Thursday, February 2, 2012

Risk Management Plan - The Risk Management Plan provides the blueprint of overseeing risk management throughout the project describing who, what, when, where, why, and how. 
The Risk Management Plan provides the following four critical inputs to Risk Identification:

  • Assignment of roles and responsibilities - identifying the who of risk management by assigning the handling of specific tasks and roles to specific individuals.
  • Budget provisions for risk-management activities - The approved funds available for risk-management activities. You will need to track your actual costs against these approved budget numbers.
  • Schedule for risk management - The revised schedule including the time needed for risk-management activities over the duration of the project's life cycle.
  • Categories of risk - The risk categories are used during Risk Identification to organize and prioritize risks as they are identified. Alternatively, the Risk Breakdown Structure (RBS) may be the source of risk categories.

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