Risk Management Plan Template - DOC by 233dKuz


                                    Risk Management Plan

Prepared By:
Date: April 1st 2010
Version: 1.0

1.0 Revision History

Name                    Date                     Reason for Changes        Version
Muaaz Elhag             April 1st 2010           Initial draft             1.0 draft

2.0 Statement of Purpose
The purpose of this document is to describe and document the risk management procedures that
are in place for Trebuchet. This document describes:
      A. The methods that will be used to manage risk
      B. The roles and responsibilities of those responsible for risk management
      C. The budget and schedule for performing risk management activities
      D. The main risk categories that need to be addressed
      E. The probability and impact of various risk items
      F. How risk documentation will be conducted.

3.0 Risk Management Strategy
        Process Name                              Process Description
Risk Identification              The risk team will conduct a brainstorming session at
                                 the beginning of each project phase. A form will be
                                 available on the project Web site for team members
                                 to submit risk factors over the course of the project
                                 as well

3.1 Risk Management Tools
          Tool Name                               Tool Description
Risk Status Report               Weekly report generated by Trebuchet risk team to
                                 provide stakeholders with regular updates on risks
                                 and actions taken to mitigate risks.
3.2 Data Sources
     Data Source Name                            Data Source Description
Lesson Learned Database            PMO maintained database with previous risk
                                   management documentation from earlier projects.
Web Site                           www.Trebuchet.com
Book                               Catapult Design, Construction and Completion with
                                   Projectile Throwing Engines of the Ancients and
                                   Forward by Ron Toms

4.0 Roles and Responsibilities
   Participants                                          Task
Project Manager       The project manager will assign a risk officer to the project and
                      identify this individual on the project’s organization chart. The
                      project manager and other member of the project management
                      team shall meet weekly to review the status of all risk mitigation
                      efforts, review the exposure assessments for any new risk items,
                      and redefine the project’s Top-Ten Risk List
Risk Officer          The risk officer has the following responsibilities and authority:
                      coordinating risk identification and analysis activities, maintaining
                      the project’s risk list, notifying project management of new risk
                      items, reporting risk resolution status to management.
Project Member        The risk officer will assign each newly identified risk to a project
Assigned to           member, who will assess the exposure and probability for the risk
Specific Risks        factor and report the results of that analysis back to the risk
                      officer. Assigned project members are also responsible for
                      performing the steps of the mitigation plan and reporting progress
                      to the risk officer weekly.

5.0 Risk Management Budget and Schedule
                        Risk Management Process Schedule
Risk Monitoring                 Risk officer will meet with project manager every
                                Monday to discuss project risk status.

6.0 Risk Categories
          Categories                                    Description
Project Management Risk            -Planning
                                   -Inexperience project manager
Quality and Performance Risk       -Quality of the wood
                                   -Strength of the rope
Technical Risk                     -Design quality
                                   -Ability of throwing 65 feet away
Organizational Risk                -Fund
                                   -Finalize requirements
7.0 Risk Probability and Impact
    Item                          Probability (P)      Impact (I)   Total Risk Score
    Not reaching 71.5 feet away   0.6                  8            4.8
    Lack of Strength              0.2                  7            1.4
    Release Projectile @ 45 deg   0.4                  4            1.6

8.0 Documentation

        Risk List           The risk factors identified and managed for this project
                            will be accumulated in a risk list. The ten risk items that
                            currently have the highest estimated risk exposure are
                            referred to as the project’s Top Ten Risk List.
        Risk Data Items     The following information will be stored for each project
                            risk. Risk ID, classification, description, probability,
                            impact, risk exposure, first indicator that risk is
                            becoming a problem, mitigation approaches, owner,
                            date due, contingency plan, contingency plan trigger.
        Closing Risks       A risk item can be considered closed when it meets the
                            following criteria: the planned mitigation actions have
                            been completed and the estimated risk exposure of
                            probability times impact is less than 2.

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