![]() ![]() Timing – defines when and how frequently the risk management processes will be performed. ![]() Roles and Responsibilities – Defines who will be responsible for each type of activity described in the risk management plan.įunding – Identifies the funds needed to perform activities related to project risk management and describes any contingency and management reserves. Methodology – Defines the specific approaches, tools, and data sources that will be used to perform risk management on the project. Risk Strategy – Describes the general approach to managing risk on this project. It can be its own stand-alone document or a sub-section in the project management plan. This document describes how the risk management process will be tailored and undertaken for the project. For example, a 10% cost overrun is acceptable, but anything above that is not.Īn output of the Plan Risk Management process is the (imaginatively named) Risk Management Plan. The measure of acceptable variation around an objective that reflects the risk appetite of the organization and stakeholders. Risk Threshold (used to be called Risk Tolerance). Others are happy to pursue a variety of initiatives knowing full well only a small percentage will be successful. Some organizations have a low appetite for risk and prefer to pursue low-risk endeavors. ![]() The amount of uncertainty an organization or person is willing to accept in anticipation of a reward. For example, the risk management process we create for a 6-person team erecting a big-top tent one afternoon will have a different level of detail and rigor than a 300-person project to develop and test a medical device over 18 months. ![]()
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