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5.6 Other Stakeholder(s) Group 1
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S.No. Name Department Role Email
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5.7 Other Stakeholder (s) Group 2
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6 Communication Requirements & Responsibilities
This section analyzes and captures the communication requirements of each of the Stakeholder’s group and also
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PMP - Risk Management plan & template
The document is a comprehensive risk management plan outlining the processes for identifying, analyzing, and responding to risks within a specific project. It details various components such as stakeholder communication, escalation processes, and risk monitoring and control. Additionally, it includes templates for documentation, engagement levels of stakeholders, and methodologies for qualitative and quantitative risk analysis.
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PMP - Risk Management plan & template
- 1. Risk Management Plan ProjectManagement Templates RISK MANAGEMENT PLAN 2013 Page | 1
- 2. Risk Management Plan Index Tableof Contents 1 Purpose ..............................................................................................................5 2 Scope ...................................................................................................................5 3 Audience ............................................................................................................5 4 References.........................................................................................................5 5 Glossary..............................................................................................................6 5.1 Acronyms .............................................................................................................6 5.2 Definitions ............................................................................................................7 Stakeholder Analysis...............................................................................................7 5.3 Project Team .......................................................................................................7 5.4 Sponsor ................................................................................................................8 5.5 Steering Committee ...........................................................................................8 5.6 Other Stakeholder(s) Group 1 .........................................................................9 5.7 Other Stakeholder (s) Group 2 ...................................................................... 10 6 Communication Requirements & Responsibilities ........................... 10 7 Communication Process and Technology ............................................ 15 Page | 2
- 3. Risk Management Plan 8 Communication Record .............................................................................. 17 9 Escalation Process........................................................................................ 18 9.1 Issue Categories ............................................................................................... 18 9.2 Escalation Process for Stakeholder Group 1 ............................................... 19 9.3 Escalation Process for Stakeholder Group 2 ............................................... 19 10 Purpose ............................................................................................................ 22 11 Scope ................................................................................................................. 22 12 Audience .......................................................................................................... 22 13 References....................................................................................................... 23 14 Glossary............................................................................................................ 23 14.1 Acronyms ........................................................................................................ 23 14.2 Definitions....................................................................................................... 24 15 Risk Identification ........................................................................................ 25 16 Risk List ............................................................................................................ 25 17 Qualitative Risk Analysis ........................................................................... 26 18 Quantitative Risk Analysis ........................................................................ 28 19 Risk Response Planning ............................................................................. 30 Page | 3
- 4. Risk Management Plan 20 Risk Monitoring & Control ......................................................................... 32 21 Organization & Responsibilities .............................................................. 33 Page | 4
- 5. Risk Management Plan 1Purpose 2 Scope 3 Audience 4 References Page | 5
- 6. Risk Management Plan 5Glossary 5.1 Acronyms Acronym Description PMP Project Management Plan PMO Project Management Office Page | 6
- 7. Risk Management Plan 5.2 Definitions Term Definition Stakeholder Project Stakeholders are individuals and organizations that are actively involved in the project, or whose interests maybe positively or negatively affected as a project execution or project completion. Stakeholder Analysis 5.3 Project Team S.No. Name Department Role Email Page | 7
- 8. Risk Management Plan 5.4Sponsor S.No. Name Department Role Email 5.5 Steering Committee S.No. Name Department Role Email Page | 8
- 9. Risk Management Plan 5.6 Other Stakeholder(s) Group 1 [Capture information regarding other stakeholder(s), for example a group of stakeholders at customer end.] S.No. Name Department Role Email Page | 9
