EPLC Risk Management Plan v 10 Page 3 of 11 Insert appropriate disclaimers

Eplc risk management plan v 10 page 3 of 11 insert

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EPLC Risk Management Plan (v 1.0) Page 3 of 11 [Insert appropriate disclaimer(s)]
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<Project Name> Risk Manager or Project Manager (PM) The Risk Manager or PM is a member of the Integrated Project Team (IPT). The Risk Manager or PM determines if the Risk is unique, identifies risk interdependencies across projects, verifies if risk is internal or external to project, assigns risk classification and tracking number. During the life of the project, they continually monitor the projects for potential risks. Integrated Project Team The IPT is responsible for identifying the risks, the dependencies of the risk within the project, the context and consequence of the risk. They are also responsible for determining the impact, timing, and priority of the risk as well as formulating the risk statements. Risk Owner(s) The risk owner determines which risks require mitigation and contingency plans, he/she generates the risk mitigation and contingency strategies and performs a cost benefit analysis of the proposed strategies. The risk owner is responsible for monitoring and controlling and updating the status of the risk throughout the project lifecycle. The risk owner can be a member of the project team. Other Key Stakeholders The other stakeholders assist in identifying and determining the context, consequence, impact, timing, and priority of the risk. 2.3 RISK IDENTIFICATION Risk identification will involve the project team, appropriate stakeholders, and will include an evaluation of environmental factors, organizational culture and the project management plan including the project scope, schedule, cost, or quality. Careful attention will be given to the project deliverables, assumptions, constraints, WBS, cost/effort estimates, resource plan, and other key project documents. 2.1 Methods for Risk Identification The following methods will be used to assist in the identification of risks associated with < Project Name > : Brainstorming Interviewing SWOT (Strengths, Weaknesses, Opportunities and Threats) Diagramming Etc. A Risk Management Log will be generated and updated as needed and will be stored electronically in the project library located at <file location>. EPLC Risk Management Plan (v 1.0) Page 4 of 11 [Insert appropriate disclaimer(s)]
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<Project Name> 2.4 RISK ANALYSIS All risks identified will be assessed to identify the range of possible project outcomes. Risks will be prioritized by their level of importance. 2.1 Qualitative Risk Analysis The probability and impact of occurrence for each identified risk will be assessed by the project manager, with input from the project team using the following approach: Probability High – Greater than <70%> probability of occurrence Medium – Between <30%> and <70%> probability of occurrence Low – Below <30%> probability of occurrence Impact High – Risk that has the potential to greatly impact project cost, project schedule or performance Medium – Risk that has the potential to slightly impact project cost, project schedule or performance
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