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03 Jul Corrective Action and Monitoring of the risk management plan by evaluating the organizational and departmental tolerance for risk, identifying risk mitigati

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Complete Section 4 – Corrective Action and Monitoring of the risk management plan by evaluating the organizational and departmental tolerance for risk, identifying risk mitigation approaches, describing a strategy for corrective risk management, and assessing a corrective plan for your chosen case study or work project.

Consider why an organization would use corrective action and how the risk management process is monitored. Monitoring risks and preparing corrective action reports are beneficial in the risk management process.

Strategic planning approaches, including the SWOT (strengths, weaknesses, opportunities, and threats) approach, are used in evaluating a business and examining its strengths (opportunities) and weakness (threats). The SWOT approach can be a beneficial tool for corrective action and risk monitoring processes.

The information collected can identify areas of risk opportunities or threats so that corrective action and monitoring can be planned into the risk management process.

Preparation

Microsoft Project is the recommended software tool for this course due to its wide industry acceptance and its use in many project management professional roles. This is provided to you through MS Imagine.

Microsoft Software
  1. If you have a Capella MS Imagine account, go to Step 2. Otherwise, see the instructions for registering an account at MS Imagine: Registration.
  2. Log into the Capella Microsoft Imagine WebStore.
  3. Identify the version of MS Visio 2016 and Project Professional 2016 that is compatible with your operating system.
  4. Download and install.

If you encounter any difficulties in the download and installation process, post a detailed question in the Ask Your Faculty Discussion in the menu dropdown when you click the image of your faculty.

Introduction

This assessment includes developing corrective action and monitoring for a risk management plan. Review the Risk Management Plan Template before beginning this assessment. Note: Developing a risk management plan for a project requires specific steps in sequence. Complete the assessments in this course in the order in which they are presented.

Corrective action and monitoring determine the different types of corrective risk management and describe the processes and responsibilities.

Requirements

Microsoft Project is the recommended software tool for this assessment. 

Section 4 – Corrective Action and Monitoring

Analyze the information in the case study or your work project to complete this assessment:

  • Determine the type of corrective risk management processes you will use.
  • Describe the corrective action process and responsibilities, and determine the corrective action for risks.
  • Evaluate the organization and departmental tolerance for risk and make suggestions for mitigating and managing risks.

Use the Risk Management Plan template you have been working on to fill out Section 4 – Corrective Action and Monitoring. You must include the following sections. Refer to the template for directions on what to put in each.

  • 4.1 Risk Tolerance.
  • 4.2 Risk Mitigation.
  • 4.3 Corrective Risk Management Strategy.
  • 4.4 Corrective Action Plan.

Deliverable Format

  • References: Use scholarly or academic sources where applicable. There is no set number of references required for this assessment.
  • Format:
    • Use the Risk Management Plan Template you started in Assessment 1.
    • Insert appropriate supporting tables and other supporting information, if needed.
    • Do not submit multiple files, PDF files, or ZIP files.
    • Follow the Academic and Professional Document Guidelines [PDF]. Be sure to use single-spaced paragraphs. 
    • Use APA style and format for references and in-text citations.
  • Length: No specific length requirements. Include all pertinent information.

Evaluation

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:

  • Competency 1: Assess project risks, mitigate threats and capitalize on opportunities to ensure project success.
    • Assess corrective plan procedures in support of the project.
    • Determine the corrective action strategy for project risks.
  • Competency 3: Evaluate risk analysis techniques for application in a project.
    • Evaluate the organizational and departmental tolerance for risk.
    • Identify risk mitigation approaches.

Your course instructor will use the scoring guide to review your deliverable as if they were your immediate supervisor. Review the scoring guide prior to developing and submitting your assignment.

The following resources provide information about project risk management.

• Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.

• Alleman, G. B. (2014). Performance-based project management: Increasing the probability of project success. New York, NY: AMACOM Books.

