ISYS90050 S1 2021 A01 Risk Management Plan Template Final PDF

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Risk Management Plan Armita’s Carpet Wonderland

ISYS90050 IT Project Management Assignment 01 Semester 1, 2021

Risk Management Plan Armita’s Carpet Wonderland

ID

Student Name

Student ID

Submitted on: XX-April-2021

© University of Melbourne 2021

Risk Management Plan Armita’s Carpet Wonderland

Table of Content

1.

Introduction.......................................................................................................................... 3

2.

Scope Establishment........................................................................................................... 4

3.

Risk Analysis........................................................................................................................ 5 3.1

Risk Source Identification........................................................................................... 5

3.2

Risks for Each Source.................................................................................................5

4

Risk Assessment..................................................................................................................6

5

Risk Response Strategy.......................................................................................................7

6

Prioritized Risk Register......................................................................................................8

© University of Melbourne 2021

1. Introduction In your own words, explain why a Risk Management Plan is beneficial in the context of this project. (As a guide, around 250 words or half page). Start your discussion here. Remove the previous instructions from final submission.

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2. Scope Establishment Describe the scope of your risk management exercise. That is, in this case study, what aspects of Armita’s Carpet Wonderland business process and ecommerce web site project will be covered as a part of the Risk Management Plan? Justify in about half to one page. Start your discussion here. Remove the previous instructions from final submission.

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3. Risk Analysis 3.1

Risk Source Identification

Identify as many sources of risks as possible for this case study. Describe each of these sources of risk. Why are they relevant? (about one page). Start your discussion here. Remove the previous instructions from final submission.

3.2

Risks for Each Source

For each source of risk, identify as many risks as possible. Ensure these risks are written in simple, precise and succinct jargon-free language using the format specified in the lecture material, for Armita to understand (around one to two pages). Start your discussion here. Remove the previous instructions from final submission.

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4 Risk Assessment Probability – Impact Estimation and Justification In about two pages, (1) estimate the probability of each risk (identified in 3.2) and its impact on the project; (2) Calculate the cumulative impact and (3) ranks the risks; (4) for the top ten risks that you have identified, clearly justify the reasoning behind your choice for the relative probabilities and their impacts. Start your discussion here. Remove the previous instructions from final submission.

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5 Risk Response Strategy In about two (2) pages, for the top 10 risks identified, discuss and justify– (i) the risk triggers or indicators for each risk and (ii) risk response strategies. What contingency plans might you put in place? Start your discussion here. Remove the previous instructions from final submission.

References Document the references that you have used to make your arguments in this report. For more information about how to cite references in academic arguments, refer to the following University Guidelines recite (unimelb.edu.au)

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6 Prioritized Risk Register Fill in the Risk Register for the top 10 risks. Considering that this is a table, keep the content clear and concise. Cumulative Rank

Risk Statement

A concise statement of each identified area of risk.

Risk

Probability

Impact

Trigger or Indicator

(P)

(I)

Identify relevant triggers that may cause the risk to be realized.

A measure to express the strength of your belief that the threat will emerge

A measure to convey the overall detrimenta l impact on the project

Risk Response Strategy /

Weighed

Contingency Plan

Impact (P*I)

Specify risk response strategies:



Mitigation Strategy



Contingency Strategy

Document in your risk management plan, how often will the project sponsor be provided, an updated Risk Register for review.

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