Risk Management

Topics: Risk management, Project management, Management Pages: 4 (909 words) Published: June 30, 2013
The risk management plan example given in this article brings to light the need for managing risks and the ways one can manage risks in a project. While it introduces the project manager to what a risk management plan should consist, it is only the first of the 3 part project risk management series * There are many approaches to project risk management planning, but essentially the risk management plan identifies the risks that can be defined at any stage of the project life cycle. The RM Plan evaluates identified risks and outlines mitigation actions. A risk management plan should be periodically updated and expanded throughout the life cycle of the project, as the project increases in complexity and risks become more defined. Risk management ideally takes a project thought the phases of risk identification, risk assessment and risk resolution. With the advancement in project management studies and techniques, risk management has taken a main place in the project life cycle; in most cases at the outset of the project itself. * How do you Plan your Risk Management?

The Risk Management Plan ideally supports the following sections: * Purpose
* Background
* Scope Statement
* Policy
* Approach
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In this section, present a clear, concise statement of the purpose of the Risk Management (RM) plan. Include the name, and if applicable, code name of the project, the name(s) of the associated system(s), and the identity of the organization that is responsible for writing and maintaining the RM plan. Background

This section briefly describes the history of the project and the environment in which the project will operate. (This information may be included through reference to other project documents.) Include the following information: * Identification of other systems with which the...
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