Examining Risk Management Plans for a Project
Risk Management Plans for a project are documents that describe the project team’s approach to managing risks for the project. These documents determine the methodologies, approaches and tools that will be used; document the roles and responsibilities of those involved; identifies the budgeting and the scheduling for risk management activities and lists the risk categories.
A good example is that of Entertainment risk management plan to their potential seeking funding from venture capitalists for a new business. They will have to present a risk management plan for their potential investors. For a proposed amusement park, the risk management plan will describe business risks, such as the operational risk of potential losses due to employees theft, and insurable risk such as liabilities for injuries sustained on the pack ride.
Some of the risk management plans will also describe the methodologies that will be used to manage risks for the project. The Project Manager would have discussions and get approval from stakeholders on how he intends to mitigate the project risks.
Risk Management Plans will also document some of the roles that team members are expected to play in mitigating the risks of the project. He will also have to appoint those that will be on the lookout for some of the triggers of the project.
Another aspect of managing risks for the project has to do with scheduling of risk activities for the project. The Project Manager has to establish a timeline for monitoring risks and preventing major risks from jeopardizing the project.
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