Risk Management Plan & Template

Risk Management Plan
Project Management Templates
RISK MANAGEMENT PLAN 2013
Page | 1
Index
Table of Contents 1 Purpose..................................................................................... 5 2 Scope........................................................................................ 5 3 Audience................................................................................... 5 4 References................................................................................5 5 Glossary.................................................................................... 6 5.1 Acronyms....................................................................................................................6 5.2 Definitions...................................................................................................................7 Stakeholder Analysis...................................................................7 5.3 Project Team...............................................................................................................7 5.4 Sponsor.......................................................................................................................8 5.5 Steering Committee....................................................................................................8 5.6 Other Stakeholder(s) Group 1....................................................................................9 5.7 Other Stakeholder (s) Group 2.................................................................................10 6 Communication Requirements & Responsibilities.......................10 7 Communication Process and Technology....................................14 8 Communication Record.............................................................16
Page | 2
9 Escalation Process...................................................................17 9.1 Issue Categories.......................................................................................................17 9.2 Escalation Process for Stakeholder Group 1...........................................................19 9.3 Escalation Process for Stakeholder Group 2...........................................................19 10 Purpose................................................................................. 21 10 Scope.................................................................................... 22 11 Audience...............................................................................22 12 References............................................................................. 22 13 Glossary................................................................................23 13.1 Acronyms................................................................................................................23 13.2 Definitions...............................................................................................................23 14 Risk Identification..................................................................24 15 Risk List................................................................................. 25 16 Qualitative Risk Analysis.........................................................26 17 Quantitative Risk Analysis......................................................28 18 Risk Response Planning..........................................................30 19 Risk Monitoring & Control.......................................................31
Page | 3
20 Organization & Responsibilities...............................................32
Page | 4
1 Purpose
2 Scope
3 Audience
4 References
Page | 5
5 Glossary
5.1 Acronyms
Acronym PMP PMO
Description Project Management Plan Project Management Office
Page | 6
5.2 Definitions
Term Stakeholder
Definition Project Stakeholders are individuals and organizations that are actively involved in the project, or whose interests maybe positively or negatively affected as a project execution or project completion.
Stakeholder Analysis
5.3 Project Team
S.No. Name
Department
Role
Email
Page | 7
5.4 Sponsor
S.No.
Name
Department
Role
Email
5.5 Steering Committee
S.No.
Name
Department
Role
Email
Page | 8
5.6 Other Stakeholder(s) Group 1

[Capture information regarding other stakeholder(s), for example a group of stakeholders at customer end.]
S.No. Name
Department
Role
Email
Page | 9
5.7 Other Stakeholder (s) Group 2

[Capture information regarding other stakeholder(s), for example a group of stakeholders at customer end.]
S.No. Name
Department
Role
Email
6 Communication Requirements & Responsibilities

This section analyzes and captures the communication requirements of each of the Stakeholders group and also captures their responsibilities towards the other group.
Page | 10
Risk Management Plan S.No. Stakeholder Group

Program Management/ Project Office
Communication Requirements
Communication Responsibilities
Updating all other stakeholder group with accurate information about the project progress. Remove conflict regarding any requirements Providing all relevant project information in a user friendly and timely manner. Any Cost or schedule overrun Project stakeholder satisfaction.
Communicate project objectives. Objective expectation from all other Stakeholder group about the project aim. Conflicting requirement
Communicate policies and standards, escalation process Communicate success factors, training benefits, deliverables quality requirements Getting up to date and accurate information from the Project team about the status of the ongoing tasks. Timely clarification of project related requirements
Project Team
Updating Project Office with ongoing tasks progress
Page | 11

Task assigned to individual team members Any dependencies of their tasks. Resolution of Issues within the Project Team Resolution of Issues with other Project Team Communicate any training requirements to be addressed by PMO Office Seek Clarification on conflicting roles and responsibilities Any issue impacting their task performance Raise any conflict to PMO office with any team members Timely update of Issue(s) assigned to a team member. Timely resolution of escalated Issues Updating Organization level Stakeholder with the Project Progress
3 Steering Committee Summarized Project Progress Information. Summarized Issues Information. Deviation between Planned and Actual Schedule (s).
Page | 12
Deviation from allocated budget. Deviation from allocated budget. Deviation from Scope of Work. Project Progress Information Issues Information Contribute to Lesson Learnt Project Sign off. Risks Performance reporting of project team members Nonconformance of deliverables to project objectives. Map rewards against performance. Timely resolution of escalated Issues. Analyze Project Success
Sponsor
Page | 13

