Risk management plan , Project Management

Creating a Risk Management Plan 

The main aim of risk management is to develop a well-structured approach to deal with any kind of uncertainty, which create threats in the project. An effective risk management plan must include risk assessment as well as strategies to reduce risk. 

Many different strategies are used in order to handle risks in an effective way. Strategies may include transferring of risk to another group, avoiding the risk, designing the strategies such that it reduces the effect of risk on the project. 

The risk management plan must be made such that you are able prioritise the risk. This in turn will help you to deal with the risks which have high probability of occurrence and possibility of causing great loss to the organisation. Later, you can look into the risks which have low probability of occurrence and cause less impact on the organisation.

However, the low priority risks must also be dealt because mishandling of these risks may later have great impact on the organisation. The risk management plan must suggest efficient security controls for managing the risks. For example, high risk computer virus can be removed or avoided by antivirus software. Appropriate schedule for implementing controls to the action of risk management is also a result of good risk management.   

You must use a systematic way to structure your risk management plan. This may help you to identify any new risks in an organisation. Based on the absolute best information available, you must develop the decisions to handle the risk. You must update the risk analysis results and management plans periodically. The reason for this periodic update is: 

  • It helps to evaluate whether the prior selected security controls are still appropriate and efficient. 
  • It helps to evaluate all potential risk level changes in an organisation. For example, rapidly changing business environment must be capable of identifying the information risks.  
Posted Date: 9/24/2012 6:21:32 AM | Location : United States







Related Discussions:- Risk management plan , Assignment Help, Ask Question on Risk management plan , Get Answer, Expert's Help, Risk management plan Discussions

Write discussion on Risk management plan
Your posts are moderated
Related Questions
Q. If I am empowered, why do I need project management? A. If you have been authorize it probably or must mean that you have been given the authority and responsibility to un

Industrial Design Industrial Design differs from conventional design engineering in terms of (largely) aesthetic and ergonomic requirements, coupled with a need for effective

PRODUCTION PLANNING AND SCHEDULING OF A GARMENTS MANUFACTURING COMPANY 1. Introduction TREND SHOPS SDN BHD is a manufacturing unit of (mid-upmarket) ladies garments.  It

What do you mean by the term dependency? How can project dependencies be shown for planning reasons? Dependency arises when, for illustration, task or deliverable 'A' should be

1.  Main functions: The web based site will be fully enabled for viewing via iPad and be fully accessible at the cafe seating only.  The menu will be fully automated to allow order

G raphs The purpose of graphs is to organise, summarise and display data. The different types of graphs are line graphs, bar graphs, and circle graphs. The steps involved in p

Define the revolution of changing in information technology. Conversely, revolution of changing in the field of information technology has posed some of challenges for various

What are the disadvantages of critical path analysis? Disadvantages of critical path analysis (CPA): a. Supposes a trade off among time and money but most staff cost coul

How is Economic Order Quantity depended on costs? Economic Order Quantity depends on two costs as illustrated below: - Inventory procurement costs that consist of expenditur

An organisation's capacity to maintain a sustainable competitive advantage depends largely on its core competencies as well as the ability to refine and enhance them in the context