Risk Management Plan Page 4
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10The project manager will determine if any of the newly identified risk factors or events warrant
further evaluation. Those that do will undergo risk quantification and risk response development,
as appropriate, and the action item will be closed.
At any time during the project, any risk factors or events should be brought to the attention of the
Insert Project Name Here
project manager using Email or some other form of written
communication to document the item. The project manager is responsible for logging the risk to
the Risk Register. Notification of a new risk should include the following Risk Register
elements:
• Description of the risk factor or event, e.g. conflicting project or operational initiatives that
place demands on project resources, unexpected study outcomes, delays, etc.
• Probability that the event will occur. For example, a 50% chance that the vendor will not have
an animal colony that meets the criteria available.
• Schedule Impact. The number of hours, days, week, or months that a risk factor could impact
the schedule. As an example, the animals require an additional 3 months to meet age
requirements.
• Scope Impact. The impact the risk will have on the envisioned accomplishments of the project.
Delayed animal delivery may result in a reduction in the number of studies that can be completed
within the contract period of performance.
•
Quality Impact. A risk event may result in a reduction in the quality of work or products that
are developed. As an example, lack of funding caused by cost overruns may result in the
reduction of the study size and impact statistical empowerment
• Cost Impact. The impact the risk event, if it occurs is likely to have onthe project budget.
2.2 Risk Responsibilities
The responsibility for managing risk is shared amongst all the stakeholders of the project.
However, decision authority for selecting whether to proceed with mitigation strategies and
implement contingency actions, especially those that have an associated cost or resource
requirement rest with the Project Manager who is responsible for informing the funding agency
to determine the requirement for a contract modification. The following tables details specific
responsibilities for the different aspects of risk management.
Risk Activity Responsibility
Risk Identification: All project stakeholders
Risk Registry: Project Manager
Risk Assessment: All project stakeholders
Risk Response Options Identification: All project stakeholders
Risk Response Approval: PM with concurrence from CO/PO/COTR
Risk Contingency Planning; Project Manager(s)
Risk Response Management; Project Managers
Risk Reporting; Project Manager
2.3 Risk Assessment
Risk assessment is the act of determining the probability that a risk will occur and the impact that
event would have, should it occur. This is basically a “cause and effect” analysis. The “cause” is
the event that might occur, while the “effect” is the potential impact to a project, should the event
occur.
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