11.1 Plan Risk Management
Process Definition
Planning risk management is the process of determining risk associated with project activities. The risks will be sorted by importance to the acceptable level of risk of the company as well as communicate risk mitigation measures.
Figure 24. Project Management Body of Knowledge Figure 11-2. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th Edition" by Project Management Institute, 2013, p. 232. Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.
Process Assessment
Risk management is a process of identifying, assessing, communicating and mitigating risks that are important to project success. This is an important process that should be done early on in the planning and establish a method for evaluating risks that aligns with the companies policies.
(Inputs) Organizational Process Assets
This examples discusses the importance of organizational process assets derived from lessons learned and how they are useful when planning risk management. This example was from PMGT 502 Effective Communications for Managing Projects.
(Tools & Techniques) Meetings
Holding meetings is a great way to identify and develop a risk management plan. The example is an excerpt from a group project in PGMT 612 Leading Projects Across Cultural, Corporate, and International
Boundaries, that was written by Jeremy Curbey, Khoi ChuChe, Corey Cowley, Reese Darlington, and Domingo Tuckler.
(Outputs) Risk Management Plan
The risk management plans can provide the methods, roles & responsibilities, budgeting, timing, stakeholder tolerances, and tracking/reporting formats associated with the projects risks. This example is from a group project in PMGT 613 Assessing and Managing Project Risk, written by Jeremy Curbey, Kevin Bundi, Benjamin Lundy, Sonya Slater, and Domingo Tuckler.