Risk and Project Planning

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Write a 1,050- to 1,750-word paper on the scenario below and fill in the risk event chart.

Define the risk management process.

Explain the role of risk management in the project planning process.

Describe at least two risks and their sources for the selected scenario.

Outline how risk management may mitigate the risks for each risk listed.

Explain how you would document the risk.

Format your paper consistent with APA guidelines. Cite your sources.

Scenario: A construction company has been awarded the contract to build a pipeline in Alaska. The project timeline is of the highest priority because work can only be completed during summer months due to adverse weather conditions. One of the suppliers of a key component has longer lead time than is required to complete the pipeline, but may be able to deliver if the construction company will pay fees to expedite. There are other suppliers, but these suppliers are not on the construction company’s approved suppler list and it would take time to get them approved. There is a huge penalty in the contract if the project is not completed on time.

Risk event

Probability of risk event

(1=high; 3=medium; 5=low)

Impact of risk event

(1=high; 3=medium; 5=low)

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