Reference no: EM13382716

Outline of Risk management plan

Provide a brief description of the project

Describe what tools, techniques and processes you planned to use in the project

Describe the involvement of your project team members in establishing the risk management context and risk management planning

Risks as opportunities

Think of at least two risks that presented as an opportunity to enhance project objectives or negative risks that could be thought of in a positive manner. Describe the positive risks in the space.

Consequence and Likelihood

List the [project risks and assign a rating to each risk for both its consequence (impact) and likelihood (probability) of occurring using the rating scale used in Tables 3 and 4. Then provide a description of the risk's potential consequence and likelihood of occurring. Be sure to include some 'positive' risks as well which may present opportunities to enhance project objectives.

Risk	Consequence rating	Description of possible consequences

 

Risk	Likelihood rating	Explanation of likelihood rating

Combined consequence and likelihood ratings

Combine the consequence and likelihood ratings in Activity 7 and place the results in a matrix such as the one shown in Table 5. Write down the ratings (high, significant, medium, or low) for each risk in the table below.

Risk	Combined Rating Total

Quantitative risk analysis techniques

What quantitative risk analysis techniques are you familiar with that are used in your organisation? List them below and provide a brief description of why these tools are preferred by your organisation.

Reflection Prioritisation of risks

Having combined the consequence/likelihood ratings in the previous activity, assign the risk with the highest priority a score of "1", the next most significant one a rating of "2", and so on. Provide a rationale for why you prioritised the risks that way you did.

Risk	Combined Rating Total	Risk Priority	Rationale for Prioritisation

Risk response strategies

For the risks you identified, analysed and prioritised in the previous activities, for each identified risk apply at least one risk treatment strategy explaining and justifying your response. Use the table below to guide your thinking in this activity.

Risk	Option	Explanation of treatment	Rationale for treatment
	Avoidance
	Mitigation (consider both consequence and likelihood)
	Transference (In Full Or Part)
	Acceptance
	Exploit
	Share
	Enhance