Trebuchet 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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