Referencing Styles : Harvard Individual Assignment: Outlining the Strategic Risk Plan Given that risk registers are commonly used tools to manage and control risks, why do many projects fail? Perhaps it is because risk registers are not always integrated strategically into a risk plan. In addition to identifying risks, those who will be responsible for mitigating the risks, schedules and expected outcomes of mitigation develop effective risk plans which: Outline steps for implementing the option selected Identify how the success of risk response efforts will be analysed Are aware of triggers that may give rise to new risks and facilitate implementation of agreed- upon responses to the existing risks Assess the perceptions and interactions of stakeholders In this Individual Assignment, you will create an outline of a risk plan that includes strategies for monitoring and controlling risk and optimising opportunities strategically. To do so, you will need to research on your own to learn more about tools and strategies used in such plans. Variance and earned value techniques are powerful tools used to detect new risks, for example. Sanghera (2010) explains the various tools and techniques project managers can use to monitor and control risks. Project managers need to establish reminders for frequent reassessment of risks during the various stages of the project. Reference Sanghera, P., (2010) PMP in Depth: Project Management Professional Study Guide for the PMP Exam, 2nd edition, Boston: Course Technology/Cengage Learning To prepare for this Individual Assignment: Consider what you learned about risk registers in the Shared Activity "The Benefits and Limitations of Risk Registers". Review the Media. Consider the organisations mentioned. What specific proactive strategies did leaders in Microsoft and Samsung use to take advantage of opportunities? How might project managers build such strategies into a risk response plan? Consider the following question: What role should stakeholders play in the development of risk registers? Review de Bakker et al. (2011) and Gidelet al. (2005). Consider de Bakker et al.’s views on social actions and Gidel et al.’s views on the importance of a shared culture. How might project managers incorporate these concepts into a risk register? Review Zwikael and Ahn (2011). Consider how project managers may build contextual variables into a risk response plan so that they can be strategically monitored and controlled throughout a project’s life cycle. Review the risk register you researched and selected previously. Research risk plans on the Internet and in the online library. To complete this Individual Assignment: Prepare an outline of your strategic risk plan for your chosen project based on the findings from your selected risk register. As a conclusion to your outline, explain how this outline can inform your regular project reviews in order to build the project’s risk profile. In your explanation, explore the following questions: Where in the life cycle of projects should risks be identified? What processes should be used to ensure that risk registers and other elements of a risk response plan are updated to reflect an accurate risk profile throughout the entire project? What role should stakeholders play in the development of risk registers? Be sure to support your postings with evidence from the Readings and other current literature from the University of Roehampton Library and other sources. Consult the Harvard Referencing Style Guide for proper citation and referencing information. To complete your Individual Assignment, do the following: 1. Please answer the Individual Assignment in a single Word document.