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Can you help me understand this Business question?USE DOCUMENT ATTACHED TO COMPLETE THE WORKComplete the first part of Section 2 – Risk Scope, Components, and Value, of the risk management plan by determining the scope of the risk plan, the risk management plan components, and the responsibilities for the development of the plan for your chosen case study or work project. Analyze the dollar cost of potential risk if there is no risk management planSection 2 – Risk Scope, Components, and ValueUse the Risk Management Plan template you started in Assessment 1 to record your analysis for Section 2 – Risk Scope, Components, and Value. You must include the following sections. Refer to the template for directions on what to put in each. Please note that you will be asked to fill out the rest of Section 2 in the next assessment.2.1 Scope of the Risk Management Plan.
2.2 Risk Management Plan Components.
2.3 Expected Monetary Value.
Deliverable FormatReferences: Use scholarly or academic sources where applicable. There is no set number of references required for this assessment.
EvaluationBy successfully completing this assignment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:Competency 1: Assess project risks to mitigate threats and capitalize on opportunities to ensure project success.Define the boundaries of the risk management plan scope. Defines the boundaries of the risk management plan scope, with details about the benefits of a best practice appropriate for a given context based on corroborative evidence from the literature.
Explain the components and corresponding responsibilities that comprise the Risk Management Plan. Explains the components and the corresponding responsibilities that comprise the Risk Management Plan, with details specific to a given context and a best practice supported by corroborative evidence from the literature.
Describe the processes included in a risk management plan. Describes the processes included in a risk management plan that is comprehensive and details key processes and process steps as appropriate for a given context.
Competency 2: Evaluate risk impact analysis methods for application in a projectApply an expected monetary value analysis to explain the cost of a project without a risk management plan. Applies expected monetary value analysis to explain the cost of a project without a risk management plan, and the tangible and intangible costs to the organization.
Competency 4: Communicate in a manner that is professional and consistent with expectations for members of the project management profession..Articulate the benefits of a risk management plan. Articulates the benefits of a risk management plan and provides specific examples of how the benefits apply to the organization.
Requirements: appropriate for the attached document section 2

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