Question

A. Plan Risk Management is the process of defining how to conduct risk management activities for a project. As the project manager describes the content of the output which will be the risk management plan.   

Answer 1

A risk management plan is a document that the project manager prepares to anticipate the risk, assess the impact and determine the risk response. There is also a risk assessment matrix.

The risk is "an uncertain event or situation that, if it does, has a positive or negative effect on the project objectives." Risks are present in every project and the project manager must constantly assess the risks and plan accordingly. The risk management plan includes an analysis of the risks that may have both high and low impacts, as well as mitigation strategies to help the project avoid disruptions if common problems occur. The risk management plan should be reviewed periodically by the project team to avoid analysis aging and not reflect the project's potential potential risks.
Risks can come from a variety of sources, including financial market uncertainties, threats of project failure (at any stage of design, development, production, or life cycle), legal obligations, credit risk, natural causes and risks. Deliberate catastrophe, enemy attack, or event with unknown root causes or unpredictability. There are two types of events, namely. Negative events can be classified as risk while positive events are classified as opportunities. Risk management standards are developed by various institutions, including the Institute of Project Management, the National Institute of Standards and Technology, the Social and Social Standards, and the ISO Standards. Methods, definitions and objectives differ depending on whether the risk management approach is in the context of project management, security, engineering, industrial processes, financial portfolio, practical assessment, or public health and safety.

Threat management strategies (uncertainty with negative consequences) usually include avoiding threats, reducing negative impacts or the possibility of transferring all or part of the threat to other parties, and even preventing potential repercussions. Or some or all of the actual effects of a particular threat. . The opposite strategy can be used to respond to opportunities (future states are uncertain with benefits).

Risk management standards have been developed that have been criticized for lack of measurable improvement in risk while confidence in assessment and decision-making has increased. For example, one study found that one of the six IT projects was "Swan Black", which was too large (over 200% overhead and over 70% schedule).