According to the PMBOK, a risk management plan for a project is a formal document that describes how to deal with specific risks and what risk managing actions can be taken in order to mitigate or remove threats to the project activities and outcomes (PMI, 2017). You can use risk planning to identify potential problems that could cause trouble for your project, analyze how likely they are to occur, take action to prevent the risks you can avoid, and minimize the ones that you can’t.
During week 2 of the course, we will discuss and apply the following topics:
Analyze core principles and explore opportunities for utilizing risk management planning.
Evaluate and apply risk management planning within the context of project management.
Create and present a risk management presentation focusing on a section(s) as directed to fulfill this week’s learning objectives.
Bill Baumbas was especially pleased with your presentation and is now excited about digging deeper into the project risk management processes, related tools and techniques, and outputs. Bill took away from your presentation the idea that the first thing his project managers need to start when planning for how they will manage their project uncertainties is to develop a project risk management plan. Go to the discussion board and discuss with your classmates what the contents of a risk management plan should be, how it might be developed iteratively throughout the overall project planning process, and integrated with other project management plans such as the scope, schedule, cost, and quality management plans.