Referencing Styles : Open Only part B is required which is to Identify 15 major risks for the project, linking each risk to the overall project objectives in Task 1. Prioritise them using a Probability Impact Risk Assessment matrix and develop comprehensive mitigation steps for each of the top five risks. You must individually then reflect on why identifying risk is important in the project management process. You should refer to theory on risk management. The Probability Impact Risk Assessment matrix will not count towards the word count, but the reflection on why risk is important MUST be no more than 1,000 words.Prepare a Project Definition (approximately 500 - 1000 words). This is the “who, why, and what” part of the project. It defines all major aspects of the project and forms the basis for its planning and management and also the assessment of overall success. It MUST include the following: Task 1 Description Project description It explains why the project is being undertaken. SMART objectives This is the most important part and majority of the document that translates the requirements communicated by the sponsor into specific objectives. Stakeholders Anybody who can contribute to the success of the project or influence the failure of the project. Major Milestones Key achievements that can be used to monitor progress throughout the project and celebrate successes. These must include dates. Critical success factors Measurements that will determine if key achievements (listed as the milestones) have been achieved. The most important will be used to assess if the project can be judged a success. Examples will be discussed in lecture. Task 2 - Produce a work breakdown structure. Aim at listing a minimum of 30 tasks (remember that tasks and category heading are different. A category heading, for example, is ‘Marketing’, whereas a task underneath this category heading may be to ‘Print the invitations’. There is no maximum number of tasks.) and illustrate the breakdown with a tree diagram. The breakdown should have a clear logical basis, although technical details may vary. Create your own category heading names as required and remember that there can never be only one right way for a project of this nature, as long as you justify your choice. Explain what basis you use to create the categories and tasks. You must make sure that the tasks are broken down in detail. For example, you would NOT have a task called ‘Invitations’, this should be broken down into the tasks to make sure the invitations have been sent out, for example, ‘Design Invitations’, ‘Create Invitations’, ‘Print Invitations’ and ‘Distribute Invitations’. Task 3 - Produce a work schedule using Microsoft Project 2010 that uses the activities created in Task 2. Create your own time estimates, resource (e.g. people, materials) requirements and costs as required and remember that there can never be only one right way for a project of this nature, as long as you justify your choices. Save this project as PMProjectTask3. Task 4 - You must create a group log to evidence group meetings and contribution to work. This does not contribute to the word count. This must include meeting logs of your progress, individual log (each member of the group must produce at least half a page detailing individual contribution) as well as a lessons learned summary (what you would do if you did the project again). This contributes to the mark. PART B - PROJECT MANAGEMENT INDIVIDUAL ASSIGNMENT (40%) Identify 15 major risks for the project, linking each risk to the overall project objectives in Task 1. Prioritise them using a Probability Impact Risk Assessment matrix and develop comprehensive mitigation steps for each of the top five risks. You must individually then reflect on why identifying risk is important in the project management process. You should refer to theory on risk management. The Probability Impact Risk Assessment matrix will not count towards the word count, but the reflection on why risk is important MUST be no more than 1,000 words.