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Risk Management Essay

1616 words - 7 pages

Defense Logistics Information Service

RISK MANAGEMENT PLAN

IS3110
FINAL PROJECT PART 1

TABLE OF CONTENTS

1.0 INTRODUCTION 3
1.1 Purpose Of The Risk Management Plan 3

2.0 risk management Procedure 3
2.1 Process 3
2.2 ROLES AND RESPONSIBILITIES 3
2.3 Risk Identification 4
2.3.1 Methods for Risk Identification 4
2.4 Risk Analysis 4
2.4.1 Qualitative Risk Analysis 4
2.4.2 Quantitative Risk Analysis 5
2.5 Risk Response Planning 5
2.6 Risk Monitoring, Controlling, And Reporting 6
2.7 Risk Contingency Budgeting 7

3.0 Tools And Practices 7
...view middle of the document...

risk management Procedure

1 PROCESS

THE PROJECT MANAGER WORKING WITH THE PROJECT TEAM AND PROJECT SPONSORS WILL ENSURE THAT RISKS ARE ACTIVELY IDENTIFIED, ANALYZED, AND MANAGED THROUGHOUT THE LIFE OF THE PROJECT. RISKS WILL BE IDENTIFIED AS EARLY AS POSSIBLE IN THE PROJECT SO AS TO MINIMIZE THEIR IMPACT. THE STEPS FOR ACCOMPLISHING THIS ARE OUTLINED IN THE FOLLOWING SECTIONS. THE PROJECT MANAGER WILL SERVE AS THE RISK MANAGER FOR EACH PROJECT.

2 ROLES AND RESPONSIBILITIES

|ROLE |RESPONSIBILITIES |
|BUSINESS SME (BSME) |THE BSME ASSISTS IN IDENTIFYING AND DETERMINING THE CONTEXT, CONSEQUENCE, IMPACT, TIMING, AND |
| |PRIORITY OF THE RISK. |
|RISK MANAGER OR PROJECT MANAGER |THE RISK MANAGER OR PM IS A MEMBER OF THE INTEGRATED PROJECT TEAM (IPT). THE RISK MANAGER OR PM |
|(PM) |DETERMINES IF THE RISK IS UNIQUE, IDENTIFIES RISK INTERDEPENDENCIES ACROSS PROJECTS, VERIFIES IF |
| |RISK IS INTERNAL OR EXTERNAL TO PROJECT, ASSIGNS RISK CLASSIFICATION AND TRACKING NUMBER. DURING |
| |THE LIFE OF THE PROJECT, THEY CONTINUALLY MONITOR THE PROJECTS FOR POTENTIAL RISKS. |
|INTEGRATED PROJECT TEAM |THE IPT IS RESPONSIBLE FOR IDENTIFYING THE RISKS, THE DEPENDENCIES OF THE RISK WITHIN THE PROJECT,|
| |THE CONTEXT AND CONSEQUENCE OF THE RISK. THEY ARE ALSO RESPONSIBLE FOR DETERMINING THE IMPACT, |
| |TIMING, AND PRIORITY OF THE RISK AS WELL AS FORMULATING THE RISK STATEMENTS. |
|RISK OWNER(S) |THE RISK OWNER DETERMINES WHICH RISKS REQUIRE MITIGATION AND CONTINGENCY PLANS, HE/SHE GENERATES |
| |THE RISK MITIGATION AND CONTINGENCY STRATEGIES AND PERFORMS A COST BENEFIT ANALYSIS OF THE |
| |PROPOSED STRATEGIES. THE RISK OWNER IS RESPONSIBLE FOR MONITORING AND CONTROLLING AND UPDATING |
| |THE STATUS OF THE RISK THROUGHOUT THE PROJECT LIFECYCLE. THE RISK OWNER CAN BE A MEMBER OF THE |
| |PROJECT TEAM. |
|OTHER KEY STAKEHOLDERS |THE OTHER STAKEHOLDERS ASSIST IN IDENTIFYING AND DETERMINING THE CONTEXT, CONSEQUENCE, IMPACT, |
| |TIMING, AND PRIORITY OF THE RISK. |

3 RISK IDENTIFICATION

RISK IDENTIFICATION WILL INVOLVE THE PROJECT TEAM, APPROPRIATE STAKEHOLDERS, AND WILL INCLUDE AN EVALUATION...

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