Reference no: EM132474945
Assignment Project - Risk Management Plan
I. RISK MANAGEMENT OBJECTIVES
The objectives of the risk management plan are:
To focus attention on minimizing threats to achievement of the project objectives.
To provide an approach for:
- Identifying and assessing risks.
- Determining cost-effective risk reduction actions.
- Monitoring and reporting progress in reducing risk.
The overall goal of this process is to progressively reduce the project's exposure to events that threaten the accomplishment of its objectives by:
- Incorporating approaches into the project plans that minimize or avoid identified risks,
- Developing proactive, contingent risk response actions, and
- Rapidly implementing risk responses based on timely identification of risk occurrence.
II. RISK MANAGEMENT RESPONSIBILITIES
The project manager will conduct risk management activities to address those risks that are pertinent to the project. The project manager will employ the assistance of members of the project team, project advisors and business lead as appropriate.
Overview of Project Risk Management Activities
Project
- Develop and maintain Project Risk List, Mitigation/Contingency Plan
- Assess and analyze risks
- Incorporate risk responses into the project plans (schedule, budget, tradeoff analysis)
- Monitor and identify risk occurrence
- Implement risk response contingency plans based on risk occurrence
- Document and report risks via a project risk watch list.
III. RISK MANAGEMENT PROCESS
The general risk management process to be followed by the project is as follows:
RISK IDENTIFICATION/DESCRIPTION -
Review planning documents:
- Deliverables and work processes
- Milestones and schedule dates
- Resource estimates/needs/sources
- Performance requirements
Talk with appropriate stakeholders and other experts to develop a comprehensive list of risks.
Investigate the various sources and symptoms of risks to aid in subsequent determination of risk controllability and selection of appropriate risk response actions.
RISK Analysis -
Quantify rough likelihood of occurrence and severity of impact, Impact Horizon and Controllability
RISK PRIORITY -
Prioritize the risks. On the basis of your rough assessments, assign a prioritization number for the potential risk event.
RISK HANDLING STRATEGIES -
Your risk evaluation steps and the subsequent risk prioritization are crucial to developing risk response strategies. The choices are eliminate the cause, reduce the likelihood of occurrence, reduce the impact and accept the risk event. The project manager may choose one or a combination.
RISK RESPONSE AREAS -
Essentially, all risk response strategies have an impact on the time, cost, quality, and external considerations such as the impact on other projects and the company as a whole. (Refer to the Strategic Risk Opportunity and Assessment Model to help evaluate external considerations). Mark this column a t, c, q or e.
RISK RESPONSE STRATEGY IMPLEMEMENTATION Resources Needed -
To implement the selected strategy (ies) for each potential risk event, resources are needed. Cost estimates and schedule estimates for the implementation must be updated and the differences between the baseline and the additional resources must be accounted for.
ASSIGNMENTS -
Make specific assignments to individuals. Put their names in this column.
MONITOR RISK STATUS -
As work is performed, monitor and assess:
Progress in reducing risk ,
Occurrence of risks that call for initiation of contingent risk responses,
Effectiveness of implemented risk reduction actions and any needs to modify these actions.
MAINTAIN THE RISK WATCH LISK -
Update the Risk Watch List to reflect the results of monitoring risk status. Also reflect the effect of any project re-planning changes and/or change controls.
REPORT THE RISK WATCH LIST PROGRESS -
The Risk Watch List is should be discussed at project team meetings and specific risks should be elevated to the business lead and project sponsors as appropriate.
Attachment:- Project - Risk Management Plan.rar