Question

Suppose you are responsible for a project to build an application that is going to collect

all the training opportunities for any summer training program. The purpose of the application is to allow the user to search for the most suitable opportunity for him using different search criteria such as GPA and salary. How you would make a Risk Management plan for such a project?

I want a Risk Management plan for this project. thanks.

Answer 1

Elements of a Risk Management Plan

For every web design and development project, construction project or product design, there will be risks. That’s truly just the nature of project management. But that’s also why it’s always best to get ahead of them as much as possible by developing a risk management plan. There are typically a handful of elements that make up a risk management plan, and they are outlined below.

1. Identify Risks

Risk identification occurs at the beginning of the project, as well as throughout the project. While many risks are considered “known risks”, others might require additional research to discover.

To identify risks, create a risk identification checklist that is specific to your project type. You can do this by interviewing all stakeholders and industry experts. Additionally, create a risk repository that you can share with everyone you interviewed for a centralized location of all known risks revealed during the identification phase.

Many risks can be divvied up into categories, like technical or organizational, and listed out by specific sub-categories like technology, interfaces, performance, logistics, budget, etc.

2. Map Out Impact Versus Likelihood

In this next phase, you’ll review the qualitative and quantitative impact of the risk—like the likelihood of the risk occurring versus the impact it would have on your project—and map that out into a matrix or spreadsheet.

First, you’ll do this by assigning the risk likelihood a score from low probability to high probability. Then, you’ll map out your risk impact from low to medium to high and assign each a score. This will give you an idea of how likely the risk is to impact the success of the project, as well as how urgent the response will need to be.

3. Plan Your Risk Response

Planning your risk response usually includes three main concepts: eliminating your risk and lowering both the impact of the risk on the project as well as the risk occurrence. Doing this usually comes with a price—at the expense of your time, or your budget. So you’ll want to have your time, money and scope explicitly mapped out prior to creating your risk management plan.

4. Assign an Owner to the Risk

Additionally, you’ll also want to assign a risk owner to each risk. While the default is usually the project manager, you’ll want to be specific. When you create your matrix, list out the owner of each risk, that way no one is confused as to who will need to implement the response once the risk occurs, and owners can take immediate action.

5. Understand Your Triggers

This can happen with or without a risk already having impacted your project—especially during project milestones as a means of reviewing project progress. If they have, consider reclassifying those existing risks.

Even if those triggers haven’t been met, it’s best to come up with a backup plan as the project progresses—maybe the conditions for a certain risk won’t exist after a certain point has been reached in the project.

6. Make a Backup Plan

Consider your risk impact and probability matrix a living document. Your risks can change in classification at any point during your project, and because of that, it’s important you come up with a contingency plan as part of your process.

7. Measure Your Risk Threshold

Measuring your risk threshold is all about discovering which risk is too high and consulting with your stakeholders to consider whether or not it’s worth it to continue the project—worth it whether in time, money or scope.

Risk management plans only fail in a few ways: incrementally because of insufficient budget, via modelling errors or by ignoring your risks outright.