The Importance of a Risk Management Plan

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1 INTRODUCTION 1.1 PURPOSE OF THE RISK MANAGEMENT PLAN The risk management plan is aimed at three key areas of the project; these areas most likely to be affect poor project performance are the budget of the project, time scale and the quality. These will need to be watched closely to make sure areas cause no risks to each other if this occurs it could have a negative effect on project completion. The Risk Management plan will show the process identifying, assessing, responding, monitoring, and reporting risks which will cause risk levels to be lowered to acceptable levels, it shows how International Exhibition Centre project risks will be identified, analyzed, and managed. It outlines how risk management activities will be performed, recorded, and monitored throughout the lifecycle of the project and provides practices for recording and prioritizing risks. The Risk Management Plan has been created in the Planning Phase of the project and is monitored and updated till completion. Monthly Reports should cover what effects any risks have caused to the project and what can be done on a daily bases to keep the impact of effects at its lowest at all times. 2 RISK MANAGEMENT PROCEDURE 2.1 PROCESS The project manager working with the project team and project client will ensure risks are actively identified, analyzed and managed throughout the life of the project. Risks will be identified as early as possible to minimize their impact. This can be done using several ways like

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