Risk Management Plan

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U03a1 Risk Management Best Practices Derrick Evans Capella University BMGT8434 Advanced Risk Management Systems and Research January 24, 2013 Professor Schneider
Project Risk Plan
Executive Summary

HESU Global’s (pseudo named) PMO in conjunction with the Business Continuity Department will develop and implement the risk management approach. Organizational assets and support for the project will be directed and managed by business continuity. An example project and brief scope are included below for instructional purposes. PMO will assign a project manager to oversee the project daily activities, however the PMO maintains responsibility for:

• Develop modification requirement and
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Gather historical data, prepare documentation. |
| |Produce Top Ten Risks, Develop Risk Management Plan, Present Project Scope (if available). |
|Analyze |Perform qualitative and quantitative risk analysis for the data gathered, prioritize risk, assess |
| |risk impact. Define impact and impact categories establish risk attitude, identify and remove risk |
| |bias, leverage expert judgment. Utilize impact/probability matrixes to develop a two dimensional |
| |measure of risk. Refine Top Ten Risk, Risk Management Plan, Begin Risk Plan Timeline. |
|Plan |Based on analysis of quantitative and qualitative risk impact and probability create a risk |
| |register to include: cost, time, trends, probability for identified risk. Prioritize list and |
| |finalize the Top Ten Risks. Plan risk responses, for high impact risk or high uncertainty |
| |contingency plans should be followed with fallback planning; Plan all according to risk attitude |
| |and strategy. Decide on risk related contract

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