Risk Management Plan

The individuals involved in Planning Risk Management include:

• Project Manager

• Sponsor

• Team

• Customer

• Other Stakeholders

• Experts

Risk management process is structured and performed for the process. Risk management efforts is not limited to creating a standardized checklist basis the experience gained from past projects. Risk management efforts should be based on the size, complexity and the skill levels of the project and project members.

Plan Risk Management process involves planning the total time to be spent on risk management based on the needs of the project. It involves identifying the resources and the process of performing risk management. Organizational process assets are used effectively by the project manager to plan risk management.

OUTPUTS OF RISK MANAGEMENT PLAN

The risk management plan may include:

• Methodology: The process of performing risk management is defined

• Roles and responsibilities: Individuals involved in performing risk management are identified

• Budgeting: Cost of risk management process is determined

• Timing: The time when risk management process should start is determined

• Risk categories

• Definitions of probabilities and impacts

• Probability and impact matrix

• Reporting, recording, and auditing