Outline of risk management planprovide a brief description

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Reference no: EM13382716

Outline of Risk management plan

Provide a brief description of the project

Describe what tools, techniques and processes you planned to use in the project

Describe the involvement of your project team members in establishing the risk management context and risk management planning

Risks as opportunities

Think of at least two risks that presented as an opportunity to enhance project objectives or negative risks that could be thought of in a positive manner. Describe the positive risks in the space.

Consequence and Likelihood

List the [project risks and assign a rating to each risk for both its consequence (impact) and likelihood (probability) of occurring using the rating scale used in Tables 3 and 4. Then provide a description of the risk's potential consequence and likelihood of occurring. Be sure to include some 'positive' risks as well which may present opportunities to enhance project objectives.

Risk

Consequence rating

Description of possible consequences

 

 

 

 

Risk

Likelihood rating

Explanation of likelihood rating

 

 

 

Combined consequence and likelihood ratings

Combine the consequence and likelihood ratings in Activity 7 and place the results in a matrix such as the one shown in Table 5. Write down the ratings (high, significant, medium, or low) for each risk in the table below.

Risk

Combined Rating Total

 

 

 

 

Quantitative risk analysis techniques

What quantitative risk analysis techniques are you familiar with that are used in your organisation? List them below and provide a brief description of why these tools are preferred by your organisation.

Reflection Prioritisation of risks

Having combined the consequence/likelihood ratings in the previous activity, assign the risk with the highest priority a score of "1", the next most significant one a rating of "2", and so on. Provide a rationale for why you prioritised the risks that way you did.

Risk

Combined Rating Total

Risk Priority

Rationale for Prioritisation

 

 

 

 

Risk response strategies

For the risks you identified, analysed and prioritised in the previous activities, for each identified risk apply at least one risk treatment strategy explaining and justifying your response. Use the table below to guide your thinking in this activity.

Risk

 Option

Explanation of treatment

Rationale for treatment

 

Avoidance

 

 

 

Mitigation (consider both consequence and likelihood)

 

 

 

Transference (In Full Or Part)

 

 

 

Acceptance

 

 

 

Exploit

 

 

 

Share

 

 

 

Enhance

 

 

Reference no: EM13382716

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