Join Bob McGannon for an in-depth discussion in this video The components of a risk plan, part of Project Management Foundations: Risk.
The problem with risk on projects…is that it can happen at any time,…with wide degrees of negative impact.…Murphy's Law, which states that,…"If anything can go wrong, it will,"…is well and truly enforced with projects.…In fact, I believe Murphy has relatives,…and they all live in project circles.…So, how do you control this potential chaos?…You build a risk plan.…Analyzing risk on a project is all about…looking at the impact and likelihood…of identified events.…
Documenting these events, and how you will…address them, is what's known as a risk plan.…And a risk plan can be one of your…most valuable project tools.…Let's examine a risk plan and its components.…The definition of a risk plan is a document…that describes how project risk management…will be structured and performed on a project.…The key word here is "describes."…You are best served when you know how you will…identify risk on your project, and determine…what those risks can mean for the project.…
This is the objective of the risk plan.…The first element of the risk plan…
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- Incorporating risk management into your project
- Identifying risk
- Categorizing risks
- Performing qualitative and quantitative risk analysis
- Building a risk-response plan
- Deciding when to execute a risk-response plan<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.