Risk Management Plan: Objectives - Approach

MGT 665 IT Project Management

Task:

The objectives of the risk management plan are:
• To focus attention on minimizing threats to achievement of the project objectives.
• To provide an approach for:
Identifying and assessing risks.
Determining cost-effective risk reduction actions.
Monitoring and reporting progress in reducing risk.

The overall goal of this process is to progressively reduce the project’s exposure to events that threaten the accomplishment of its objectives by:

Incorporating approaches into the project plans that minimize or avoid identified risks,
Developing proactive, contingent risk response actions, and
Rapidly implementing risk responses based on timely identification of risk occurrence.

The project manager will conduct risk management activities to address those risks that are pertinent to the project. The project manager will employ the help of members of the project team, project advisory and business lead as appropriate.

Overview of Project Risk Management Activities

Project
Develop and maintain Project Risk List, Mitigation/Contingency Plan
Assess and analyze risks
Incorporate risk responses into the project plans (schedule, budget, trade off analysis)
Monitor and identify risk occurrence
Implement risk response contingency plans based on risk occurrence
Document and report risks via a project risk watch list

To provide visibility of risks and progress in mitigating them, the risk watch list will be reviewed bi-weekly by the project team. If necessary, risk occurrences will be elevated to the business lead and project sponsors for their attention.

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