Developing a Risk Management Plan - 594 Words

RISK MANAGEMENT PLAN A risk is event or occurrence upon which its materialising would disrupt the attainment of project objectives, therefore a risk management plan is that which is prepared to identify, assess, report, mitigate and monitor risks. It outlines clearly how risk management activities will be performed, recorded, and monitored and in some case mitigated throughout the lifespan of the project. It is prepared, monitored and updated by the project manager for the primarily the project sponsor and team officials, as it affords the opportunity to prioritize risks. Many experts refer to project managers as risk managers, Wysocki, (2009) and it is often assumed that anything bad that can happen to a project, will happen, hence the need for a project management plan, Olomolaiye, (2013). The Risk Management Procedure The procedure adopted for risk management in this project will ensure that project team and sponsors are able to effectively identify, analyse, manage, and minimise the impact of risk throughout the lifetime of the project. RISK IDENTIFICATION This occurs as a significant part of the planning activity which involves the entire team, according to Wysocki, (2009), the more complex a project, the greater the need for its risk management to be dynamic. The futuristic class room is a complex project, hence the need for it to be well planned for. The lists of risks were cumulatively developed alongside other planning activities. The process included theShow MoreRelatedThe Global Expansion Project Is For T Mobile1376 Words   |  6 PagesRisk Management Breakdown Structure The global expansion project is for T-Mobile to expand its supply base into China in order to be successful in the global economy. Recognizing what the available alternatives are available when identifying risk can be beneficial to the project since the methods utilized can be easily accomplished. The responses for each identified risk may have an effect on the other areas with the project overall. The responses also assist in determining how reactive or proactiveRead MoreThe Initiation Of A Project1706 Words   |  7 PagesPlanning, design, structure, and risk analysis are some of the areas that are essential in initiating a project. The group must thoroughly plan and organize the components of the project to corroborate that the proper elements and hierarchy are in place to validate that the project is executed smoothly and risks are minimized. Through comprehensive planning, an organization can plan a successful project, ensuring that all elements are planned for and minimize th e overall risks involved. In order to understandRead Morealtex corp1408 Words   |  6 PagesAltex had to submit to the Army, within 60 days after contract award, a formal project plan for the two-year ATMP effort. Contracts at that time did not require a risk management plan be developed. A meeting was held with the project manager of RD to assess the risks in the ATMP effort. PM:  I m in the process of developing the project plan. Should I also develop a risk management plan as part of the project plan? Sponsor:  Absolutely not! Most new weapons systems requirements are established byRead MoreRisk Management : Processes : Project Management780 Words   |  4 PagesRisk Management: Processes In project management, a ‘process’ is a series of steps taken to get from point A to point B while, ‘risk’ identifies issues that may arise and cause a project to fail. â€Å"Risk management is the means by which uncertainty is systematically managed to increase the likelihood of meeting project objectives.† (Verzuh, pp. 99, 2012). Project managers need to take the lead when developing and training the team but, also chose wisely when planning, identifying, mitigating, andRead MoreCMGT 411 Week 4 Risk Management1188 Words   |  5 Pagesï » ¿ Risk Management CMGT 411 Risk Management Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manageRead MoreCase Study #3 - Risk Management on a Satellite Dvt Project1542 Words   |  7 PagesSTUDY 3: Risk Management on a Satellite Development Project ! ! ! CASE STUDY 3: RISK MANAGEMENT ON A SATELLITE DEVELOPMENT PROJECT L.D. PROFESSOR: DR. JUANITA MURRELL ! HRM 517 MANAGING HUMAN RESOURCE PROJECTS ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! JUNE 1, 2014 !1 CASE STUDY 3: Risk Management on a Satellite Development Project !2 ISSUES WITHOUT A RISK PLAN While project managers cannot prevent every potential risk that comes in their path, careful risk planningRead MoreAltex Corporation Essay1571 Words   |  7 PagesProject Management Strategy Professor: Dr. Jaclyn Krause July 22, 2013 Risk is inherent in any project today, and project managers need to constantly assess risks and continually develop contingency plans to address them. In project management risk management plans are an essential part of project planning, and can often time occur well into the execution phase of a project. In the case of Altex Corporation the project manager is faced with the decision to develop a risk management plan on hisRead MoreRisk Management Process1617 Words   |  7 Pages4 DESCRIPTION 4 RISK MANAGEMENT FLOW 5 ROLES AND RESPONSIBILITIES 6 RISK TRACKING PROCESS 7 Identify Risks 7 Assess and Prioritize Risks 7 Determine Course of Action 8 Review and Monitor Risks 8 RISK MANAGEMENT LOG ENTRY DEFINITIONS 9 PROCESS ASSISTANCE, QUESTIONS, OR RECOMMENDATIONS 10 APPENDIX A: RISK MANAGEMENT LOG 11 Document Overview Purpose The purpose of this Risk Management Process document is: †¢ To provide a framework to track and monitor project risks throughout the projectRead MoreHospital Risk Management Plan Analysis866 Words   |  4 PagesHospital Risk Management Plan Can you foresee the future? Facility managers (FM) put forth a concerted effort to do just that when preparing a 600-bed hospital risk management plan. Fortunately, much data can be gleaned from various sources for the project manager to use in developing the plan which is unique to that particular hospital facility. A comprehensive risk management plan can insure the organization’s facility is operating at the level it was designed to achieve. At the sameRead MoreThe Planning Phase At Kloppenborg And Tesch981 Words   |  4 Pagesin project management, yet it is one of the most important and should not be rushed. Furthermore, this is the phase where decisions are made on how to complete the project, in this case the Amiodarone Protocol, and achieve the goals and objectives that were defined in the initiation phase. Hence, the planning phase needs to consist of other planning documents that are critical to the success of the Amiodarone Protocol. Phase three o f the Amiodarone Protocol consist of risk management and human