Project risks are evident in every project. A project manager is tasked with identifying risks along with determine mitigation strategies to reduce the likelihood of the risk to occur (or if the risk is a positive one, increase the likelihood for it to occur). This assignment will build off some of the risks you identified in your initial project plan from Unit 1 as well as work to estimate the cost for the project.
Complete the following and submit as a Microsoft Excel Document:
- Risk Analysis.
- Create a sample risk analysis (like the one offered on Page 253) containing at least six risks (build off the ones you identified in the Unit 1 Project Plan as well as offered in the Unit 3 discussion).
- Compute at least one quantitative risk.
- How might you mitigate each of these six risks?
- Cost Estimate.
- Create a cost table noting the wage rate of the personnel and how many weeks the person is needed. Use the personnel you chose in Unit 2. You should use an overhead rate of 40%.
- This should look like the example provided in Table 8.1 on Page 261.
- Time-Phased Budget.
- Create a time-phased budget based on your Work Breakdown Schedule (WBS) from Unit 2 (this should be at least three months).
- This should look like the example provided in Table 8.8 on Page 278.
- Note if your project is 100% labor costs, then the total budget from problem #2 and this problem #3 should equal.