Risk Management Plan “Decide whether or not the goal is worth the risks involved. If it is, stop worrying.” Amelia Earhart

an essential part of any project

importance of risk management

anticipate risks

reduce likelihood of risk occurrence

outline approach to risk

demonstrate sound planning

identify project strengths and weaknesses

three elements of risk

risk itself

consequence of risk

probability of risk occurring

three kinds of risk

known

unknown

unknowable

dangers of ignoring risk

missed opportunities

lost accountability

impact on client relationship

potential for failure

process

identify potential risks

creat risk assessment plan

align ownership of each potential risk

create preemptive responses

avoid – change plan to entirely eliminate risk

transfer – assign the risk to another within the team, within the company, or outsource it, e.g., to an insurance carrier or vendor

mitigate – take necessary steps to reduce probability and/or impact of threat to project

accept – allow for risk and adjust to be able to handle its consequences

continuously monitor risks

risk management plan content

a nuanced approach

identification – what are the risks and how will they affect your project?

planning details – on an ongoing basis, how will you identify and mitigate risk?

analysis – how severe are your risks, and how likely are they?

anticipated responses – how will you respond to risks if they materialise?

monitoring – how will you monitor your response to each risk?

risk in general