The Project Risk Management Plan

The Project Risk Management Plan is an essential component of the master project plan. Write an Executive Summary (narrative) of not more than two (2) pages in length, regarding the importance of the process of the ‘probability/impact analyses’ of risk in a narrative form, discuss the following:

Main idea
Background
Current Facts
Impact
Action

In this assignment you will be articulate a critical understanding on the use of this tool (the ‘Probability and Impact Risk Matrix,’) to facilitate developing a ‘Project Risk Management Plan.’ Discuss the components as you understand them.

Each written assignment will be reviewed for accuracy, relevance, and its relationship to the lecture video, the discussion, the group exercise, assigned readings, and any of the associated resources on the course homepage.

An ‘exemplary’ score (9 to 10 of 10 points) will reflect a foundational understanding of the practice area and its integrated relationship to a project and its framework; it should have the focus of a manager. An ‘effective’ score (7 to 8 of 10 points) will reflect an understanding of the essential components of the ‘Risk Management Plan,’ and how it is compiled and used. An ‘ineffective’ score (0-6 points) will reflect a paper that is poorly organized and difficult to read; one that does not flow logically from one part to another. If the paper is late, does not follow the required format (please see below,) has spelling and/or grammatical errors, includes technical terms that are not defined (or poorly defined,) and/or has a lack of clarity and conciseness, then the paper will be subject to point reductions.