Risk Management Planning

14 December 2010

The process of risk management planning is very complex and must be thoroughly thought out for it to achieve its goals. No matter what is included in this plan, the main objective has to be the minimizing of the effect any and all risk has on the project itself.

Risks will come from a variety of sources and the risk management planning must be fully aware and account for this. The planning process is a very complex procedure. Many project managers are finding the project management templates specifically designed to help in the process very useful.

In this type of program there are past examples of what others did in their approach to risk management planning. Not every example will be applicable but many of them will be. The most important thing to understand is the approach taken by past managers. They have had to at all times keep the end goal in sight so the project has the best possible chance of success.

All of the different stages of risk management planning are crucial. With each progressive step that builds on the previous one, so the goals of the plan can be achieved. These steps include identification, analysis, prioritizing and mitigation of the risks. Because each one is dependent on the others, a carefully thought out approach must be taken from the beginning.

The identification part of the risk management planning is for some, the most difficult part of the process. This is where the different examples can be of great use. Not every example will be applicable, but it might lead to a source that a risk could emanate from.

A project manager’s worst nightmare is to have a major risk impact their project that was not accounted for in their risk management planning process. This can not only cost the project money and resources but also a complete shutdown of the project itself.

When the process of risk management planning is being undertaken, the more information that can be gathered on the different risks the better chances of them being properly handled. No projects have zero risks, so being prepared is all a project manager can do.