Risk Management Plan For Itt Technical Institute

2529 Words Nov 30th, 2014 11 Pages
Risk Management Plan
1. Introduction
This Risk Management Plan for ITT Technical Institute, Orange, California starts with a plan that defines the scope and process for the identification, assessment, and management of risks which could impact the school. The objective of the Risk Management Plan is to define the strategy to manage school-related risks so there is an acceptable minimal impact on cost and operational performance.
2. Purpose
The purpose of this Risk Management Plan is to establish the framework in which the project team will identify risks and develop strategies to mitigate or avoid those risks. However, before risks can be identified and managed, there are preliminary project elements which must be completed. The purpose of the Risk Management Plan is to establish an approach to monitoring, evaluating, and managing risks throughout the life of the project. A risk is an uncertain event or condition that, if it occurs, has a negative or positive effect on the project’s objectives. The risk management process will identify potential risk sources; assess individual risks and impacts on performance, cost, and schedule; evaluate alternative approaches to mitigate high and moderate risks; and develop action plans to handle individual risks. This document will state the various risks with their classification, mitigation and handling strategies, impact on cost and schedule, and action items.
3. Scope
The scope of this document will include Risk Management Planning:…

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