Question 1: What is the risk management plan?
Answer 5: According to the Project Management Institute’s Project Management Body of Knowledge, secondary risks are risks arising as a direct result of implementing a risk response. Residual risks are all the risks upon which you have determined to not act. They are the risks that are the low probability or low impact as well as the risks that you have decided to accept and for which you have created response plans.
Answer 1: The risk management plan is the comprehensive document that pulls together all the risks, assessment results, and response plans. It can be a stand-alone document, a series of smaller documents, or incorporated into the overall project plan.
Question 2: What is the format of the risk management plan?
Answer 2: The format that you choose depends upon the level of intensity of your project, the formality that is expected from a project manager, and the volume of risks that you have. The plan may be shared as a presentation, a narrative, or a simple conversation. The format is not critical, but the content is.
Question 3: What content should be included?
Answer 3: The risk management plan should contain the following information:
Risk management approach: This is a description of what “methodology” was used for the identification and assessment of the risks.
Risk listing: This is prioritized by risk score results or by probability or impact.
Risk strategies: These are descriptions of the risk prevention, impact reduction, and response planning actions. The strategies may be organized by strategy, project constraint, or priority.
Communication strategies: These are descriptions of the ways in which the risk management plan will be communicated to the organization.
Question 4: How is the risk management plan used throughout the project?
Risk listing: This is prioritized by risk score results or by probability or impact.
Risk strategies: These are descriptions of the risk prevention, impact reduction, and response planning actions. The strategies may be organized by strategy, project constraint, or priority.
Communication strategies: These are descriptions of the ways in which the risk management plan will be communicated to the organization.
Question 4: How is the risk management plan used throughout the project?
Answer 4: As the project manager, you use the risk management plan in several capacities, as follows:
During planning: You incorporate the elimination and reduction actions into your project schedules, staffing plans, budgets, vendor arrangements, and so forth.
During project execution: As risks occur during the project, you refer to the plan to execute the response plans. You also update the risk list, probabilities or impacts, and plans as the project changes and new risks present themselves.
At project closure: You review the risks, probabilities, impacts, and responses at the end of the project to determine the learnings and how to conduct better risk management on future projects.
Question 5: What are residual risks and secondary risks?
During project execution: As risks occur during the project, you refer to the plan to execute the response plans. You also update the risk list, probabilities or impacts, and plans as the project changes and new risks present themselves.
At project closure: You review the risks, probabilities, impacts, and responses at the end of the project to determine the learnings and how to conduct better risk management on future projects.
Question 5: What are residual risks and secondary risks?
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