How to do Risk Management
Template Tips: How to develop a robust “Risk Plan”
A key document created during this phase is the Risk Plan. A Risk Plan outlines the foreseeable project risks and provides a set of actions to be taken to both prevent the risk from occurring and reduce the impact of the risk should it eventuate. To develop a Risk Plan:
- List all of the foreseeable risks during the project
- Rate the likelihood of each risk occurring
- Assess the impact on the project should each risk occur
- Prioritise the overall importance of each risk
- Identify a set of preventative actions needed to reduce the likelihood of each risk occurring
- Create a set of contingent actions needed to reduce the impact of each risk should it eventuate
- Document the process for managing risks throughout the project.
Project Tips: How to undertake Issue Management
Issue Management is the method by which issues currently affecting the ability of the project to produce the required deliverable are formally managed. A project issue may be identified at any stage of the project by completing an Issue Form.
An Issue Form is a document which is completed by a member of the project to raise with management a new project issue affecting the scope, deliverables, timeframes and/or resources. The Issue Form will include:
- Summarised project information (such as name, delivery date)
- A detailed description of the particular issue identified
- A full description of the impact of the issue on the project
- A rating of the impact of the issue on the project
- A list of recommended actions needed to resolve the issue
- A formal approval section for authorisation of the issue actions.
After completing an Issue Form and logging the details in the Issue Register, the issue is evaluated by the Project Manager and a set of actions undertaken to resolve it.