Risk Management Plan

date, and that a new risk management plan must be developed. Because of the importance of risk

After the risk assessment tool was used to evaluate the risk to the organization, an appraisal of all potential risks were identified, for the initial part of the project through brainstorming. The following are risks that have been identified initially for this project:

Prioritise the risks to ensure the ones carrying the most severe consequences are dealt with first

|Step 2 – Assess hazards to determine risk. |Using the Risk Management Risk Assessment Matrix, assign a risk |

Identifying the risk, quantitative risk assessment, and qualitative risk assessment are used in evaluating the risk.

“Effective change management offers a standardized method that efficiently evaluates the potential positive and negative aspects of change” (Scarborough, n.d.). In order to fully understand the change, and the impact of the proposed change, it is helpful to have all of the facts. However, when faced with decisions that offer very little information either short term, or long term, judgement comes more into the equation than factual information. In these instances managing risk becomes an ongoing process. When you are unaware of all of the possible effects of decisions you must constantly reevaluate the situation and make needed changes immediately in order to mitigate future risk. As the changes unfold risk can become clearer and more effectively mitigated.

Before we started our task we created a risk assessment which includes different risks and their solutions with their risk factor too, before and after.

The qualitative approach does not use absolute variable values, but evaluates the influence of each variable on the risk. Experience, expertise and competence of the person conducting the risk assessment are the most important when taking a qualitative approach. Risk is assessed qualitatively, but in order to interpret the results, variables, as well as the assessed risk, are quantified. In contrast to quantitative risk assessments, numeric values are relative, not absolute (Hrvoje Segudovic, 2006).

The risk management plan is to identify possible negative and positive risks that are unforeseen before and during the project duration. The risks associated with this project can be as little as permit issue to as big as hazardous material abatement and handling. The positive risk can be addressed and over checked for cutting corners and missed work packages. The risk planning must be composed of stakeholders and project team leaders including the project manager. The plan will involve the appropriate team members to address positive and negative risks by using their experience, and skills. The management plan will include instruction with dealing with contractor issue that can possibly put constraints on the project. There will meetings with project team to brainstorm the risks and discuss the impact of those identified risks and how they can resolve them if they do surface. The plan should be part of the decision tree making, especially for very large projects.

Section 5 talks about the great practice and requirement for a continuous risk assessment and evaluation and the elements that will prompt an effective risk management program

 analysing the risks to determine the level of risk, which is defined as the

Managing risk is an important task for any project manager. After s/he has determined what risks exist for the project and assessed their importance, s/he needs to choose a strategy for dealing with each risk if and when it comes into play. According to Swanson, the risk assessment is critical because it enables the person responsible for contingency planning to focus risk management efforts and resources in a prioritized manner only on the identified risks. The risk management process includes the risk assessment and determination of suitable technical, management, and operational security controls based on the level of threat the risk imposes (Swanson, 2001). Minimize the chances that the risk will occur, develop

The management has to plan for the risk. The steps above call for the planning of risk. Some risks are urgent, others must be immediate, and others essential. All these risks require special attention. Therefore, the management must plan on how to al with the risks depending on

After identification of tasks it is possible to do likelihood and impact analysis of risks. Brainstorming approach has been taken to identify risks. Throughout the project, the risk register will be discussed and updated during project team meetings.

Risk management plan is very important to exist for an organization to determine risk. Successful Risk Management methodologies permit you to distinguish your venture 's qualities, shortcomings, opportunities and dangers. By making arrangements for unforeseen occasions, you can be prepared to react on the off chance that they emergebecause no one knows what’s going to happen in future.