Introduction to the Plan

Explain the benefits of risk management in support of the project.

Define the plan's goals and objectives as they relate to the evaluation of risk for a project.

Evaluate the company background and identify the stakeholders, their role in the enterprise, and their impact on the plan.)

Describe qualitative and quantitative risk analysis processes to determine priority and impact of project risks strategies for identifying and evaluating project risk.

Identify strategies appropriate for the project situation and the parameters for analysis.

Define the boundaries of the risk management plan scope.

Explain the components and the corresponding responsibilities that comprise the Risk Management Plan.

Describe the processes included in a risk management plan.

Apply an expected monetary value analysis to estimate the cost of a project without a risk plan.

Articulate the benefits of a risk management plan.

Identify sources of risk and the corresponding potential impact on project outcomes.

Include evidence of at least one of these processes:

Brainstorming.

The Delphi technique.

Ishikawa diagrams.

Interviewing processes.

Define the elements of the risk breakdown structure for use in evaluating project risk.

Analyze the impact of risk on project outcomes.

Integrate risk analysis techniques to create a risk breakdown structure.

Apply qualitative and quantitative risk analysis.

Include evidence of at least one of these processes:

Sensitivity analysis.

Expected monetary analysis.

Monte Carlo simulation.

Decision tree analysis.)

Analyze project risk to identify major and minor risks associated with the project.

How were the risks determined?

Were qualitative or quantitative methods used?

Was the most effective method applied to determine risk?)

(Integrate qualitative and quantitative risk analysis techniques to identify methods for evaluating the probability of a risk event.

How confident are you in the accuracy of the probabilities used?

What can you do to improve the accuracy of the probability?

Insert your completed Risk Matrix Template. See the end of this document for examples.

Define the process and tools to be used to determine the quality of data for use in assessing project risk.

How reliable is the data?

What is the evidence of reliability?)

Define the process to be followed for risk reviews to be conducted throughout the project life cycle. Insert your completed Risk Monitoring and Control Template. See the end of this document for an example.

What is being done to proactively reduce risk in the future?

What is being done to communicate risks?

Evaluate the organizational and departmental tolerance for risk.

Discuss the different risk tolerances within the organization.)

Identify risk mitigation approaches in support of the project.

How will you implement the mitigation approaches?

Have you identified specific triggers to initiate mitigation?

Describe your strategy for corrective risk management.

Explain whether you will use auditing, strategic planning, or another type.

Describe the corrective action process and responsibilities.

Will you be performing a risk postmortem? If not, why not?)

Assess corrective plan procedures in support of the project.

Is your documentation available to others?

Is it reviewed by the team or others?

Identify and describe how results data will be collected and reviewed to determine corrective actions.

Did your postmortem results lead to any concrete changes? Explain.

Evaluate the organization's view of risk management and approach, resulting from project outcomes.

Did this project change the organization's approach and management of risk?

Describe the impact of postmortem results on the organization.

Recommend corrective plan procedures to effectively manage risk.

What recommendations would you make for future risk management projects?

What resources did you use to support your assertions?

Include a minimum of two references in APA style.

You may delete this section once you have copied the tables as directed above.

If you wish, you may color code risk in addition to using the indicators of high, very high, and so forth. A usual color scheme is green, yellow, orange, red.

The risk matrix is a graphical representation of the identified risks and their evaluation in terms of probability (likelihood) of occurrence and impact on project success factors (costs, time, quality) if they should occur.

The definitions of risk probability and impact levels are specific to the selected project and reflect risk appetite and thresholds.

Risk #: Numerical number of risk.

Risk: Provide a description of the risk (i.e. Weather impacts – storm season).

Probability: Defines the likelihood that risk will occur (i.e. H, M, L).

Impact: Defines the level of impact to project success factors (time, costs, quality) (i.e., H, M, L).

Response to Risk: Avoid, mitigate, transfer and accept.

Action Plan: A detailed explanation of the steps for risk mitigation(s).

Person Responsible: Who will manage the mitigation strategy?

Status: Status of mitigation process.

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