Discuss some of the inputs to the risk management plan and explain their value in identifying risks and creating the risk management plan.
* This question is not for a company. This is a general question which I am having difficulty with© BrainMass Inc. brainmass.com June 4, 2020, 3:07 am ad1c9bdddf
Thanks for your question!
The idea of risk management is defined as " the effect of uncertainty on objectives, whether positive or negative".
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 ...
The expert creates a risk management plan. The value in identifying risk and creating the risk management plan is explained.