Wednesday, March 28, 2018

8-Risk Management Plan

What : A Risk Plan helps you to foresee risks, identify actions to prevent them from occurring and reduce their impact should they eventuate. The Risk Management Plan is created as part of the Risk Planning process. It lists of all foreseeable risks, their ranking and priority, the preventative and contingent actions, along with a process for tracking them. This Risk Plan template will help you perform these steps quickly and easily.

It helps you do this, by giving you a complete risk management plan, showing you how to take action to reduce risk in your project.

When : A Risk Plan should be used anytime that risks need to be carefully managed. For instance, during the start up of a project a Risk Plan is created to identify and manage the risk involved with the project delivery. The Risk Plan is referred to frequently throughout the project, to ensure that all risks are mitigated as quickly as possible. The Risk Plan template helps you identify and manage your risks, boosting your chances of success.

While creating Risk Plan, you should :
  • Identify risks within your project
  • Categorize and prioritize each risk
  • Determine the likelihood of the risks occurring
  • Identify the impact on the project if risk does occur

You can then use this Risk Plan to:

  • Identify preventative actions to prevent the risk from occurring
  • List contingent actions to reduce the impact, should the risk occur
  • Schedule these actions within an acceptable timeframe
  • Monitor the status of each risk throughout the project