Risk Management Planning

Basic idea

Produces the Risk Management Plan (RMP): a document spelling out methodology, roles, budget, schedule, risk categories, probability/impact rules, tracking process, documentation, and contingency / fall-back plans.

Key facts

• RMP detail scales with project size — small project, light plan.
• Sections: methodology, roles, budget, categories, probability/impact, tracking, documentation, contingency, fall-back.
• Reviewed and updated through the project lifecycle.

• The output of risk management planning is a Risk Management Plan (RMP) that documents the procedures for managing risks throughout a project.
• The project team should review the RMP and understand and implement the organisation’s and sponsor’s approaches to risk management.
• The level of detail will vary with the needs of the project

The Risk Management Plan

• Methodology
• Roles and responsibilities
• Budget and Schedule
• Risk Categories
• Risk probability and impact
• Tracking
• Risk Documentation
• Contingency plans
• Fall-back plans

Siblings

• Risk Management
• Risk management process