Risk Assessment Workshet And Management Plan Template (Page 2 of 12) in pdf

Risk Assessment Worksheet and Management Plan

have cost more.

Find out your team's confidence level. If the resources that will do the work aren't comfortable with your

cost or duration estimates, then the risk is more likely to occur.

Once the impact and probability has been determined, you will want to prioritize which risks are going to be actively

managed focusing on the following order in priority (you might want to modify this priority table according to your

organization’s sensitivities):

IMPACT

High

Medium

Low

High

Medium

Low

Managing Risks

Once you've identified and qualified the risks, you need to plan to manage them. Because risk planning can take a lot of

time and energy, you may want to plan for only the high-priority risks (priority 1) or the medium to high-priority risks

(priorities 1 to 3). Planning entails:

•

Identifying triggers for each risk

•

Identifying the plan for each risk

Identify Triggers

Triggers are indicators that a risk has occurred or is about to occur. The best triggers tell you well in advance that a

problem will occur.

To identify triggers, talk with the people who are most likely to cause the risk to occur and those who are most likely

to feel its impact. Ask them how they would know that the problem is occurring. Start with how they would know

that the problem has already occurred, and then work backward to determine how they would know before the

problem actually occurred. As the project manager, consider how the risk would be reflected in the project schedule.

Would the project schedule show overtime for a specific resource on earlier tasks? Would the project schedule show

delays in specific tasks?

For each risk you're addressing, create a watchlist that shows the possible triggers, when they are likely to occur, and

who should watch for the trigger.

Identify Plans

Once you've identified triggers and created your watchlist, you need to create action plans to manage your risks. You

can choose to manage risks in one of four basic ways:

•

Avoidance – You can change the project plan and project schedule to eliminate the risk or to protect the project

objectives from its impact. More in-depth planning or requirements gathering may be one way to avoid a risk

later in a project. Reducing scope to avoid high-risk activities, adding resources, or adding time may be other

ways to avoid risk. For example, if you're dependent on a single resource with specific expertise, consider training

another resource in that expertise.

•

Transference – Risk transference is seeking to shift the consequence of a risk to a third party together with the

ownership of the response. It does not eliminate the risk. You can buy insurance to cover the cost of a risk item

occurring. Another transference technique is to enter into a fixed price contract, which transfers the risk to the

Form risk_management.doc

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Risk Assessment Workshet And Management Plan Template Page 2

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