Project teams hold planning meetings to develop the risk management plan. Attendees at these meetings may include the project manager, selected project team members and stakeholders, anyone in the organization with responsibility to manage the risk planning and execution activities, and others, as needed.
High-level plans for conducting the risk management activities are defined in these meetings. Risk cost elements and schedule activities will be developed for inclusion in the project budget and schedule, respectively. Risk contingency reserve application approaches may be established or reviewed. Risk responsibilities will be assigned. General organizational templates for risk categories and definitions of terms such as levels of risk, probability by type of risk, impact by type of objectives, and the probability and impact matrix will be tailored to the specific project. If templates for other steps in the process do not exist, they may be generated in these meetings. The outputs of these activities will be summarized in the risk management plan.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.