5 Other Stakeholder Group 1 Other Stakeholder Group 2
7 Communication Process and Technology

This section captures the communication process used in the Project and technologies used to have effective communication.
Stakeholder Group
Communication Requirements
Steps to get Desired Information
Communication Technology
Page | 14

Business User Up to date information about Project Progress PMO Tool
Regular communication with e-Business team
Send / Receive Email
Microsoft Exchange
Program Management/ Project Office
Formal meeting with members working on the project for clarification Information about project/Task Progress
Face to Face Meeting
Meeting Minutes Template PMO Tool
Regular communication with the Project Team Formal meeting with members working on the project Issues capturing
Send / Receive Email Face to Face Meeting Face to Face Meeting Send/ Receive EMail
Microsoft Exchange Meeting Minutes Template Microsoft Exchange Issue Log Template
Page | 15

Escalation Channel Face to Face Meeting including, Sponsor, General Manager, and Steering Committee Send/ Receive EMail to/from above stakeholders Microsoft Exchange Issue Log Template
Summarized Project Team Communication (Trouble Tickets, Issues, Resolution)
8 Communication Record
The tabular format describes the Communication Record followed in the project.
Communication Purpose Responsibility Audience/ Participants/ Stakeholders Timing/ Frequency Type of Communicati on Communication Record
WSR Report
Project status review reporting
Weekly
Meeting
Meeting Minutes
Page | 16

Steering Committee Meeting Iteration Success Report Project Review Monthly or Need base Meeting Meeting Minutes
Iteration Review
End of every Iteration
Meeting Email
Iteration Summary Report
9 Escalation Process
This section covers the escalation process followed in the Project for speedy resolution of the issues identified in the Project. The escalation process is identified in terms of the Key resources of the Project and the next authority in line to address the issues. There shall be different escalation process for different stakeholder group identified above in this plan.
9.1 Issue Categories

Escalation process depends upon the Issue categories. There shall be different escalation process and authority for different types of issues. This sections list the three different types of Issue categories identified for the Project. Technical
Page | 17

Commercial Project Management
Page | 18
9.2 Escalation Process for Stakeholder Group 1

S.No. From: Role & Name To: Escalation Role & Name Issue Category When to Escalate
9.3 Escalation Process for Stakeholder Group 2

S.No. From: Role & Name To: Escalation Role & Name Issue Category When to Escalate
Page | 19
TEMPLATE 7: Risk Management Plan Project Name: <<

Version: Release Date:
>>
Page | 20
Document Information
Author Reviewer Approver
Revision History
Date Version Section Changed Change Description Author
10 Purpose
The purpose of this Risk Management Plan is to identify the risks in the project, analyze the impact of these risks and propose steps to manage them. The objectives of Project Risk Management are to increase the probability and impact of positive events, and decrease the probability of events adverse to the project.
Page | 21
10 Scope
This document primarily concerns itself with Risks & Mitigation Plan relating to the XXX Project. Risk Management includes processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project. The scope of the document is limited to: o o o o o o Risk Identification Risk List Qualitative Risk Analysis Quantitative Risk Analysis Risk Response Planning, and Risk Monitoring & Control
11 Audience
The intended audience of this document is: o
12 References
o o
Page | 22
13 Glossary
13.1 Acronyms
Acronym
Description
13.2
Definitions
Term Risk
Definition
Risk is an uncertain event or condition, that if occurs, has a positive or negative effect on project objective, such as cost, time, scope, or quality. A risk has a Page | 23
Risk Management Plan cause and, if it occurs, a consequence.

