Risk Management is a big topic. But at its core is your risk management plan… How will you deal with a particular risk?
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Eight Steps to Create a Risk Management Plan
1. Clarify what the risk is
Characterize it, describe it, evaluate it, for:
- Proximity (time)
2. Understand root causes
3. Split it into smaller risks if possible
4. Determine how you will respond, strategically
You can choose one or more from:
- Reduce likelihood
- Reduce impact
- Create a contingency plan
- 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.
- What you will do
- Timing (schedule)
- Who will be responsible
- Resources they will need (people, assets, and materials)
- 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.
There you have it…
Your Risk Management Plan
Carefully curated video recommendations for you:
- What is Project Risk Management?
- Project Risk Management – How to Manage Project Risk
- What to Put in Your Risk Register (Risk Log)
- 6+1 Risk Management Strategies… in 60 seconds
- 5 Ways to Remove a Risk Entirely
- 4 Types of Project Risk – Different Forms of Uncertainty
- Risk Management – 5 Tips to Do it Right
What Kit does a Project Manager Need?
I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. I added my own.
Note that the links are affiliated.
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