Risk Management Strategy
1. Risk Identification:
Risk Assessment Questionnaire
Project Planning Risk Assessment checklist
Augmented to include other specific risk
2. Risk Categorization:
3. Risk Impact Assessment:
Risk Probability / Occurrence
Its effect on Project objectives
Risk Severity = Impact Score
4. Risk Prioritization:
. Risk Response Planning:
Determine the options & actions to reduce
Cost Vs. Expected Effectiveness (Determine)
Describe Actions to be taken to mitigate Risk
Sign & Symptoms that may indicate Risk event occurrence.
Contingency Plan (Action, When Risk Occurs)
Assign Responsibilities for each agreed-upon response.
Assign “Due Date” where Risk Response is Time-Sensitive.
6. Risk Response Tracking:
Document for action taken to mitigate Risk, Date, when risk event occurred (contingency plan), any subsequent action taken
7. Risk Monitor:
Ensure all requirements of Risk Management Plan.
Assess current defined risks as defined in RRP
Evaluate effectiveness of action taken
Identify status of actions to be taken
Validate Previous Assumptions / State New A.
Identify new Risk & Track Risk – Response.
Establish Communications.
8. Risk Control:
Assess impact on taken action (Cost, Time & Resources)
Ensure Change control associated with proposal change.
Validate mitigation strategies & Alternatives
Take Corrective action when actual event occur.
Revise Risk Assessment Queue, checklist, docs, communication, and response plan.