ScenarioMany risks can impact your project daily. These risks are compliance risks, legal risks, strategic risks, reputational risks, and operational risks. As a project manager, you will need to understand the likelihood that the risks will happen and how significant that consequence can be for your organization. You will then need to implement risk mitigation techniques to prevent these risks from occurring on your project. As a project manager, you will create a risk mitigation plan and explain how risk affects project planning within the organization.
InstructionsComplete research on your selected company to create a risk mitigation plan that includes the following:
Identify and describe the five main types of risks that can impact the organization. Provide an example as to why each risk might occur.
Create a financial risk mitigation matrix for each type of risk.
Create a specific risk mitigation strategy using one of the four risk mitigation strategies: risk avoidance, risk reduction, risk transference, and risk acceptance.
Explain how risk impacts the project scope and planning. Explain in detail how risk identification and mitigation strategies will support the growth of the business.
You may use the Risk Management Matrix template to complete the assessment; however, it is not required and may not include all requirements included in these instructions.
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