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All of the following should be included in the risk management plan EXCEPT: A. Budgeting, timing, risk categories B. Methodology, roles and responsibilities C. Risk register D. Stakeholders tolerance, reporting formats E. P-l matrix
The risk management isn’t reactive only; it should be part of the planning process to figure out risk that might happen in the project and how to control that risk if it in fact occurs. So Risks are potentialities, and in a project management context, if they become realities, they then become classified as “issues” that must be addressed. So risk management, then, is the process of identifying, categorizing, prioritizing and planning for risks before they become issues.
On large-scale projects, risk management strategies might include extensive detailed planning for each risk to ensure mitigation strategies are in place if issues arise. For smaller projects, risk management might mean a simple, prioritized list of high, medium and low priority risks.
I have to write a very detailed project charter, with my project vision, objectives, scope and deliverables. This way risks can be identified at every stage of the project. Then I’ll want to engage my team early in identifying any and all risks.
Risk management is an ongoing process that continues through the life of a project. It includes processes for risk management planning, identification, analysis, monitoring and control. Many of these processes are updated throughout the project lifecycle as new risks can be identified at any time. It’s the objective of risk management to decrease the probability and impact of events adverse to the project. On the other hand, any event that could have a positive impact should be exploited.
C. Risk register ---------------------