The Meeting

Sponsor: I simply do not understand this document you sent me entitled "Risk Management Plan." All I see is a work breakdown structure with work packages at level 5 of the WBS accompanied by almost 100 risk events. Why am I looking at more than 100 risk events? Furthermore, they're not categorized in any manner. Doesn't our project management methodology provide any guidance on how to do this?

PM: All of these risk events can and will impact the design of the final product. We must be sure we select the right design at the lowest risk. Unfortunately, our project management methodology does not include any provisions or guidance on how to develop a risk management plan. Perhaps it should.

Sponsor: I see no reason for an in-depth analysis of 100 or so risk events. That's too many. Where are the probabilities and expected outcomes or damages?

PM: My team will not be assigning probabilities or damages until we get closer to prototype development. Some of these risk events may go away altogether.

Sponsor: Why spend all of this time and money on risk identification if the risks can go away next month? You've spent too much money doing this. If you spend the same amount of money on all of the risk management steps, then we'll be way over budget.

PM: We haven't looked at the other risk management steps yet, but I believe all of the remaining steps will require less than 10 percent of the budget we used for risk identification. We'll stay on budget.

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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