Risk Management Plan

Risk Management Plan - PROJECT RISK MANAGEMENT PLAN...

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P ROJECT R ISK M ANAGEMENT P LAN T EMPLATE This Project Risk Management Template is free for you to copy and use on your project and within your organization. We hope that you find this template useful and welcome your comments. Public distribution of this document is only permitted from the Project Management Docs official website at: www. P roject M anagement D ocs.com R ISK M ANAGEMENT P LAN <P ROJECT N AME > C OMPANY N AME S TREET A DDRESS C ITY , S TATE Z IP C ODE D ATE
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Risk Management Plan Template www.ProjectManagementDocs.com T ABLE OF C ONTENTS 2
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Risk Management Plan Template www.ProjectManagementDocs.com I NTRODUCTION This section explains why risks exist and highlights the purpose and importance of the risk management plan. It provides a general description of why risk management is essential to effectively managing a project and describes what is needed before risk management can begin. As organizations begin new projects they begin operating in an area of uncertainty that comes along with developing new and unique products or services. By doing so, these organizations take chances which results in risk playing a significant part in any project. The purpose of the risk management plan is to establish the framework in which the project team will identify risks and develop strategies to mitigate or avoid those risks. However, before risks can be identified and managed, there are preliminary project elements which must be completed. These elements are outlined in the risk management approach. This project is considered a medium risk project as it has an overall risk score of 24 on a scale from 0 to 100. The project risk score is the average of the risk scores of the most significant risks to this project. A risk score below 16 is low risk project, a score between 16 and 45 is a medium risk project and a score above 45 is a high risk project. Before risk management begins it is imperative that a foundation is established for providing structured project information, thus, the following project elements were completed and defined prior to developing this Risk Management Plan: Define work scope, schedule, resources, and cost elements o Develop project WBS/WBS dictionary o Develop master schedule and detailed schedules o Estimate project cost and finalize budget o Identify required and available resources o Establish performance measurement metrics Define minimum and maximum baseline thresholds o Schedule o Resources o Cost Baseline reporting requirements o Format o Frequency of distribution o Distribution list Define Risk Management Roles and Responsibilities o Project Manager chairs the risk assessment meetings o Project team participates in risk assessment meetings and members serve as meeting recorder and timekeeper o Key stakeholders participate in risk assessment meetings 3
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Risk Management Plan Template www.ProjectManagementDocs.com o Project Sponsor may participate in risk assessment meetings T OP T HREE R ISKS It is important to explicitly state the top three risks to the project in the Risk Management Plan. This will make management aware of the top risks for the project and the nature of the risks.
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Risk Management Plan - PROJECT RISK MANAGEMENT PLAN...

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