Project Management: Budget and Risk Management: Finalize the overall project cost and clearly document project risks gathered throughout the project. As part of the risk management plan, you are expected to share a risk response plan.
The budget and risk management plan will include the following components:
- Overall project budget – The overall project budget should be (1) one chart. The overall project budget must be self-made and “very detailed.” Show where all money will go towards your project.
- Project requirements – List a minimum of (5) five project requirements in complete sentences. Project requirements are items that need to be completed in order for the project to be deemed successful.
- Cost management plan – The cost management plan should be (1) one chart. The cost management plan must be self-made. The cost management plan should include: the task, minutes/hours it takes to complete the task, the days it takes to complete the task, hourly rate it costs to complete the task, and the total cost to complete each task. Should have a minimum of (5) five tasks.
- Contingency Plan – Should be a minimum of (2) two paragraphs and be very detailed. The contingency plan is a written plan in case “your” project has to change in case of unforeseeable events occur. 1. Identify what would need to occur in order to start a contingency plan. 2. Identify “who” will be involved, what “they” need to do, and “how” the plan will be executed.
- Risk management matrix – The risk management matrix should be (1) one chart. The risk management matrix must be self-made and show the risk for your project. Should not be a copied and pasted matrix from textbook/article.
- Change management process – Should be a minimum of (2) two paragraphs and be very detailed. 1. If changes must occur “who” must assess the changes first? 2. “Who” are the people involved in the changes within the organization? 3. “Who” are the people responsible for monitoring the change process?
- Project RAID – Should be (1) one paragraph describing “each” of the categories that applies to your project. The (4) four categories: Risks, Assumptions, Issues, and Dependencies. Apply them to your project and list “who” is responsible for each category and “why.” “Do not” provide definitions for the categories.