- 10. Risk Management Plan 5.7 Other Stakeholder (s) Group 2 [Capture information regarding other stakeholder(s), for example a group of stakeholders at customer end.] S.No. Name Department Role Email 6 Communication Requirements & Responsibilities This section analyzes and captures the communication requirements of each of the Stakeholder’s group and also captures their responsibilities towards the other group. Page | 10
- 11. Risk Management Plan S.No. Stakeholder Communication Requirements Communication Group Responsibilities 1 Program Communicate project Updating all other Management/ objectives. stakeholder group with Project Office accurate information about the project progress. Objective expectation from all other Stakeholder group about the project aim. Remove conflict regarding any requirements Conflicting requirement Providing all relevant project information in a user friendly Communicate policies and and timely manner. standards, escalation process Any Cost or schedule Communicate success factors, overrun training benefits, deliverables quality requirements Getting up to date and Project stakeholder accurate information from the satisfaction. Project team about the status of the ongoing tasks. Page | 11
- 12. Risk Management Plan 2 Project Team Timely clarification of project Updating Project Office with related requirements ongoing tasks progress Task assigned to individual Communicate any training team members requirements to be addressed by PMO Office Any dependencies of their tasks. Seek Clarification on conflicting roles and responsibilities Resolution of Issues within the Project Team Any issue impacting their task performance Resolution of Issues with other Project Team Raise any conflict to PMO office with any team members Timely update of Issue(s) assigned to a team member. 3 Steering Summarized Project Progress Timely resolution of Committee Information. escalated Issues Summarized Issues Updating Organization level Page | 12
- 13. Risk Management Plan Information. Stakeholder with the Project Progress Deviation between Planned and Actual Schedule (s). Deviation from allocated budget. 4 Sponsor Deviation from allocated Map rewards against budget. performance. Deviation from Scope of Work. Timely resolution of escalated Issues. Project Progress Information Analyze Project Success Issues Information Contribute to Lesson Learnt Risks Project Sign off. Performance reporting of project team members Page | 13
- 14. Risk Management Plan Nonconformance of deliverables to project objectives. 5 Other Stakeholder Group 1 6 Other Stakeholder Group 2 Page | 14
- 15. Risk Management Plan 7 Communication Process and Technology This section captures the communication process used in the Project and technologies used to have effective communication. Stakeholder Communication Steps to get Desired Communication Group Requirements Information Technology Business User Up to date PMO Tool information about Project Progress Regular Send / Receive Microsoft communication with Email Exchange e-Business team Formal meeting with Face to Face Meeting members working on Meeting Minutes the project for Template clarification Program Information about PMO Tool Management/ project/Task Progress Project Office Page | 15
- 16. Risk Management Plan Regular Send / Receive Microsoft communication with Email Exchange the Project Team Formal meeting with Face to Face Meeting members working on Meeting Minutes the project Template Issues capturing Face to Face Microsoft Meeting Exchange Send/ Receive E- Mail Issue Log Template Escalation Channel Face to Face Microsoft Meeting including, Exchange Sponsor, General Manager, and Steering Issue Log Committee Template Send/ Receive E- Mail to/from above stakeholders Summarized Project Team Communication (Trouble Tickets, Issues, Resolution) Page | 16
- 17. Risk Management Plan 8 Communication Record The tabular format describes the Communication Record followed in the project. Communication Purpose Responsibility Audience/ Timing/ Type of Communication Participants/ Frequency Communicati Record Stakeholders on WSR Report Project Weekly Meeting Meeting Minutes status review reporting Steering Project Monthly or Meeting Meeting Minutes Committee Review Need base Meeting Iteration Iteration End of every Meeting Iteration Success Report Review Iteration Summary Report Email Page | 17
- 18. Risk Management Plan 9 Escalation Process This section covers the escalation process followed in the Project for speedy resolution of the issues identified in the Project. The escalation process is identified in terms of the Key resources of the Project and the next authority in line to address the issues. There shall be different escalation process for different stakeholder group identified above in this plan. 9.1 Issue Categories Escalation process depends upon the Issue categories. There shall be different escalation process and authority for different types of issues. This sections list the three different types of Issue categories identified for the Project. Technical Commercial Project Management Page | 18
- 19. Risk Management Plan 9.2Escalation Process for Stakeholder Group 1 S.No. From: Role To: Escalation Issue Category When to Escalate & Name Role & Name 9.3 Escalation Process for Stakeholder Group 2 S.No. From: Role To: Escalation Role Issue Category When to Escalate & Name & Name Page | 19
- 20. Risk Management Plan TEMPLATE7: Risk Management Plan Project Name: << >> Version: Release Date: Page | 20
- 21. Risk Management Plan DocumentInformation Author Reviewer Approver Revision History Date Version Section Change Description Author Changed Page | 21
