Frank is the project manager of the NHH Project.
He is working with the project team to create a plan to document the procedures to manage risks throughout the project.
This document will define how risks will be identified and quantified.
It will also define how contingency plans will be implemented by the project team.
What document is Frank and the NHH Project team creating in this scenario?
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A. B. C. D.C.
The document that Frank and the NHH Project team are creating in this scenario is the Risk Management Plan (option C).
A Risk Management Plan is a critical component of project planning and management. It outlines the process and methods that will be used to identify, assess, and manage risks throughout the project lifecycle.
The Risk Management Plan typically includes the following components:
Risk management process - This section defines the overall approach to risk management and the processes that will be used to identify, assess, and manage risks.
Risk identification - This section outlines the process and methods that will be used to identify risks. This may include brainstorming sessions, review of historical project data, and other techniques.
Risk assessment - This section defines the criteria that will be used to assess the likelihood and impact of identified risks. It may also include the development of a risk matrix or other tools to aid in risk assessment.
Risk response planning - This section outlines the strategies that will be used to address identified risks. This may include avoidance, mitigation, transfer, or acceptance.
Risk monitoring and control - This section defines the methods that will be used to monitor and control risks throughout the project lifecycle. It may include regular risk reviews, progress reporting, and other techniques.
Overall, the Risk Management Plan is an important tool for project managers to ensure that risks are proactively identified, assessed, and addressed to minimize their impact on the project's success.