• Chapman, R. J. (2014). The rules of project risk management: Implementation guidelines for major projects. Burlington, VT: Gower.

• Kerzner, H. R. (2017). Project management: A systems approach to planning, scheduling, and controlling (12th ed.). Hoboken, NJ: John Wiley & Sons.

• Okes, D. (2009). Root cause analysis: The core of problem solving and corrective action. Milwaukee, WI: ASQ Quality Press.

• Sterritt, J. W., & NyBlom, S. E. (2007). Corrective action plans. Professional Safety, 52(10), 34–41.

• Yeo, M. L., Rolland, E., Ulmer, J. R., & Patterson, R. A. (2014). Risk mitigation decisions for IT security. ACM Transactions on Management Information Systems (TMIS), 5(1), 1–21.

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The following resources provide information about corrective action and monitoring.

• Pritchard, C. L. (2015). Risk management: Concepts and guidance (5th ed.). Boca Raton, FL: CRC Press.

• Chapter 15, "Risk Breakdown Structure," pages 167–174.

• Chapter 33, "Performance Tracking and Technical Performance Measurement," pages 331–346.

• Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.

• Part 2: Section 4.8, "Implement Risk Responses," page 607.

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Project Name:

Learner Name:

Course Name:

Date:

Table of Contents

Section 1 – Introduction to the Plan 3

1.1 Benefits of Risk Management 3

1.2 Project Goals and Objectives 3

1.3 Company Background 3

1.4 Risk Identification 3

Section 2 – Risk Scope, Components, and Value 3

2.1 Scope of the Risk Management Plan 3

2.2 Risk Management Plan Components 3

2.3 Expected Monetary Value 3

2.4 Determine the Risks 4

2.5 Evaluate and Assess the Risks 4

2.6 Qualitative and Quantitative Processes 4

Section 3 – Risk Analysis and Assessment 4

3.1 Major and Minor Risks 4

3.2 Risk Probability 5

3.3 Risk Matrix Template 5

3.4 Risk Data Quality Strategy 5

3.5 Risk Reviews 5

Section 4 – Corrective Action and Monitoring 5

4.1 Risk Tolerance 5

4.2 Risk M itigation 6

4.3 Corrective Risk Management Strategy 6

4.4 Corrective Action Plan 6

Section 5 – Postmortem Plan 6

5.1 Results 6

5.2 Follow Up 6

Section 6 – References 7

6.1 References 7

Templates 8

Risk Matrix Legend Example 8

Risk Matrix Example 8

Risk Monit oring and Control Example 9

Section 1 – Introduction to the Plan

In the case study “An exploratory study of understanding project risk management from the perspective of national culture,” the significant risk identified is the culture risk. Culture risk is the possibility for a company's operations in a country to struggle due to variations in language, customs, conventions, and client preferences.

1.1 Benefits of Risk Management

A good project risk management plan allows project managers to look at the entirety of their project and what could go wrong. It helps them develop other strategies for various budgets and timing. The benefits include;

I. Risk culture reflects the shared values, goals, practices, and reinforcement mechanisms that incorporate risk into an organization's decision-making processes and risk management into its operating processes.

II. Identifying and Evaluating Problem Areas: – A thorough project risk management plan will provide you with a comprehensive view of your project and any possible problems. That way, you'll be able to focus your (and your stakeholders') attention on the project's weak points and conduct frequent status checks, peer reviews, and audits to keep the project on track.

III. Risk management plans give you an early warning of potential risks or issues, enabling the team to prepare and take the required steps to mitigate problems before they become severe and cause irreversible damage.

IV. Accurate Budget Estimations: – You can forecast potential problems if project risk management is mapped into your schedule and cost planning. It will assist you in allocating a contingency budget for each domain, such as cost, time, and resource, resulting in less waste and higher quality.

V. Focused Approach: – Because risks are being actively tracked and controlled, teams may concentrate more on their given tasks. Furthermore, the project team may quickly address problems, assuring project success.

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