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Risk Management PlanThe assignments are a series of papers that are based on the same case, which is located in the Student Center of the course shell. The assignments are dependent upon one another.In this assignment, you will create a risk management plan. You have a budget of $100,000 and a timeline of six (6) months for the plan. Please refer to Figure A-1, Risk Management Plan Template, from Appendix A of the Hillson and Simon text to create the plan. Write a 9 page Risk Management Plan Component paper in which you:Prepare the Scope and Objectives of the Risk Management Process section of the Risk Management Plan based on the facts presented in the case study.Determine the project size, based on the facts presented in the case study, and provide justification based on Figure 3-4, Example Project Sizing Tool (Chapter 3 of the Hillson and Simon text).Select the risk tools and techniques, and complete the Risk Tools and Techniques section of the Risk Management Plan for both the qualitative and quantitative aspects of the project. Provide a rationale for the selection.Develop the Risk Reviews and Reporting section of the Risk Management Plan based on the project size previously determined.Define the Probability and Impacts section of the Risk Management Plan and justify the values assigned.Define the Risk Thresholds section of the Risk Management Plan and justify the values assigned.Your assignment must follow these formatting requirements:Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcome

s associated with this assignment are:Apply the concepts of risk management in a project context to develop an appropriate risk management plan as a key element of the project management process.Survey the project sponsor, stakeholders, team membership and key decision influencers to develop a qualitative assessment of the project risks and apply the results to further refine the project risk management plan.Create a schedule of project risk reviews appropriate to the organization and risk including major, minor, and post-project threats and opportunities, including archiving the results of the project risk plan is incorporated into this schedule.Use technology and information resources to research issues in project risk managementWrite clearly and concisely about project risk management using proper writing mechanics.Answer preview………..Planning is essential as there are problems that are unexpected that are likely to occur even when the project is carefully thought out. The risk management involves the consideration of the resources that are useful for the project and the analysis of the prevention and the avoidance of the risks that are likely to occur. There are no guarantees that the projects that the company undertakes will succeed and this means that the management of the risks should be considered as one of the major priority of the project. When making the plan, it is important that the acceptance of the risks is done when it occurs and that the same is transfer where it is appropriate. It helps in making sure that the impact of the risks is reduced. The British Petroleum project focuses on the reduction of the risks that the company is facing and this is important in making sure that the reputation and the profitability of the business are preserved.. APA 2809 words
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