Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. Discussion Question. Discuss the components of t

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. 

Discussion Question. 

Discuss the components of the project plan according to the Chapter 3 Videos in Project Management Foundations by Bonnie Biafore (Lynda.com/Linked In Learning). When it comes to the risk management plan, what are some steps that must be taken in putting this part of the plan together?

Below is  my classmate's response to the discussion question for this week and I need a minimum of 175 words for his post.

I NEED A RESPONSE TO THE FOLLOWING PARAGRAPHS IN YOUR WORDS

There are many components to the project plan. Work Breakdown Structure help to determine the high-level summary tasks required to complete the project and all the individual work packages that will be necessary to complete those summary tasks. Estimates help understand the requirements to fulfill the project scope in labor and materials. Resource Management Plans decipher Roles, Responsibilities, Reporting Structure, Skills, and Staffing requirements. The Project Schedule lays out the sequence of events necessary to complete the project, who will complete those tasks, and how long they are expected to take. Project Budgets provide a realistic understanding of what it will take to perform the work. Knowing risks and formulating a Risk Management Plan help to prepare for the known and unknown risks that could occur. Communication plans help determine what will be communicated to who, in what media, and at what frequency. Quality Management Plans work to ensure that Standards are met with Assurance that processes are in place and Quality Control is operational. Change Management Plans ensure that the inevitable changes are dealt with appropriately. Propper procurement plans lead to the correct procurement of resources needed to complete the project and ensure that the process follows the standard solicitation, evaluation, selection, contracting, and management steps to award contracts. Finally Obtaining Approval in person and with commitment from the stakeholders ensures that in the long term those stakeholders will have a vested interest in the project.  

The Risk Management Plan requires that each identified risk be awarded a probability and impact score of one to five. Calculated risk scores are multiplied and ranked based on a need to act on them. A risk score of 9 or less is something to be aware of while 9 or more requires planning. The higher the score the more it needs to be planned for to mitigate this risk. The possible methods of dealing with these risks include Acceptance, Avoidance, Mitigation, and Transfer of the risk. The most likely method of avoiding risk with a score of 9 or greater would be to avoid the risk where possible by changing the scope, where this is not possible risk mitigation should be put in play to help reduce the impact of the risk becomes an actuality and in cases of extreme risk, a transfer of risk should be considered.