Project Risk Management 2
Assignment for risk management with diagrams and useable
references
Risk Management
Contingency Planning
Fallback Plan
Contingency Reserve
Life Cycle Phase Risk Identification
Risk Register
Scenario Analysis and Risk Assessment
Table of Contents
Tables..........................................................................................................................................................2
..................................................................................................................................................................... 3
Question 1...................................................................................................................................................4
Introduction.............................................................................................................................................4
Conclusion...............................................................................................................................................9
Question 2 Many projects, apart from a risk management plan, also include contingency plans, fall-back
plans, and contingency reserves. Appraise the theory of contingency plans, fall-back plans, and
contingency reserves and apply them to the project. A discussion of relevant examples to the project for
each will enhance your response...............................................................................................................10
Introduction As a project manager you may often be required to accept a risk event, this is part of
doing risk management planning (PMI, 2009). A contingency plan will be put in place when the risk
materialises. A fallback plan is very similar to the contingency plan but is really what you would refer
to as PLAN B, this plan kicks in once the contingency plans has failed. A contingency reserve is an
amount of money set aside to cover unexpected events or risks that may arise during the execution of
a project or an initiative. The purpose of a contingency reserve is to provide a buffer or safety net to
address unforeseen circumstances that may impact the project's timeline, cost, or scope (PMI, 2009)
...............................................................................................................................................................10
Conclusion.............................................................................................................................................18
Question 3.................................................................................................................................................19
Introduction...........................................................................................................................................19
Conclusion:............................................................................................................................................20
504183 G CUPIDO Managing Project Risk Page 1 of 25
,Question 4.................................................................................................................................................20
Introduction...........................................................................................................................................20
Conclusion.............................................................................................................................................22
Question 5.................................................................................................................................................23
Introduction...........................................................................................................................................23
Conclusion.............................................................................................................................................24
References.................................................................................................................................................25
Question 1..........................................................................................................................2
Introduction.....................................................................................................................2
Conclusion......................................................................................................................7
Question 2..........................................................................................................................8
Introduction.....................................................................................................................8
Conclusion....................................................................................................................15
Question 3........................................................................................................................16
Introduction...................................................................................................................16
Conclusion:...................................................................................................................17
Question 4........................................................................................................................17
Introduction...................................................................................................................17
Conclusion....................................................................................................................18
Question 5........................................................................................................................20
Introduction...................................................................................................................20
Conclusion....................................................................................................................21
References.......................................................................................................................22
Tables
Table 1: Risk management principles..........................................................................................................9
Table 2: Contingency Plan..........................................................................................................................13
Table 3: Fallback Plan................................................................................................................................16
Table 4 : Contingency Reserve...................................................................................................................18
Table 5: Life Cycle Phase Risk Identification..............................................................................................20
Table 6 : Risk Register................................................................................................................................21
504183 G CUPIDO Managing Project Risk Page 2 of 25
, Table 7 : Scenario analysis & Risk Assessment...........................................................................................24
504183 G CUPIDO Managing Project Risk Page 3 of 25
Assignment for risk management with diagrams and useable
references
Risk Management
Contingency Planning
Fallback Plan
Contingency Reserve
Life Cycle Phase Risk Identification
Risk Register
Scenario Analysis and Risk Assessment
Table of Contents
Tables..........................................................................................................................................................2
..................................................................................................................................................................... 3
Question 1...................................................................................................................................................4
Introduction.............................................................................................................................................4
Conclusion...............................................................................................................................................9
Question 2 Many projects, apart from a risk management plan, also include contingency plans, fall-back
plans, and contingency reserves. Appraise the theory of contingency plans, fall-back plans, and
contingency reserves and apply them to the project. A discussion of relevant examples to the project for
each will enhance your response...............................................................................................................10
Introduction As a project manager you may often be required to accept a risk event, this is part of
doing risk management planning (PMI, 2009). A contingency plan will be put in place when the risk
materialises. A fallback plan is very similar to the contingency plan but is really what you would refer
to as PLAN B, this plan kicks in once the contingency plans has failed. A contingency reserve is an
amount of money set aside to cover unexpected events or risks that may arise during the execution of
a project or an initiative. The purpose of a contingency reserve is to provide a buffer or safety net to
address unforeseen circumstances that may impact the project's timeline, cost, or scope (PMI, 2009)
...............................................................................................................................................................10
Conclusion.............................................................................................................................................18
Question 3.................................................................................................................................................19
Introduction...........................................................................................................................................19
Conclusion:............................................................................................................................................20
504183 G CUPIDO Managing Project Risk Page 1 of 25
,Question 4.................................................................................................................................................20
Introduction...........................................................................................................................................20
Conclusion.............................................................................................................................................22
Question 5.................................................................................................................................................23
Introduction...........................................................................................................................................23
Conclusion.............................................................................................................................................24
References.................................................................................................................................................25
Question 1..........................................................................................................................2
Introduction.....................................................................................................................2
Conclusion......................................................................................................................7
Question 2..........................................................................................................................8
Introduction.....................................................................................................................8
Conclusion....................................................................................................................15
Question 3........................................................................................................................16
Introduction...................................................................................................................16
Conclusion:...................................................................................................................17
Question 4........................................................................................................................17
Introduction...................................................................................................................17
Conclusion....................................................................................................................18
Question 5........................................................................................................................20
Introduction...................................................................................................................20
Conclusion....................................................................................................................21
References.......................................................................................................................22
Tables
Table 1: Risk management principles..........................................................................................................9
Table 2: Contingency Plan..........................................................................................................................13
Table 3: Fallback Plan................................................................................................................................16
Table 4 : Contingency Reserve...................................................................................................................18
Table 5: Life Cycle Phase Risk Identification..............................................................................................20
Table 6 : Risk Register................................................................................................................................21
504183 G CUPIDO Managing Project Risk Page 2 of 25
, Table 7 : Scenario analysis & Risk Assessment...........................................................................................24
504183 G CUPIDO Managing Project Risk Page 3 of 25
