Project Management Plan Risk Management Essay example

1084 Words Nov 3rd, 2015 null Page
Plan risk management: This talks about how to approach risk management activities and plan for them in the project. The main output of plan risk management is risk management plan. Risk management plan documents the procedures for managing risks throughout the project. The project team usually reviews documents such as corporate risk management policies, risk categories, lessons-learned reports, and templates for creating risk management plan. Also, it is important to review risk tolerances of stakeholders. For example: A stakeholder who is a risk averse might have a different approach than the one who is a risk seeker.
The topics addressed in risk management plan includes:
Methodology: How will risk management be performed on this project? Roles, responsibilities- who are responsible for which task and providing deliverables.
Risk categories – Main category of risk that should be answered, also whether there is a risk breakdown structure, tolerances (Risk- averse, risk-neutral, and risk-seeking) and thresholds (maximum acceptable deviation an entity is willing to accept)
Risk probability and impact evaluation scales – How will the probability and the impact be assessed
Tracking and reporting requirements- how the risks are tracked down and reported.
The general risk categories are: 1. Business risk- This includes market and financial risk
Market risk answers the question such as whether the product created useful to the organization or marketable to others. Will users use…

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