These improvements will be captured as part of the lessons learned knowledge base. Here the Risk Management Plan explains the process by which the risks associated with this project were identified. It should describe the method s for how the project team identified risks, the format in which risks are recorded, and the forum in which this process was conducted. Typical methods of identifying risks are expert interview, review historical information from similar projects and conducting a risk assessment meeting with the project team and key stakeholders.
For this project, risk identification was conducted in the initial project risk assessment meeting. The method used by the project team to identify risks was the Crawford Slip method. The project manager chaired the risk assessment meeting and distributed notepads to each member of the team and allowed 10 minutes for all team members to record as many risks as possible. Expert Interview Two Expert Interviews were held for this project. The interviews revealed several risks which were then mitigated by making changes to the project plan.
The remaining risks are included in the Risk Register. Risk Assessment Meeting A risk assessment meeting was held with key team members and stakeholders.
The risks identified during this meeting were added to the project plan and Risk Register. Historical Review of Similar Projects The project team reviewed the history of similar projects in order to determine the most common risks and the strategies used to mitigate those risks.
Once risks are identified it is important to determine the probability and impact of each risk in order to allow the project manager to prioritize the risk avoidance and mitigation strategy. Risks which are more likely to occur and have a significant impact on the project will be the highest priority risks while those which are more unlikely or have a low impact will be a much lower priority. This is usually done with a probability — impact matrix.
This section explains risks were qualified and prioritized for this project. For more information on how to qualify and prioritize risks refer to our Risk Assessment Meeting Guide. In order to determine the severity of the risks identified by the team, a probability and impact factor was assigned to each risk. This process allowed the project manager to prioritize risks based upon the effect they may have on the project.
The project manager utilized a probability-impact matrix to facilitate the team in moving each risk to the appropriate place on the chart. This section of the Risk Management Plan template should discuss how the risks in the project will be actively monitored. One effective way to monitor project risks is to add those risks with the highest scores to the project schedule with an assigned risk manager.
This allows the project manager to see when these risks need to be monitored more closely and when to expect the risk manager to provide status updates at the bi-weekly project team meetings. The key to risk monitoring is to ensure that it is continuous throughout the life of the project and includes the identification of trigger conditions for each risk and thorough documentation of the process.
The most likely and greatest impact risks have been added to the project plan to ensure that they are monitored during the time the project is exposed to each risk.
At the appropriate time in the project schedule a Risk Manager is assigned to each risk. During the bi-weekly project team meeting the Risk Manager for each risk will discuss the status of that risk; however, only risks which fall in the current time period will be discussed.
Use this template now. This construction risk management plan example showcases what your risk management plan should include, and is free to use and customise for your own needs.
A properly documented and organised risk management plan helps companies to: Outline the project management, financial, legal, safety and environmental risks associated with work Score and prioritise these risks on a point scale consequence x likelihood Create a risk action plan to tackle these risks and either: Avoid the risk entirely Mitigate the risk Transfer the risk Accept the risk and take necessary cost-benefit precautions This construction risk management plan example comes pre-built with the structure you need to properly create and maintain a risk management plan for your projects - and you can edit it to suit your projects as you need.
Construction Risk Management Plan example. Preview the full template. How can this digital construction risk management plan example be used and customised for your projects? Quickly preview how this digital construction risk management plan will work for you. Open the entry from Dave Hodgson and even try editing the template. Furthermore, a risk breakdown structure RBS must be created for potential risk categories.
So, it helps to figure out details of potential risks associated with the project risk category. The project risk management plan template excel is not limited to project risk identification. The most important thing is to find out the criticality of a risk. It is important to know the probabilities of risk occurrence and possible impact on the project quality, performance, schedule. So, the risk management team performs quantitative and qualitative risk analysis.
This analysis helps to understand the impact and severity of potential risks on the project functions. Thus, risk response and mitigation strategies are implemented accordingly.
Further, the risk managers define a risk score to potential risks keeping in view their probability of occurrence and impact on the project quality, budget, and timeline. So, the risk response strategy follows the risk score as a risk prioritization factor.
Although, there are several approaches and analyses for the risk analysis. The risk assessment matrix is one of the best tools in this regard. So, a risk analysis or risk evaluation part of the project risk management plan template Excel XLS focus on understanding the potential risks based on their impact, severity, and likelihood of occurrence. The risk response planning or risk mitigation is the third and most important part of the project risk mitigation plan template.
Its focus is to develop and devise strategies to reduce the impact and minimize the likelihood of risk occurrence. The main focus is to make the probability of risk occurrence equivalent to zero.
So, the risk team makes an action plan to minimize the impact of potential risks on the project key performance indexes. Further, the creation of the project contingency plan is also important. So, if anything goes wrong during project execution. The project contingency plan should be there to help in the dying situation. Thus, risk mitigation planning and contingency planning are two main functions of the risk response planning part of the project risk management plan template.
Furthermore, risk response planning is also an iterative approach that keeps on working during the project execution stage as well. There are several risk response strategies. However, the project manager must identify the type of risk.
So, the risk response is relevant to the nature of risk. Thus, the project risk management plan template XLS helps to adopt the following threat or negative risk response strategies:. Similarly, the following positive risk or opportunity response strategies are possible to implement using the project risk management plan template google sheets.
This strategy focuses on approaching the top management to take the responsibility of risk. As the lower team does not have the power to take steps and realize the opportunity. This strategy is opposite to mitigation as the risk management team takes steps to increase the probability of risk occurrence.
So, it can be realized. This strategy focuses on ensuring the realization of risk. So, the steps to make sure the realization of opportunity is taken. This strategy focuses not on taking any steps to realize the opportunity. So, if it realizes on its own, the project will take its advantage.
Monitoring and control are one of the process groups of project management. It helps to ensure the accurate implementation of the project plan. Thus, the project risk management plan template excel uses the monitoring and control function to ensure the execution of a risk management plan.
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