W. Edwards Deming, a historical statistician well known for improving production methods at many mid-20th-century corporations, said the following: “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” Many endeavors are composed of smaller component steps, each of which must be understood and enacted in order to achieve a satisfactory result. Risk management plans, too, depend upon defined processes and steps in order to function effectively.
For this Assignment, you will look ahead to your Final Project and, using the following guidelines, evaluate the process you will use as you construct a risk management plan:
◦Using your Final Project idea as the context for this assignment, outline the components of a risk management plan.
◦Conduct research on the industry related to your Final Project to find different plans and design your outline.
◦Identify each component of the plan and how it relates to the success of the overall plan.
◦Assess the process you used to construct the outline for the risk management plan.