InstructionsPart 1- students will find a current news article (online or in print) about a current political event, issue, election, debate (etc.) that has taken place within the federal level of Amer

<Project Name>

Risk Management Plan

Version Number: 1.0

Version Date: <mm/dd/yyyy>

Notes to the Author

This document is a template of a Risk Management Plan document for a project. The template includes instructions for the proper preparation of your complete risk management plan. Failure to address all of the sections will result in a deduction of points.

Project

Description

Please describe the project that will be the subject of your risk management plan.

VERSION HISTORY

Provide information on how the development and distribution of the Risk Management Plan will be controlled and tracked. Use the table below to provide the version number, the author implementing the version, the date of the version, the name of the person approving the version, the date that particular version was approved, and a brief description of the reason for creating the revised version.

TABLE OF CONTENTS

1. INTRODUCTION

1. 1. Purpose Of The Risk Management Plan

This Risk Management Plan defines how risks associated with the project will be identified, analyzed, and managed. In this section, you should outline how risk management activities will be performed, recorded, and monitored throughout the lifecycle of the project and describe at a high level the process to be used to record and prioritize risks by the Risk Manager and/or Risk Management Team.

1. risk management Procedure

1. 1. Process

In this section, you are to summarize the steps necessary for responding to project risk.

1. 1. ROLES AND RESPONSIBILITIES

In this section, you are to complete the roles and responsibilities chart, by describing the roles of the key players in your projects risk management program – i.e. Business SME, Project Manager, etc. and describe their responsibilities with respect to risk management on your project.

1. 1. Risk Identification

In this section, you are to identify who will be responsible for identifying risk, and provide a description of what information will be used to help to identify project risk – such as environmental factors, cost estimates, etc. a complete list should be included.

1. 1. 1. Methods for Risk Identification

In this section, you are to identify what specific methods will be used to assist in the identification of risks associated with your project. A complete list should be included.

The following methods will be used to assist in the identification of risks associated with <Project Name>:

1. 1. Risk Analysis

In this section, you are to generally describe how risks will be analyzed and describe how risks will be prioritized by their level of importance.

1. 1. 1. Qualitative Risk Analysis

In this section, you are to describe how you will use Qualitative Risk Analysis to conduct an analysis of potential risks to your project. You are to provide a description of who will conduct this analysis, who will assess the results of the analysis, and describe how you will define Probability and Impact – i.e. what scales will you use? You should also describe the priority level of risks that will require a risk response and contingency plan.

Probability

Impact

2.4.2 Quantitative Risk Analysis

In this section, you are to describe how you will use Quantitative Risk Analysis to conduct an analysis of potential risks to your project. You are to provide a description of who will conduct this analysis, who will assess the results of the analysis, and describe how you will define Probability and Impact – i.e. what scales will you use? You should also describe the priority level of risks that will require a risk response and contingency plan.

1. 1. Risk Response Planning

In this section, you are to describe how you will conduct risk response planning. This should include how and to whom risks will be assigned, the approach(es) to be used to address each risk.

1. 1. Risk Monitoring, Controlling, And Reporting

In this section, describe the methods and metrics that will be used to track the project’s risk status throughout the lifecycle as well as how this status will be reported to the stakeholders/ management. List factors that would need to be escalated to management. Examples: documented mitigation actions are not effective or producing the desired results; the overall level of risk is rising. This section should also include a description of how and where risk activities will be recorded and who will have access to this information.

1. 1. Risk Contingency Budgeting

In this section, you are to provide the appropriate information to effectively outline and define the budget associated with the Risk Management activities on the project. You should identify the total budget allocated to risk management and identify how the budget can be accessed. You should also describe who has the authority to authorize expenditures.

1. Tools and Practices

In this section, you are to describe what tools and techniques will be used to record and track risks and who will be responsible for maintaining the information. You should also describe the process to be used in reviewing risks.

1. Closing a Risk

In this section, you are to describe the criteria associated with determining when a risk can be closed and identify who has the authority to close a risk.

1. Lessons Learned

In this section, you are to describe how lessons learned will be identified and recorded and where this information will be stored.

Appendix A: Risk Management Plan Approval

In this section, you are to prepare a format for, and describe who, will be responsible for reviewing and signing off on the plan. You should be sure to list the individuals whose signatures are desired. Examples of such individuals are Business Owner, Project Manager (if identified), and any appropriate stakeholders. Add additional lines for signature as necessary.

APPENDIX B: REFERENCES

In this section, you are to utilize the table to list the documents associated with your risk management plan. Include the name of the document, a brief description of the document, and where the document will be physically located for staff to access each. You are to list at least three documents that you will use in the risk management planning of your project.

The following table summarizes the documents referenced in this document.

APPENDIX C: KEY TERMS

In this section, you are to list the terms and a definition for each one used in your risk management plan. You are to list at least three terms and their associated definitions. You are to select the terms which you believe may be the most difficult to understand or may offer a double meaning.