Essay Purpose of the Risk Management Plan – Management Assignment Help

Assignment Task

 

Background – Place the Risk Management Plan in context by providing background information, for example, previous decisions or projects that are relevant to understanding the current initiative.
Briefly describe the environment in which the project will operate and/or reference other project documents. Include the following information:
Identify systems with which the primary system interfaces
Identify contractors and consultants involved in development and maintenance activities
Identify the system architecture, operating systems, and application languages
Identify the development methodology and specialists’ tools used for the project

Scope – Outline the scope of the Risk Management Plan, including assumptions and constraints related to project success. Make sure to highlight areas that were not included in this plan and explain the reason for their omission, for example, budgetary constraints, resource availability etc.

Assumptions
Assumptions describe the present and future environment on which this plan is based. Examples may include:
Data used in this plan (i.e. to determine costs, schedules etc.) are assumed to be accurate, reliable, and valid.
Inaccurate data will undermine the success of this plan.

Constraints
Constraints are external factors which may limit the project development or the availability of performance data from the current system. Examples may include:
Technology which must be able to meet the minimum business requirements.
Programs and investments which may become cost ineffective if this is not the case.
Technical constraints, legal issues or government mandates that limit development activities.

Policy – Discuss policy decisions that affect how the Risk Management is conducted. List documents that support the Risk Management process, including any project or standards documents that are referenced in the body of the plan or that have been used in the development of the document. AS/NZS ISO 31000:2009.
Risk Management ApproachOutline the key stages in the risk management process, for example:
Risk Identification
Risk Analysis
Risk Response Planning
Risk Implementation
Risk Tracking and Control

Role Responsibility / Task
Project Manager Approves the Risk Management Plan. Participates in risk mitigation, contingency planning, execution, and decisions on risk actions.
Project Team Participates in the risk identification process and discusses risk monitoring and mitigation activities at team meetings. Participants will include team members, consultants, and contractors.
Risk Manager Responsible for leading the risk management effort, sponsoring risk identification activities, facilitating communication, ensuring the Risk Log is maintained, and that risk activities are current. The Risk Manager is responsible for providing the Project Manager with recommendations and statuses on risk actions.
Risk Owner Responsible for managing an individual risk.
Quality Manager Responsible for ensuring risks are being managed in accordance with the Risk Management Policy and the Risk Management Plan. The Quality Manager also assists in identifying new risks and/or proposing mitigation strategies and contingency plans and proposing process improvements to the risk management plan and processes.
Functional Managers Responsible for ensuring risk analysis is completed, risk mitigation/contingency strategies are developed, and plans are executed successfully.
Project SponsorThe Project Sponsor provides the interface between project ownership and delivery. They act as a single point of contact with the Project Manager for the day-to-day management of the interests of the client organization. This person must have adequate knowledge about the business and the project to make informed decisions. They are may sometimes referred to as the Project Director.