Lesson Conclusion

Instructional Design: Homepage > Identifying WBT Risks > Risky Business > Step 1: Identify > Your Turn - Risk Identification > Step 2: Prioritize > Your Turn - Risk Prioritization > Step 3: Mitigate > Your Turn - Risk Mitigation > The Risk Plan > Lesson Conclusion

Congratulations

Congratulations! You have completed this lesson. In this lesson, you learned and practiced applying the three steps for risk planning. You should now be able to create a risk plan for your next WBT project and increase the likelihood of delivering the final product on time, on budget, and within scope.

Summary

• The three steps in the risk planning process are: identify potential projects risks, prioritize project risks, and mitigate project risks.
• The output of the risk planning process is the risk plan.
• The development team and other key stakeholders identify all potential projects risks via a brainstorming session.
• Project risks should be specific and focused on events that could prevent the development team from accomplishing a project objective.
• The development team ranks each project risk based on the probability of it occurring and its potential impact on the project.
• Once probability and impact rankings are assigned, calculate the priority of each risk by multiplying its probability by its impact.
• To mitigate a risk, the development team may decide to alter the project plan, add additional tasks, or plan for risks.

References

Gray, C.F. & Larson, E.W. (2008). Project Management: The Managerial Process (4th ed.). New York: McGraw-Hill Irwin.

Shackelford, B. (2002). Project Managing E-Learning. Virginia: American Society for Training & Development (ASTD) Press.

Stellman, A. & Greene, J. (2006). Applied Software Project Management. California: O'Reilly Media, Inc.

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