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Creating a risk management plan

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Discuss some of the inputs to the risk management plan and explain their value in identifying risks and creating the risk management plan.

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The expert creates a risk management plan. The value in identifying risk and creating the risk management plan is explained.

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The idea of risk management is defined as " the effect of uncertainty on objectives, whether positive or negative".

source: http://calmap.gisc.berkeley.edu/dwh_doc_link/Technical_Background/RAM_documents/ISO+31000-2009.pdf

The following components of risk that can be planned for:

Acceptance - With this strategy the project team has either decided not to alter the project to avoid the risk, or there are no alternatives to dealing with the risks. Some projects may have a contingency fund set up with the project that can be used if risk or a change occurs. This budget can then be used to accept this risk.

Avoid - This strategy includes changing the project plan so that the risk can be avoided. Risks identified early on in the project will more ...

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