More Subjects
Project Risk Management Document
[Name of the Writer]
[Name of the Institution]
Project Risk Management Document
Introduction
The risk is an event or the condition that occurs during the project and it is bound to have either positive or negative effect during the project (Baccarini et al, 2017). The idea of the risk management is to make sure that the identification of the relevant risks is being done and then effort is being made to make sure that all the corresponding risks are being monitored and reported appropriately (Baccarini et al, 2017). The risk management plan in this is going to look at the underlying risks that are associated with the project and how the appropriate course of action is needed to be taken in this regard (Baccarini et al, 2017).
Risk Management Procedure
The first thing that is needed to be looked during the risk management plan is to make sure that the appropriate procedure is needed to be pointed out that considers all the risks that are faced by the project (Baccarini et al, 2017).
Risk Identification
Then comes the corresponding identification of all the risks that are faced by the business at the given point of time (Baccarini et al, 2017). The idea is to make sure that all the appropriate stakeholders are brought on board and evaluation is being carried out regarding all the risks that are faced by the business at the given point of time (Baccarini et al, 2017). Most of the times it is the responsibility of the project manager to make sure that they take all the risks into account and develop the correct course of action with regards to the project at the given point of time (Baccarini et al, 2017).
Risk Analysis
The idea of the risk analysis is to make sure that the identification of all the risks and the possible outcomes is being carried out and the qualification criterion is being determined to make sure that the some of the top risks that are identified at the level of the organization are considered in the appropriate manner (Baccarini et al, 2017). The key aspect of the risk analysis is to make sure that determination of the risks is being done at all the levels so that it can be made sure that the extent of the challenges that are faced by the organization can be understood at the given point of time (Aminbakhsh et al, 2016).
Risk Response Planning
The risk management is not about making sure that the identification of the risks is being carried out (Aminbakhsh et al, 2016). The other major aspect of the risk planning is to make sure that the appropriate planning is being done when it comes to the way risk management is supposed to be done (Kutsch & Hall, 2016). The idea is to make sure that each major risk that is faced by the organization at the given point of time is being understood and then effort is being made to make sure that the all these risks are being looked after in the appropriate manner. Some of the approaches that can be done to ensure that the mitigation of the risks is being done are as followed (Kutsch & Hall, 2016).
Avoid: Trying to make sure that all the corresponding risk threats are being removed at the level of the organization (Han & Huang, 2018).
Mitigate: Identify some of the ways through which the probability of the risk is being realized and then making an appropriate effort to bring down the impact of the risk (Han & Huang, 2018).
Accept: Having this understanding the that the extent and the nature of the risk is such that not a lot can be done with regards to the risk that is faced by the organization at the given point of time (Han & Huang, 2018).
Transfer: Making another party responsible for the risk that is faced by the entity at the given point of time, for instance, buying an insurance or outsourcing that responsibility to the third party (Kutsch & Hall, 2016).
Risk Monitoring and Reporting
One of the key things that is needed to be understood is to make sure that the level of risk is being tracked and reported at the level of the organization and assessment is being made in terms of the way project life cycle is needed to be worked out (Aminbakhsh et al, 2016). It must be noted that the all the project change requests are needed to be looked and effort is needed to be made to make sure that the possible impact of the risk is being identified in terms of the recent events that are faced by the organization at the given point of time (Aminbakhsh et al, 2016).
Tools and Practices
The other thing that is very important when it comes to the risk management is to make sure that the risk management log is being maintained at the end of the organization (Han & Huang, 2018). The idea is to make sure that the project managers consider the effort that goes into the project management and maintain an appropriate log in terms of the way risk management at the end of the organization is supposed to be done at the level of the organization (Han & Huang, 2018). The key thing that is needed to be noted when it comes to the risk management is needed to be done at the level of the organization is to make sure that the long running agenda items and the risk perspectives are kept in mind to make sure that true nature and the extent of the risk that is faced by the organization can be worked out in an appropriate manner to say the least (Aminbakhsh et al, 2016). The other thing that is very important in terms of the risk management is to ensure that the determination and the true nature of the risk is being worked out so that it can be made sure that clear perspective is being developed in this regard with the passage of time (Aminbakhsh et al, 2016).
Risk Management Plan Approval
Whenever there is a case that the acknowledgement is needed to be made about the risk management process, the key thing that is needed to be done is to make sure that the all the stakeholders are needed to be brought on board when such a change is being made (Aminbakhsh et al, 2016). To make sure that this whole process goes out in the appropriate manner, it is always a good idea to list down the individuals whose signatures are desired at such an instance. Some of the stakeholders that can be made part of such process are as followed.
Business Steward
Project Manager
Project Sponsor
These are specifically three important person that are needed to be made part of the whole process when the assessment of the risk is being made (Han & Huang, 2018). The broader idea is to make sure that all the corresponding stakeholders that are part of the risk management process are needed to be brought on board to make sure that the right decision is being made with regards to the risk that is faced by the business at the given point of time (Aminbakhsh et al, 2016).
References
Aminbakhsh, S., Gunduz, M., & Sonmez, R. (2016). Safety risk assessment using analytic hierarchy process (AHP) during planning and budgeting of construction projects. Journal of safety research, 46, 99-105.
Baccarini, D., Salm, G., & Love, P. E. (2017). Management of risks in information technology projects. Industrial Management & Data Systems, 104(4), 286-295.
Han, W. M., & Huang, S. J. (2018). An empirical analysis of risk components and performance on software projects. Journal of Systems and Software, 80(1), 42-50.
Kutsch, E., & Hall, M. (2016). Intervening conditions on the management of project risk: Dealing with uncertainty in information technology projects. International Journal of Project Management, 23(8), 591-599.
Appendices
APPENDIX A: REFERENCES
[Insert the name, version number, description, and physical location of any documents referenced in this document. Add rows to the table as necessary.]
The following table summarizes the documents referenced in this document.
Document Name and Version
Description
Location
<Document Name and Version Number>
[Provide description of the document]
<URL or Network path where document is located>
APPENDIX B: KEY TERMS
[Insert terms and definitions used in this document. Add rows to the table as necessary. Follow the link below to for definitions of project management terms and acronyms used in this and other documents.
http://www2.cdc.gov/cdcup/library/other/help.htm
The following table provides definitions for terms relevant to the DOCPROPERTY Title \* MERGEFORMAT Risk Management Plan.
Term
Definition
[Insert Term]
[Provide definition of the term used in this document.]
[Insert Term]
[Provide definition of the term used in this document.]
[Insert Term]
[Provide definition of the term used in this document.]
More Subjects
Join our mailing list
© All Rights Reserved 2024