schedule, scope, quality, and budget

6-RiskEvaluation Scales [Define the scales that you plan to use for probability and impact such as a scale of 1 to 5 or 1 to 10 and what each number represents, which minimizes bias in the risk ratings.]

7-RiskScores [Define how you will calculate the risk score. A common way is to multiply probability times impact (e.g., 4 x 5 = 20).

8-Definitions [Define risk management terms such as probability, impact, risk, issues, risk appetite, and risk tolerance.]

9-Risk Attitude, Appetite, and Threshold [What are management's attitude and risk appetite toward risks in your project? Where do they want to take risks? Where are they risk-averse? What is the risk threshold for the schedule and budget?

10-Reporting Formats [What formats will you use to report risks? What will you include in each report? Who will receive the reports? How often will the reports be distributed?