Evaluate changes to project risks during the execution phase jof the project life cycle

For this assignment, create a flowchart and draft a summary that discusses the degree to which the likelihood and impact of specific risks are anticipated to change during the execution phase of the project life cycle. Create a flow chart process that the Project Manager could put in place to ensure that the project team identifies, analyzes, and plans new risks throughout the execution phase. Possible tools for creating your flow chart include PowerPoint, Visio, Draw.io, Lucid Chart, etc.

Select five of the risks you identified in your Week 2 assignment. Use these risks to conceive and discuss a procedure for managing new risks throughout the execution phase while elaborating on those risks. You will create a summary and associated flow chart for managing this risk process.

Ensure that at least one of the risks you select is a positive risk (an opportunity). In each section, draft a summary that discusses the following for that specific risk:

• The degree to which you would anticipate the likelihood of that risk to change as the project moves through the execution phase,
• The degree to which you would anticipate the impact of that risk to change as the project moves through the execution phase,
• Whether there is something specific that could reasonably be expected to occur during the Execution phase that would eliminate that specific risk altogether (for example, the risk of not finding a contractor capable of completing the excavation for a buildings foundation is eliminated once the excavation has been completed), and
• Whether changes in Likelihood and Impact would warrant a change from the originally selected Risk Management Strategy (Accept, Mitigate, Avoid, Transfer, Exploit) to a different Risk Management Strategy. Why or why not?

Your flowchart should follow this outline:

• Introduction
• Risk 1
• Risk 2
• Risk 3
• Risk 4
• Risk 5
• Procedure for Managing New Risks during Execution
• Conclusion

Length: 2-3 pages, not including the reference page. Your references can be included within the flowchart or submitted in a separate Word document.

Resources: Support your flowchart with a minimum of three (3) external resources. You are encouraged to include graphics, charts, and any other supportive visual aids.

PMBOK Guide is a registered mark of the Project Management Institute, Inc.

The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards, and adhere to Northcentral University’s Academic Integrity Policy