This Is The Separate Assignments Please Do Not Combine Them This week you will be essentially doing two related assignment in one MS Word document. The first part is a status report. The second part is an academic paper. Part 1 is to prepare a simple status report for senior management by creating a table within a MS Word document. For each of the five risks, include in the table the following: determine if each risk should be classified as low, medium, or high based on its impact to the project; differentiate the risk classifications in the table using red, yellow, and green shading — red for high, yellow for medium, and green for low to produce a status report that immediately signals the severity of the impact without reading the details; describe one plausible risk response for each of the risks; and identify a team member responsible for monitoring each risk. Part 2 is an academic paper that reviews the risks and explains the options a project manager has to lessen the effects of risk. These options include acceptance, avoidance, control (mitigation), and transfer. The paper must be 900 to 1200 words in length, double-spaced (excluding title and references pages), and formatted according to APA style as outlined in the Ashford Writing Center. It must include a title page with the following: title of the paper, student’s name, course name and number, instructor’s name, and date submitted. The paper must use at least two scholarly sources from the Ashford Online Library in addition to the course text, and all sources must be documented in APA style. A separate references page formatted in APA style is also required.
Paper For Above instruction Introduction Risk management is an integral component of project management, requiring proactive planning and strategic responses to uncertainties that could impact project success. Effective communication of risks through status reports and an understanding of risk mitigation strategies are essential for project managers to steer projects towards successful completion. This paper discusses the process of risk classification in project status reporting and explores various options available to project managers to address risks, including acceptance, avoidance, mitigation, and transfer. Part 1: Risk Status Report In managing projects, identifying and classifying risks is vital for effective monitoring and response planning. A typical risk status report uses visual cues such as color coding to quickly communicate the