Use a Risk Management Plan to Proactively Manage Risks on Your Project

Sunday, July 2, 2017, AM | Leave Comment

Your Risk Management Plan describes how you will define and manage risk on the project.

This document does not actually describe the risks and the responses. This document defines the process and techniques you will use to define the risks and the responses.

The information in this plan includes:

risk-management-plan

  • Purpose

    Include a general description of the purpose of this plan to solicit buy-in and the acceptance of proper risk management. You may use this to highlight the importance of your project and describe how this plan will help its success.

  • Risk Identification

    This section should describe how the team will identify project risks. Often teams use status meetings to raise and discuss risks. More formal teams can use a Risk Form.

  • Risk Categorization

    You may choose to group risks into similar categories. Sample categories include: schedule, budget, scope, vendors, communications, and resources. If desired, list and describe the categories your team will use.

  • Risk Impact Assessment

    Your team must assess the impact a risk would have if it were to come true. Describe here how you will assess and measure the impact of each risk. The impact of risk is often measured in likelihood of occurrence and impact.

  • Risk Prioritization

    Based on the probability of a risk occurring and its impact on the project, your team should prioritize risks and deal with them appropriately. Use this section to describe your method for prioritizing risks; ensuring risks with a higher priority receive more attention and focus.

  • Risk Response

    Describe how your project team will plan a response for each risk.

  • Risk Tracking

    Describe how risks will be tracked for this project.

  • Risk Monitoring

    Explain how project risks will be monitored during a project.

  • Roles and Responsibilities

    Describe the main roles and responsibilities on the team for risk management.

  • Tools & Templates

    Describe any software tools and/or templates to be used when analyzing and tracking project risks.

Projects need solid processes to be successful. The processes are very difficult to apply without a corresponding set of templates.

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This column is © copyright to www.Method123.com and originally appeared in their weekly project management tip newsletter.

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