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Risk Management Plan Essay

998 words - 4 pages

IS110 Risk Management
Project Part 1

Purpose of the Risk Management Plan
A risk in an event or condition that, if it occurs, could have a positive or negative effect on your project’s objectives. Risk Management is the process of identifying, assessing, responding to, monitoring, and reporting risks. This Risk Management Plan defines how risks associated with the Defense Logistics Agency project will be identified, analyzed, and managed. It outlines how risk management activities will be performed, recorded, and monitored throughout the lifecycle of the project and provides templates and practices for recording and prioritizing risks.
The Risk Management ...view middle of the document...

(Destination to be determined)
Risk Analysis
All risks identified will be assessed to identify the range of possible project outcomes. Qualification will be used to determine which risks are the top risks to pursue and respond to and which risks can be ignored.
Qualitative Risk Analysis
The probability and impact of occurrence for each identified risk will be assessed by the project manager, which input from the project team using the following approach:
High – Greater than 70% probability of occurance
Medium- Between 30% and 70% probability of occurance
Low- Below 30% probability of occurrence

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
Low- Risk that has relatively little impact on cost, schedule or performance
Quantitative Risk Analysis
Analysis of risk events that have been prioritized using the qualitative risk analysis process and their effect on project activities will be estimated, a numerical rating applied to each risk based on this analysis, and then documented in this section of the risk management plan.
Risk Response Planning
Each major risk will be assigned to a project team member for monitoring purposes to ensure that the risk will not “fall through the cracks”.
For each major risk, one of the following approaches will be selected to address it:
Avoid- eliminate the threat by eliminating the cause
Mitigate- identify ways to reduce the probability or the impact of the risk
Accept- Nothing will be done
Transfer- Make another party responsible for the risk (buy insurance, outsourcing, etc.)
For each risk that will be mitigated, the project team will identify ways to prevent the risk from occurring or reduce its impact or probability of occurring. This may include prototyping, adding tasks to the project schedule, adding resources, etc.
For each major risk that is to be mitigated or that is accepted, a course of action will be outlined for the event that the risk does materialize in order to minimize its impact.
Risk Monitoring, controlling, and Reporting
The level of risk on a project will be tracked, monitored and...

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