Introducing Project Risk Management - Creating the Risk Management Plan

9 important questions on Introducing Project Risk Management - Creating the Risk Management Plan

Which inputs aid the project manager in creating the risk management plan?

  • Organizational policies
  • Stakeholder risk tolerance levels
  • Risk management templates
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Which stakeholders should be involved in the creation of the risk management plan?

  • The project manager
  • Project team leaders
  • Key stakeholders
  • Personnel specific to risk management
  • Other personal of authority or providing input
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What are the goals of risk management meetings?

  • Risk management activities
  • The costs of risks elements
  • Risk schedule activities
  • The assignment of risk responsibilities
  • The reliance on templates for risk categories
  • Definitions for the level of risk
  • The risk probability and impact matrix
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What are typical questions that are being asked as part the risk methodology?

  • Which tools are available for risk management?
  • What are the approaches acceptable within the organization?
  • What data sources can be accessed and used?
  • What approach is the best considering the project type, phase and conditions?
  • How much flexibility is available?
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What are other important topics to include in the risk management plan?

  • The roles and responsibilities involved
  • The budget available for risk management activities
  • The schedule for risk management activities
  • A clear defined scoring system and an interpretation of it
  • Identified categories of risks (e.g. in the form of a risk breakdown structure)
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What is the purpose of risk categories?

To help to organize, rank and isolate risks within the project.
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What are the different risk categories that are being recognized?

  • Technical, quality or performance risks
  • Project management risks - faults in the management of the project
  • Organizational risks
  • External risks - that lie outside the project (e.g. force majeure risks)
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What is the advantage of a risk management plan?

It may grant the project manager the decision making abilities on risks below a certain threshold. Risks above a preset threshold may need to be escalated to a risk management board or project steering committee
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What is the purpose of a risk management template?

It can guide the project manager and the project team through the planning processes, the risk identification, and the values that may trigger additional planning.
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