Project Risk Management Plan Template In Excel “XLS”

Project Risk Management Plan Template In Excel “XLS”

Overview:

The Risk Management  Plan describes how risk management will be structured & performed on the project. Download a free template to use it in creating a risk management plan

The Risk Management Plan comprises four sections of risk assessment:

  • Risk Identification
  • Risk Analysis (Qualitative & Quantitative)
  • Risk Response Strategy
  • Risk Monitoring and Control

 

Risk Identification Process

Risk Identification in Risk Management Plan determines which risk might affect the project & documents their characteristics. Risk identification is an iterative process because some new risks may become known as the project progresses through its life.

The frequency of iterations & who participates in each cycle will vary from case to case. The project team is involved in this process to develop & maintain a sense of ownership of, and responsibility for, risks and associated risk response strategy.

The Risk Identification process in risk management plan leads to one of the two main segments of the Risk Analysis section.

Qualitative Risk Analysis Definition

It includes methods for prioritizing the identified risks for further action, such as Quantitative Risk Analysis or Risk Response Planning.

Qualitative Risk Analysis assesses the priority of risks by using their probability of occurring, corresponding impact on project objectives if the risks do occur, as well as other factors such as the time frame & risk tolerance of the project constraints of scope, schedule, budget, and quality.

Risk Response Planning

It is the process of developing options and determining actions to be taken to enhance opportunities & reduce threats to the objectives of the project. Planned risk responses must be appropriate to the significance of the risk, cost-effective, timely, realistic within the project context, agreed upon by all parties involved, and owned by a responsible person.

Risk Monitoring and Control

tracks identified risks, monitors residual risks, and identifies new risks, ensuring the execution of risk plans & evaluating their effectiveness in reducing risk. Risk Monitoring & Control is an ongoing process for the life of the project.




Related Materials
Individual Risk Mangement Template 
Risk Register Template

Download Template

error: Content is protected !!
0
preloader