address risk tolerance and planning for risk. Project managers are responsible for collaborating with teams to create mitigation and contingency plans for certain risks in a project proposal. This assignment explores the differences between risks that can be mitigated and those that need to have a contingency plan. Risks are constant in any projects you will be on; understanding how to manage them will be a key factor to your success in the role of project manager.

In your Risk Management Plan (RMP), include the following:

Risk analysis: Develop and provide support for the acceptable level of risk that your project is willing to absorb.

Risk identification: Identify the project team members and stakeholders that are involved in the decision process and why each decision maker is critical to the process.

Probability of Risk: Review the RAID log created in Topic 4. Rank each risk in one of three rankings: high, medium, or low, for both impact to the project if the risk is realized and the probability of the risk being realized during the project. Using this information, create a probability matrix to depict the different levels of risk and fill it out during the final step of this assignment.

Risk response planning: Create a contingency or mitigation plan depending upon the risk levels identified. Any risks ranked as “medium” or “high” that lack a risk management plan will require justification as to why no plan is needed.