Stakeholder
Project Stakeholders are individuals and organizations that are actively involved in the project, or whose interests may be positively or negatively affected as a project execution or project completion.
14 Risk Identification
Risk identification involves determining which risks might affect the project and documenting their characteristics. It is an iterative process. Risks are identified throughout the project life cycle. Following Risk Identification process shall be followed in XXX project.
Page | 24
15 Risk List
This section lists all identified Risks in the XXX Project. This is the list of Risks as of now and subject to change as the project progresses. Project Manager shall be responsible to continuously update the risk list. Risk No R 001 R 002 R 003 R 004 R 005 R 006 R 007 R 008 R 009 R 010 Risk Description Risk Category Identified During
Page | 25
16 Qualitative Risk Analysis

Qualitative Risk Analysis is the process of assessing the impact and likelihood of identified Risks. Based on this analysis, the prioritized risks shall be identified and further analyzed and managed. Risk Probability and Impact Assessment: investigates the likelihood that each risk will occur. Risk impact assessment investigates the potential effect on a project objective such as time, cost, scope, or quality, including both negative effects for threats and positive effects for opportunities. The analysis is done in terms of Risk probability and Risk consequences. Risk probability is the likelihood that Risk will occur. Risk consequence is the effect on project objectives if the risk event occurs. Both the parameters are described in three qualitative levels, which are Low, Medium and High.
Page | 26
Risk Management Plan The Probability Impact (PI) value is the multiplication of Probability and Impact. Its value is calculated with the following equation.
Risk Probability (P) High High Risk Impact (I) High Medium PI Value Very High High
High Medium Medium
Low High Medium
Medium High Medium
Medium Low Low
Low High Medium
Low Medium Low
Low
Low
Low
Page | 27

Risk No Risk Description Risk Probability (P) Risk Impact (I) PI Value
R 001 R 002 R 003 R 004 R 005 R 007
17 Quantitative Risk Analysis

The quantitative Risk Analysis process aims to analyze numerically the probability of each risk and its consequence on project objectives. The Risk Probabilities are measured on a scale of 1 to 1.0 and these values correspond to 10% probability of Risk happening to 100%. The impact of the Risk is captured also on a scale of 1 to 10.
The PI value is multiplication of these values and all Risks who have a PI value of less than four are not considered for Risk response planning. However, these calculations shall be periodically reviewed by the PMO.
Risk Risk Description Risk Risk PI Value
Page | 28

No R 001 R 002 R 003 R 004 R 005 R 007 Probability (P) Impact (I)
Page | 29
18 Risk Response Planning

Risk response planning is the process of developing options and determining actions to enhance opportunities and reduce threats to the project objectives. It includes the identification and assignment of one or more persons (risk response owner) to take responsibility for each agreed to risk response. One of the following four approaches shall be used to respond to the Risk. o Avoidance: Risk Avoidance is changing the Project Plan to eliminate the Risk or to protect the Project objectives from its impact. Transference: Risk Transference is to shift the consequence of the Risk to a third party together with ownership of the response. Mitigation: Risk Mitigation is to reduce the probability or consequence of an adverse Risk event to an acceptable threshold. Acceptance: Risk Acceptance is to accept the risk as it is and have a contingency plan in case it occurs.
Risk No Risk Description Risk Response Technique Risk Response
Page | 30
R 001 R 002 R 003 R 004 R 005 R 007 R 008 R 009 R 010
19 Risk Monitoring & Control

Risk monitoring and control is the process of keeping track of the identified Risks, identifying new Risks, ensuring the execution of the risk response plan and evaluating their effectiveness in reducing Risks. Risk monitoring & control shall be done throughout the project lifecycle.
Page | 31
Risk Management Plan Recommended Corrective Actions: include Contingency plans and Workaround Plans. The latter are responses that were not initially planned, but are required to deal with emerging risks that were previously unidentified or accepted passively. Recommended Preventive Actions: These are used to bring the project into compliance with the project management plan.
Risk No R 001 R 002 R 003 R 004 R 005 R 007 Risk Description Risk Review and Reporting Schedules Update on Risk Status
20 Organization & Responsibilities

This section lists the organization responsibilities of the project with respect to Risks. Person Role (s) Tasks & Responsibilities
Page | 32
Page | 33

Risk Management Plan &amp; Template

Încărcat de

Informații document

Descriere originală:

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Risk Management Plan &amp; Template

Încărcat de

Drepturi de autor:

Formate disponibile

Risk Management Plan

Project Management Templates

RISK MANAGEMENT PLAN 2013