Overview of Risk Management

DETAILS: This assignment is focused on a very important risk management tool – the risk audit. You will need to use your assigned readings/videos, the learning module, and additional research as sources of information. For this assignment, please respond to all questions listed below. Please attach your assignment as an 800-1000 MS Word file.

REQUIRED ACTIONS (Individual Assignment):

§Please respond to ALL of the questions below INDIVIDUALLY.

§Your response must be created in MS Word format. Use appropriate APA style/structure for this assignment including the use of headings, sections, references, and proper formatting for a paper of this type. Please consult Purdue’s Online Writing Lab (OWL) website or your APA guide to assist you in determining the proper format to use. See: OWL APA Style Guide for assistance.

§Incorporate critical thinking, problem-solving, independent reasoning and thought, and YOUR experiences/perspectives into your submission.

§Please use at least two references overall for this assignment to support your responses. These MUST be in addition to your required readings/viewings and the learning module resources. When citing resources, don’t forget to use in-text citations and reference citations at the end using proper APA style.

QUESTIONS TO ADDRESS FOR THIS ASSIGNMENT (Answer all INDIVIDUALLY): Remember that when you use any reference as a source for your posts, you must use the APA in-text citation format to credit the author and a reference citation at the end. 800-1000 words.

1.Define a “risk audit” and explain its purpose in a project and as part of the overall project risk management process.

2.How is a “risk audit” different from a “project audit?”

3.How do you conduct a risk audit and what steps or components are part of the process?

4.What are the outputs of a risk audit and how can these be used to manage risk?

5.Is a risk “review” and a risk “audit” the same thing? If so, please justify your response, and if not, please explain the difference in terms of purpose/use.

6.What are lessons learned? How are they important to risk management and how can they be used for future projects when planning for risk?

7.Give your overall impression on the value of risk management planning in the project environment. Is there anything you learned that is new, surprising, or provided a real discovery moment for you? Please describe.

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