- 22. Risk Management Plan 10 Purpose The purpose of this Risk Management Plan is to identify the risks in the project, analyze the impact of these risks and propose steps to manage them. The objectives of Project Risk Management are to increase the probability and impact of positive events, and decrease the probability of events adverse to the project. 11 Scope This document primarily concerns itself with Risks & Mitigation Plan relating to the XXX Project. Risk Management includes processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project. The scope of the document is limited to: o Risk Identification o Risk List o Qualitative Risk Analysis o Quantitative Risk Analysis o Risk Response Planning, and o Risk Monitoring & Control 12 Audience The intended audience of this document is: o Page | 22
- 23. Risk Management Plan 13References o o 14 Glossary 14.1 Acronyms Acronym Description Page | 23
- 24. Risk Management Plan 14.2 Definitions Term Definition Risk Risk is an uncertain event or condition, that if occurs, has a positive or negative effect on project objective, such as cost, time, scope, or quality. A risk has a cause and, if it occurs, a consequence. Stakeholder Project Stakeholders are individuals and organizations that are actively involved in the project, or whose interests may be positively or negatively affected as a project execution or project completion. Page | 24
- 25. Risk Management Plan 15 Risk Identification Risk identification involves determining which risks might affect the project and documenting their characteristics. It is an iterative process. Risks are identified throughout the project life cycle. Following Risk Identification process shall be followed in XXX project. 16 Risk List This section lists all identified Risks in the XXX Project. This is the list of Risks as of now and subject to change as the project progresses. Project Manager shall be responsible to continuously update the risk list. Risk Risk Description Risk Category Identified No During R 001 R 002 R 003 R 004 Page | 25
- 26. Risk Management Plan R 005 R 006 R 007 R 008 R 009 R 010 17 Qualitative Risk Analysis Qualitative Risk Analysis is the process of assessing the impact and likelihood of identified Risks. Based on this analysis, the prioritized risks shall be identified and further analyzed and managed. Risk Probability and Impact Assessment: investigates the likelihood that each risk will occur. Risk impact assessment investigates the potential effect on a project objective such as time, cost, scope, or quality, including both negative effects for threats and positive effects for opportunities. The analysis is done in terms of Risk probability and Risk consequences. Risk probability is the likelihood that Risk will occur. Risk consequence is the effect on project objectives if the risk event occurs. Both the parameters are described in three qualitative levels, which are Low, Medium and High. Page | 26
- 27. Risk Management Plan TheProbability –Impact (PI) value is the multiplication of Probability and Impact. Its value is calculated with the following equation. Risk Probability (P) Risk Impact (I) PI Value High High Very High High Medium High High Low Medium Medium High High Medium Medium Medium Medium Low Low Low High Medium Low Medium Low Low Low Low Page | 27
- 28. Risk Management Plan Risk Risk Description Risk Risk Impact PI Value No Probability (I) (P) R 001 R 002 R 003 R 004 R 005 R 007 18 Quantitative Risk Analysis The quantitative Risk Analysis process aims to analyze numerically the probability of each risk and its consequence on project objectives. The Risk Probabilities are measured on a scale of 1 to 1.0 and these values correspond to 10% probability of Risk happening to 100%. The impact of the Risk is captured also on a scale of 1 to 10. Page | 28
- 29. Risk Management Plan ThePI value is multiplication of these values and all Risks who have a PI value of less than four are not considered for Risk response planning. However, these calculations shall be periodically reviewed by the PMO. Risk Risk Description Risk Risk PI Value No Probability Impact (I) (P) R 001 R 002 R 003 R 004 R 005 R 007 Page | 29
- 30. Risk Management Plan 19 Risk Response Planning Risk response planning is the process of developing options and determining actions to enhance opportunities and reduce threats to the project objectives. It includes the identification and assignment of one or more persons (risk response owner) to take responsibility for each agreed to risk response. One of the following four approaches shall be used to respond to the Risk. o Avoidance: Risk Avoidance is changing the Project Plan to eliminate the Risk or to protect the Project objectives from its impact. o Transference: Risk Transference is to shift the consequence of the Risk to a third party together with ownership of the response. o Mitigation: Risk Mitigation is to reduce the probability or consequence of an adverse Risk event to an acceptable threshold. o Acceptance: Risk Acceptance is to accept the risk as it is and have a contingency plan in case it occurs. Risk Risk Description Risk Response Risk Response Page | 30
- 31. Risk Management Plan No Technique R 001 R 002 R 003 R 004 R 005 R 007 R 008 R 009 R 010 Page | 31
- 32. Risk Management Plan 20 Risk Monitoring & Control Risk monitoring and control is the process of keeping track of the identified Risks, identifying new Risks, ensuring the execution of the risk response plan and evaluating their effectiveness in reducing Risks. Risk monitoring & control shall be done throughout the project lifecycle. Recommended Corrective Actions: include Contingency plans and Workaround Plans. The latter are responses that were not initially planned, but are required to deal with emerging risks that were previously unidentified or accepted passively. Recommended Preventive Actions: These are used to bring the project into compliance with the project management plan. Risk Review and Risk No Risk Description Update on Risk Status Reporting Schedules R 001 R 002 R 003 R 004 R 005 R 007 Page | 32
- 33. Risk Management Plan 21 Organization & Responsibilities This section lists the organization responsibilities of the project with respect to Risks. Person Role (s) Tasks & Responsibilities Page | 33