Capella University PM-FPX5334-ASST5_Corrective_Action_and_Monitoring.

Risk Management Plan Project Name: Lithuanian Construction Project Learner Name: Gaylon Barcom Course Name: PM-FPX5334 Date: November 18, 2019 Table of Contents Section 1 – Introduction to the Plan______________________________________________________________________________3 1.1 Benefits of Risk Management________________________________________________________________________________________3 1.2 Project Goals and Objectives_________________________________________________________________________________________4 1.3 Company Background______________________________________________________________________________________________4 1.4 Risk Identification_________________________________________________________________________________________________5 Section 2 – Risk Scope, Components, and Value_____________________________________________________________________5 2.1 Scope of the Risk Management Plan__________________________________________________________________________________5 2.2 Risk Management Plan Components__________________________________________________________________________________8 2.3 Expected Monetary Value___________________________________________________________________________________________9 2.4 Determine the Risks_______________________________________________________________________________________________11 2.5 Evaluate and Assess the Risks_______________________________________________________________________________________12 2.6 Qualitative and Quantitative Processes_______________________________________________________________________________13 Section 3 – Risk Analysis and Assessment________________________________________________________________________16 3.1 Major and Minor Risks____________________________________________________________________________________________16 3.2 Risk Probability__________________________________________________________________________________________________18 3.3 Risk Matrix Template______________________________________________________________________________________________21 13.4 Risk Data Quality Strategy__________________________________________________________________________________________22 3.5 Risk Reviews_____________________________________________________________________________________________________22 Section 4 – Corrective Action and Monitoring_____________________________________________________________________24 4.1 Risk Tolerance___________________________________________________________________________________________________24 4.2 Risk Mitigation___________________________________________________________________________________________________25 4.3 Corrective Risk Management Strategy________________________________________________________________________________27 4.4 Corrective Action Plan_____________________________________________________________________________________________28 Section 5 – Postmortem Plan___________________________________________________________________________________30 5.1 Results_________________________________________________________________________________________________________30 5.2 Follow Up_______________________________________________________________________________________________________30 Section 6 – References________________________________________________________________________________________31 Pritchard, C. L., PMP, PMI-RMP, EVP. Risk Management. [Capella]. Retrieved from