Using the PMBOK Guide and a provided template, develop a risk management plan for a given scenario or a real-world project of your choice.IntroductionThis portfolio work project, a project risk management plan, is based on your selected business or IT project. You may base your assessment on Cosmo, Inc., a developer and distributor of wearable technology.Project risk management is the “processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project” (Project Management Institute, 2017, p. 569).Risk management plays a critical role in projects. How the risks of a project are identified and managed can affect whether the project is completed on time and within budget and whether it is a success. According to Cooper, Grey, Raymond, and Walker (2014), “risk management assists project managers in setting priorities, allocating resources and implementing actions and processes that reduce the risk of the project not achieving its objectives” (p. xviii).ReferenceCooper, D., Grey, S., Raymond, G., & Walker, P. (2014). Project risk management guidelines: Managing risk in large projects and complex procurements (2nd ed.). Hoboken, NJ: John Wiley & Sons.Project Management Institute. Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition and Agile Practice Guide. Newtown Square. PA. 2017.ScenarioFor this assessment:Based on the analysis completed by a task force at Cosmo, Inc., the marketing department must develop, implement, and test a new marketing campaign focused on maintaining current customer levels and increasing their customer base through the utilization of new technology. Refer to the Cosmo, Inc. Case Study [DOC] document for more information. Your Roleyou are the project manager.
