The Risk Management Plan is created in the Planning Process Group The Plan

The risk management plan is created in the planning

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The Risk Management Plan is created in the Planning Process Group. The Plan defines how the project team will manage the Risk management process. The Plan defines the project team’s infrastructure for how they will identify, qualify, quantity, respond, and control risks. The Plan will provide processes, procedures, and tools to increase the probability of opportunities and minimize the probability and/or impact of a threat that could jeopardize the project objective(s). 7
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COMPANY LOGO Project Risk Management Plan 5.0 Scoring This section should contain the standards used in the naming convention, scoring, and interpretation of risks. 6.0 Threshold and Tolerances This section should contain the criterion used to assess whether a risk is within or outside the threshold limits for a Stakeholder. For example, please reference the table below: Based on: Risk Type Risk Category Stakeholder Threshold Priority Cost Response High Red <$10,000 Immediate Management Attention Medium Amber <$1,000-$9,999 Project Manager Discretion Low Green >$1,000 Project Manager Discretion The Risk Management Plan is created in the Planning Process Group. The Plan defines how the project team will manage the Risk management process. The Plan defines the project team’s infrastructure for how they will identify, qualify, quantity, respond, and control risks. The Plan will provide processes, procedures, and tools to increase the probability of opportunities and minimize the probability and/or impact of a threat that could jeopardize the project objective(s). 8
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COMPANY LOGO Project Risk Management Plan 7.0 Reporting Format This section should contain the reporting needed of the project Stakeholders. Please refer to the Communication Management Matrix to view the project Stakeholder information distribution methods. This section should also specify the level to which a risk will be captured, tracked, and reported. For example, The Project team will track risks per: Project Number/Name Business Area Customer Work Breakdown Structure code/Name Activity Risk type Risk Category Reporting to upper management will be grouped by: Customer Division Business Area Project Name Risk Category 8.0 Tracking This section should contain the project team’s means of monitoring whether a risk trigger has occurred, risk plan has been executed (and a description of its effectiveness), or risk event has been documented in the project records. The Risk Management Plan is created in the Planning Process Group. The Plan defines how the project team will manage the Risk management process. The Plan defines the project team’s infrastructure for how they will identify, qualify, quantity, respond, and control risks. The Plan will provide processes, procedures, and tools to increase the probability of opportunities and minimize the probability and/or impact of a threat that could jeopardize the project objective(s).
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