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Project risk management is an integral part of project management. An early step in managing risk begins by identifying potential risks and then reducing that list to those that could impact your project delivery date, cost, and even quality of the project deliverable/outcome. To mitigate the chances of missing the identification of any risks, an effective approach is to identify the main categories of your project in which risks are possible. This is done by creating and using a risk breakdown structure (RBS).
Consider your chosen Portfolio Project and develop an RBS (graphical or outline format) of the risks you feel are probable and which you feel could have a significant impact on your project.
Start your RBS at the highest level, which comprises these three categories; schedule, resources, and costs. You should then create at least two more levels of detail below this main level with the lowest level listing the actual risk.
Next, as part of your planning for a risk occurrence, calculate the contingency reserve required to offset the impact of all of the risks you identified in only one of the three categories. Do not calculate the contingency reserve for all categories.
Finish your write-up with a sufficient explanation of how this approach will or will not help with the planning of your Portfolio Project.
Requirements:
Your well-written paper should be two to four pages in length, not including the cover page, references page(s), and appendix. Appendices should be included at the end of the paper after the references page(s).
Cite a minimum of three Recent sources–two of which should be current academic, peer-reviewed scholarly sources–to support your responses, demonstrate thoughtful consideration of the ideas and concepts that are presented in the course, and provide new thoughts and insights relating directly to this topic.
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