Project Risk Management
money017
RiskManagementPlanTemplate.docx[Insert project title, for example “Cosmo Inc.”]: Risk Management Plan
[Insert learner name]
Capella University
Contents Introduction 3 Project Description 3 Guiding Risk Management Principles 3 Risk Management Process 3 Risk Identification 3 Risk Planning & Analysis 4 Risk Matrix Legend: 4 Risk Matrix Legend Example: 4 Project Risk Matrix Legend: 4 Risk Matrix: 4 Risk Monitoring and Control 5 References: 7
Introduction
[Provide the overall intent of the development of the Risk Management Plan]
Project Description
[Provide an overview of the project including organization, problem(s), objectives and resolution(s)]
Guiding Risk Management Principles
[Provide specific risk-related standards the plan will follow including people, technology and process related]
Risk Management Process
Risk Identification
[Based on an analysis of the project known and unknown risks, identify specific risks that may impact project outcome (costs, time, quality, performance) and document their characteristics]
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Risk Planning & Analysis
Risk Matrix Legend:
[You must define a risk matrix legend to quantify the probability and impact levels (i.e. H, M, L)
Risk Matrix Legend Example:
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Probability Level |
Criteria |
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Impact Level |
Criteria |
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Very High (VH) |
· 90% |
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Very High (VH) |
Catastrophic |
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High (H) |
< 89% x > 80% |
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High (H) |
Critical |
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Medium (M) |
< 79% x > 70% |
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Medium (M) |
Marginal |
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Low (L) |
< 69% |
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Low (L) |
No Impact |
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Project Risk Matrix Legend:
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Probability Level |
Criteria |
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Impact Level |
Criteria |
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Risk Matrix:
[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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Risk # |
Risk |
Probability |
Impact |
Response to Risk |
Action Plan |
Person Responsible |
Status |
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Risk Monitoring and Control
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Continue Review and Action Plan |
Owner |
Time Estimate |
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Monitoring Process [Define monitoring process of current and new risks] · · · · |
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Review [Define stages or timeframes for specific types of review] · · · ·
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Reporting [provide types of communication channels and deliverables] · · · ·
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References
