Developing a Risk Management Plan

594 Words Feb 22nd, 2018 2 Pages
It outlines clearly how risk management activities will be performed, recorded, and monitored and in some case mitigated throughout the lifespan of the project. It is prepared, monitored and updated by the project manager for the primarily the project sponsor and team officials, as it affords the opportunity to prioritize risks. Many experts refer to project managers as risk managers, Wysocki, (2009) and it is often assumed that anything bad that can happen to a project, will happen, hence the need for a project management plan, Olomolaiye, (2013).

The Risk Management Procedure

The procedure adopted for risk management in this project will ensure that project team and sponsors are able to effectively identify, analyse, manage, and minimise the impact of risk throughout the lifetime of the project.


This occurs as a significant part of the planning activity which involves the entire team, according to Wysocki, (2009), the more complex a project, the greater the need for its risk management to be dynamic. The futuristic class room is a complex project, hence the need for it to be well planned for. The lists of risks were cumulatively developed alongside other planning activities. The process included the…

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