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

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

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?

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)

What is the purpose of risk categories?

To help to organize, rank and isolate risks within the project.

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)

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

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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