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Risk management strategy

The reading for this week covers several crucial elements of a risk management strategy, such as risk assessment, identification, monitoring, control, and response planning

This assignment is designed to help you improve your communication, critical thinking, and research skills. Your deliverable should answer the following questions:

· What did you learn this week?

· Was the material valuable and/or applicable? Please elaborate.

· If yes, how are you planning to use this material in the future?

· If no, what changes would you recommend?

Your assignment should contain at least 200 words.

Risk Strategy and Planning

Risk Strategy and Planning

Every project, regardless of their size, have some types of risk attached to them. Therefore, the project manager must develop a plan to address these types of issues well in advance. The first step in addressing risk on projects is to understand that risk events will likely happen to some degree on every project, and a plan for dealing with risk should be developed.

During this unit, you will gain a deeper understanding of how to develop a comprehensive risk management plan by identifying risk, defining risk tolerance, analyzing risks, creating change management process, and communicating risk events with project stakeholders.


· Define procurement within the context of a project.

· Identify and discuss various components of risk management plan.

· Explain the difference between mitigation and elimination of risk.


· Review the Course Information page.

· Download/save the course syllabus.

· Introduce yourself in the Introduction discussion forum.

· Read, view, and engage with Readings and Resources.

· Actively participate in Unit Discussions.

· Complete and submit Unit 1 assignment.

· Post to your Weekly Journal.

Readings and Resources

Textbook or eBook:

Wilson, R. (2015). Mastering risk and procurement in project management. Upper Saddle River, NJ: Pearson FT Press.

· Chapter 1: Risk Strategy and Planning

Articles, Websites, and Videos:

This video outlines the importance of risk management in general by asking six simple questions. Answering these questions can help anyone create a robust risk management plan.

A person in a suit and tie Description automatically generatedWatch Video

Risk management basics: What exactly is it?

User: RiskDoctorVideo – Added: 1/24/12

This video defines risk and how it differs from project issues that may come up during project execution. Referring to PMBOK Guide, the narrator also includes a variety of inputs that can help project manager identify various project risks

A screenshot of a computer Description automatically generatedWatch Video

What Is Project Risk?

User: Project Management Videos – Added: 11/24/14

The Project Management Body of Knowledge (PMBOK) Guide, created by Project Management Institute (PMI), consists of widely accepted standards, frameworks, techniques, processes, and terminology for project management profession.

· Project Management Institute (2017). Guide to project management body of knowledge (PMBOK Guide)- Sixth edition + Agile practice guide. Newtown Square, PA: Project Management Institute.

· Part 3: Appendices, Glossary and Index: Glossary.

Project Management Foundations: Risk
If not managed properly, risk reduces your ability to achieve your project’s goals. It may even derail your project altogether. In this course, author and PMP Bob McGannon shows you how to anticipate, assess, and manage risk—one of the 10 foundational knowledge areas of the Project Management Body of Knowledge. Discover how to create a risk management plan, identify and categorize risks, perform qualitative and quantitative risk analysis, build a response plan, and monitor and control risks as they occur, all while keeping your project on budget and on track. Note: This course follows the latest guidance from Project Management Institute, Inc., as outlined the PMBOK® 6 Guide.

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