Methodology essay paper
Methodology
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Project Risk Management Plan
for
[Project]:
[Project Manager]: Methodology
Date:
Methodology
Other Roles and Responsibilities 3
Timing 4
Risk Register Scoring and Interpretation 4
Tracking 5
Methodology
Risk Strategy
Methodology
- Plan Risk Management
- Identify Risks
- Perform Qualitative Risk Analysis
- Perform Quantitative Risk Analysis
- Plan Risk Responses
- Implement Risk Responses
- Monitor Risks
Roles and Responsibilities
Funding
Timing
Risk Categories
Methodology
[How to Use this template – This template includes all the required sections for the project risk management plan with sample wording. The project manager will complete this plan and then delete any text shown in [ ]s.]
Introduction – Project Risk Process
The [project name] Risk Management process includes a process for managing uncertain events that could have a negative effect on the project’s objectives, if they occur. The first step in risk management source of risk identification will be from our project kickoff pre-work and meeting. Attendees of the project kickoff will review this risk management plan prior to the project kickoff and email a list of potential risks to the project manager. The project manager will create a risk register for review and risk dispositioning at the project kick off. The risk register will follow the template provided on the Project Management Knowledge Base. The project manager owns the monitoring, mitigation, and contingency planning of these risks.
Another source for risk identification will be the interviews performed by the project manager at the beginning of the project and during the life of the project. The project manager will interview project team members from different functional areas and document the resulting risks. The project manager will review those risks with the project team. The project manager owns the assessment, mitigation, and contingency planning of these risks.
Finally, the project manager will review the risks on a weekly basis to ensure mitigation is occurring and is effective. The project manager will also review the risks with the project team members at the project status meetings, as needed. The project manager will make necessary changes to the risk register at the project status meetings, including changes to impact and likelihood, mitigation strategy, contingency plans, and close risks as required.
Once the project is completed, the project manager will close all risks and the risk register. The risk register and plan will then be archived with the project documents.
Introduction
Risk Strategy
Methodology
- Plan Risk Management
- Identify Risks
- Perform Qualitative Risk Analysis
- Perform Quantitative Risk Analysis
- Plan Risk Responses
- Implement Risk Responses
- Monitor Risks Methodology
Roles and Responsibilities
Funding
Timing
Risk Categories
The Risk Register
Reporting Formats
Tracking
Roles and Responsibilities
The project manager will request input from functional area managers on project risks. The functional area managers or leads are responsible for defining, evaluating, and mitigating the risks in his or her area and reporting status to the project manager. All project team members are responsible for identifying and escalating all area-specific risks to their team lead.
Funding
This project will require funding for risk management for:
- Travel to XXX to perform risk interviews and mitigation,
- Reason 2,
- Reason 3
The expected cost is $nnnn.nn.
[If there is no specific funding required for risk management, delete this section.]
Timing
The project manager will write the risk management plan prior to the project kick-off.
The project manager and project team will complete the risk register at the project kick-off.
New risks will be added to the risk register within one business day of be identified and assessed during the next project team meeting.
The project manager will lead a discussion on project risks at each project team meetings where the project team will discuss mitigation and contingency plans and make adjustments to the risk register as needed.
Risk Categories
The Risk Register – Scoring and Interpretation
Risks will be scored on a scale of 1-5 in two areas, impact and likelihood. The impact score reflects the impact to the project schedule, cost, scope, quality, or user acceptance if the risk realized. Likelihood reflects the probability that the risk will be realized. This project will use the following tolerances for rating impact and likelihood of risks. [The tolerances below are suggestions. PM can adjust the numbers below according to stakeholder risk tolerances.]
Impact
4-5 (High)
Schedule slip > 20%
Budget overrun by > 10%
Resource shortage >10%
User acceptance unlikely
Quality guidelines will not be met > 90%
3 (Moderate)
Schedule slip > 10%
Budget overrun by > 5%
Resource shortage >5%
User acceptance questionable
Quality guidelines will not be met > 50%
1-2 (Low)
Schedule slip < 5%
Budget overrun by < 5%
Resource shortage < 5%
User acceptance is likely with some negotiating
Quality guidelines will be met > 90%
Likelihood
4-5 (High)
Risk mitigation is weak; there is minimal to no effective contingency plan. Realization of this risk is inevitable.
3-4 (Moderate)
Risk mitigation does not cover all areas of the risk; the contingency plan is inadequate. Realization of the risk is likely.
1-2 (Low)
The mitigation plan is strong, the contingency plan is effective. Realization of the risk is unlikely but still possible.
Reporting Formats
The project manager will create the risk register and ensure that the register is available on the project team site found in the Project Management Knowledge Base. The project manager will include the status of the medium and high risks on the project status report. During the initiation phase of the project, the project sponsor or project manager will include risk items of yellow or red status in the project mandate when the project sponsor or manager request execution phase approval.
Tracking
The risk register will be kept on the Project Management Knowledge Base in the project site and kept up to date by the project manager. All team members and sponsor(s) will have access to the register. All stakeholders with comments and concerns should forward them to the team leads and the project manager.
