Completing Risk Management Planning

Planning for risk happens in—surprise, surprise!—planning meetings, where the project team develops the risk management plan and analyzes the inputs previously mentioned to make the best decisions for the current project. While the project team is the primary participant at the risk management planning meeting, the attendees may actually include the project manager, stakeholders, and other individuals within an organization that influence the risk management processes.

The purpose of these risk management meetings is to create the risk management plan and to define the cost and schedule for risk management activities. Let's face facts: It'll take time and monies for most projects to identify, test, and challenge the risks that may exist within the project. These initial meetings allow monies and time to be incorporated within the project. Risk responsibilities are also assigned in these meetings, as are the risk terminologies the project will use. Risk management planning also defines and tailors the following for the project:

• Risk templates the project should use

• Definitions and terms for risk levels

• Probability according to risk type

• Guidelines for the risk and impact matrix to be used during risk analysis

Project Management Made Easy

Project Management Made Easy

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.

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