Risk Management
Risk Management Plan for the
Pasadena Foursquare Church Kitchen Renovation Project
1. INTRODUCTION
1.1 Purpose of Risk Management
1.1.1 Knowing and Controlling Risks to Project Assets
The process of Risk Management instituted tothe Project with knowledge and control over the risk position of the project.
Not all identified risks can be removed. The likelihood of surpassing requirements can be traded off against the risk of surpassing the budget constraints. Risk Management is a process used to balance the project risk position across all project resource areas, controlling the distribution and magnitude of the identified risks against the cost constraints while obtaining the best possible confidence in achieving high project performance return.
1.2 Risk Management is a Project Team Effort
1.2.1 Integral Part of Project Implementation
It is intended that Risk Management be an essential element in the Project Manager's tool kit. This involves considering risk at the very beginning of the project conceptualization. The key features of risk management (RM) activity within the project are:
1. Managed risks are essential elements of the project management control process
2. Cognizant personnel accept the time imposed to develop and maintain the risk list
3. Project Management Team plans the effort and the Project Manager takes ownership of the plan
4. Risk status reports are integral to the project review process
5. Effective metrics are identified and delivered per the plan to all stakeholders
These activities require require commitment from the project manager, and the Risk Representative.
1.2.2 A Team Effort
Risk Management is a team effort. The project Risk Representative is the coordinator of the risk management activity. All members of the project team have important roles in identifying, assessing, and tracking risk, and in identifying the possible approaches to dealing with risks that are necessary for the
Pasadena Foursquare Church Kitchen Renovation Project
1. INTRODUCTION
1.1 Purpose of Risk Management
1.1.1 Knowing and Controlling Risks to Project Assets
The process of Risk Management instituted tothe Project with knowledge and control over the risk position of the project.
Not all identified risks can be removed. The likelihood of surpassing requirements can be traded off against the risk of surpassing the budget constraints. Risk Management is a process used to balance the project risk position across all project resource areas, controlling the distribution and magnitude of the identified risks against the cost constraints while obtaining the best possible confidence in achieving high project performance return.
1.2 Risk Management is a Project Team Effort
1.2.1 Integral Part of Project Implementation
It is intended that Risk Management be an essential element in the Project Manager's tool kit. This involves considering risk at the very beginning of the project conceptualization. The key features of risk management (RM) activity within the project are:
1. Managed risks are essential elements of the project management control process
2. Cognizant personnel accept the time imposed to develop and maintain the risk list
3. Project Management Team plans the effort and the Project Manager takes ownership of the plan
4. Risk status reports are integral to the project review process
5. Effective metrics are identified and delivered per the plan to all stakeholders
These activities require require commitment from the project manager, and the Risk Representative.
1.2.2 A Team Effort
Risk Management is a team effort. The project Risk Representative is the coordinator of the risk management activity. All members of the project team have important roles in identifying, assessing, and tracking risk, and in identifying the possible approaches to dealing with risks that are necessary for the