A Guide to Project Management

Budget reports lessons learned etc 3 lessons learned

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Unformatted text preview: are, PA 19073-3299 USA NAVIGATION LINKS ACROYMNS LIST ACRONYMS LIST 129 ACROYMNS LIST Chapter 11--Project Risk Management 11.1.2 | 11.2.1.3 11.1.2 Tools and Techniques for Risk Management Planning .1 Planning meetings. Project teams hold planning meetings to develop the risk management plan. Attendees include the project manager, the project team leaders, anyone in the organization with responsibility to manage the risk planning and execution activities, key stakeholders, and others, as needed. They use the risk management templates and other inputs as appropriate. ment ment geE L geE PL P 11.1.3 Outputs from Risk Management Planning .1 Risk management plan. The risk management plan describes how risk identification, qualitative and quantitative analysis, response planning, monitoring, and control will be structured and performed during the project life cycle. The risk management plan does not address responses to individual risks--this is accomplished in the risk response plan, which is discussed in Section 11.5.3.1. The risk management plan may include the following. Methodology. Defines the approaches, tools, and data sources that may be used to perform risk management on this project. Different types of assessments may be appropriate, depending upon the project stage, amount of information available, and flexibility remaining in risk management. Roles and responsibilities. Defines the lead, support, and risk management team membership for each type of action in the risk management plan. Risk management teams organized outside of the project office may be able to perform more independent, unbiased risk analyses of project than those from the sponsoring project team. Budgeting. Establishes a budget for risk managment for the project. Timing. Defines how often the risk management process will be performed throughout the project life cycle. Results should be developed early enough to affect decisions. The decisions should be revisited periodically during project execution. Scoring and interpretation. The scoring and interpretation methods appropriate for the type and timing of the qualitative and quantitative risk analysis being performed. Methods and scoring must be determined in advance to ensure consistency. Thresholds. The threshold criteria for risks that will be acted upon, by whom, and in what manner. The project owner, customer, or sponsor may have a different risk threshold. The acceptable threshold forms the target against which the project team will measure the effectiveness of the risk response plan execution. Reporting formats. Describes the content and format of the risk response plan described in Section 11.5.3.1. Defines how the results of the risk management processes will be documented, analyzed, and communicated to the project team, internal and external stakeholders, sponsors, and others. Tracking. Documents how all facets of risk activities will be recorded for the benefit of the current project, future needs, and lessons learn...
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