Probability High Greater than probability of occurrence <70%> – Medium Between <30%> and <70%> probability of occurrence – Low Below <30%> probability of occurrence – Impact H High Risk that has the potential to greatly impact project – M cost, project schedule or performance L Medium Risk that has the potential to slightly impact – L M H project cost, project schedule or performance Impact Probability Low Risk that has relatively little impact on cost, – schedule or performance Risks that fall within the RED and YELLOW zones will have risk response planning which may include both risk mitigation and a risk contingency plan. Quantitative Risk Analysis Analysis of risk events that have been prioritized using the qualitative risk analysis process and their affect on project activities will be estimated, a numerical rating applied to each risk based on this analysis, and then documented in this section of the risk management plan. Each risk (those falling in the Red & Yellow zones) will be assigned to a project team member for monitoring purposes to ensure that the risk will not through the cracks”. “fall For each risk, one of the following approaches will be selected to address it: Avoid eliminate the threat by eliminating the cause – Mitigate Identify ways to reduce the probability or the impact of the risk – Accept Nothing will be done – Transfer Make another party responsible for the risk (buy insurance, – outsourcing, etc.) For each risk that will be mitigated, the project team will identify ways to prevent the risk from occurring or reduce its impact or probability of occurring. This may include prototyping, adding tasks to the project schedule, adding resources, etc. For each major risk that is to be mitigated or that is accepted, a course of action will be outlined for the event that the risk does materialize in order to minimize its impact. The level of risk on a project will be tracked, monitored and reported throughout the project lifecycle. A 10 Risk List” will be maintained by the project team and will be reported “Top as a component of the project status reporting process for this project.
Probability High – Greater than <70%> probability of occurrence Medium – Between <30%> and <70%> probability of occurrence Low – Below <30%> probability of occurrence Impact Impact H M L L M H Probability High – Risk that has the potential to greatly impact project cost, project schedule or performance Medium – Risk that has the potential to slightly impact project cost, project schedule or performance Low – Risk that has relatively little impact on cost, schedule or performance Risks that fall within the RED and YELLOW zones will have risk response planning which may include both risk mitigation and a risk contingency plan. Quantitative Risk Analysis Analysis of risk events that have been prioritized using the qualitative risk analysis process and their affect on project activities will be estimated, a numerical rating applied to each risk based on this analysis, and then documented in this section of the risk management plan. Each risk (those falling in the Red & Yellow zones) will be assigned to a project team member for monitoring purposes to ensure that the risk will not “fall through the cracks”. For each risk, one of the following approaches will be selected to address it: Avoid – eliminate the threat by eliminating the cause Mitigate – Identify ways to reduce the probability or the impact of the risk Accept – Nothing will be done Transfer – Make another party responsible for the risk (buy insurance, outsourcing, etc.) For each risk that will be mitigated, the project team will identify ways to prevent the risk from occurring or reduce its impact or probability of occurring. This may include prototyping, adding tasks to the project schedule, adding resources, etc. For each major risk that is to be mitigated or that is accepted, a course of action will be outlined for the event that the risk does materialize in order to minimize its impact. The level of risk on a project will be tracked, monitored and reported throughout the project lifecycle. A “Top 10 Risk List” will be maintained by the project team and will be reported as a component of the project status reporting process for this project.
Risk-Management-Plan-Template.docx