Week 2 Risk Management

Risk involves uncertainty, the lack of knowledge of future events, and the measures of profitability and consequences of not achieving the project goal. Your organization has decided that to be successful in the global economy it must expand its supply base into China or another country approved by your instructor. This has become a strategic project for the organization.

Resource: Figure 11-4 in A Guide to the Project Management Body of Knowledge (PMBOK^® Guide)

Write a 700- to 1,050-word paper in which you address the following risk management items for this supplier global expansion project:

· Describe the objectives and goals, tools and techniques, and organizational roles and responsibilities for effective risk management for the project.

· Describe various information sources that may be used by the project team for risk identification

· Identify and describe the risk management documentation that will be required for the project. Examples include RMP and risk management log or register.

· Explain the role of risk management in the project planning process

Createa risk breakdown structure, which outlines the organization’s risk categories. See Figure 11-4 in the PMBOK^® Guide. Consider the following categories:

· Project risks

o Business

o Contract relationships with customers and suppliers

o Management

o Political

· Organizational risks

· Project management risks

o Cost estimates

o Schedule estimates

o Communication

· Technical risks

· Production risks

o Manufacturing concerns

o Logistics

· Support risks

o Maintainability

o Warranty

· External risks

o Procurement

· Material availability

· Lead times

· Quality

o Market

Formatyour paper consistent with APA guidelines.