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\nHow to Create a Risk Management Plan\n

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\nRisk Management is a big topic. But at its core is your risk management plan... How will you deal with a particular risk?Eight Steps to Create a Risk Management Plan1. Clarify what the risk isCharacterize it, describe it, evaluate it,...\nRisk Management is a big topic. But at its core is your risk management plan... How will you deal with a particular risk?


Eight Steps to Create a Risk Management Plan
1. Clarify what the risk is
Characterize it, describe it, evaluate it, for:
1. Impact
2. Likelihood
3. Proximity (time)
2. Understand root causes
3. Split it into smaller risks if possible
For each…
4. Determine how you will respond, strategically
You can choose one or more from:
1. Eliminate
2. Reduce likelihood
3. Reduce impact
4. Transfer
5. Create a contingency plan
6. Accept (and do nothing more)
5. For each strategy, determine the tactics and approaches you can take.
Evaluate them and document the best
6. Write up your action plan.
Include:
1. What you will do
2. Timing (schedule)
3. Who will be responsible
4. Resources they will need (people, assets, and materials)
5. Budget
6. Review points
7. Determine residual risk
If you follow your action plan, what, if any, risk remains?
8. Document further contingency plans,
…if needed, to handle the realization of this residual risk.\n
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Resource Details

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Media Length
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3:40
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Grade
10th - Higher Ed
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Subjects
Career & Technical Education
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Media Type
Instructional Videos
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Source:
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\nOnline PM Courses\n\n
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Date
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2021
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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risks
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Additional Tags

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risk management plan, plan risk management, risk mitigation plan, project risk management training, risk management, risk management in project management, project risk management, risk management process, risk management (industry), project management, risk assessment, project manager, risk mitigation, project management tutorial, project management fundamentals, project management 101, project management for beginners, project management basics, risk, risk analysis, strategic responses, contingency plan, residual risk, plan, action, sequence, individual, taking, straightforward, identify, understand, step, describe, evaluate, impact, likelihood, manage, mitigate, address, thing, determine, response, reduce, document, intend, actions, process, steps
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