Risk Management - How to Create a Risk Management Plan

Risk Management is a big topic. But at its core is your risk management plan... How will you deal with a particular risk? Eight Steps to Create a Risk Management Plan 1. Clarify what the risk is Characterize it, describe it, evaluate it, for: 1. Impact 2. Likelihood 3. Proximity (time) 2. Understand root causes 3. Split it into smaller risks if possible For each… 4. Determine how you will respond, strategically You can choose one or more from: 1. Eliminate 2. Reduce likelihood 3. Reduce impact 4. Transfer 5. Create a contingency plan 6. Accept (and do nothing more) 5. For each strategy, determine the tactics and approaches you can take. Evaluate them and document the best 6. Write up your action plan. Include: 1. What you will do 2. Timing (schedule) 3. Who will be responsible 4. Resources they will need (people, assets, and materials) 5. Budget 6. Review points 7. Determine residual risk If you follow your action plan, what, if any, risk remains? 8. Document further contingency plans, …if needed, to handle the realization of this residual risk. Recommended Videos Carefully curated video recommendations for you: 🎬 What is Project Risk Management? https://youtu.be/QgALrPHrsk4 🎬 Project Risk Management - How to Manage Project Risk https://youtu.be/xXV_gjtXMSk 🎬 What to Put in Your Risk Register (Risk Log) https://youtu.be/vkEPGFVVwfM 🎬 6+1 Risk Management Strategies... in 60 seconds https://youtu.be/64566-iGE50 🎬 5 Ways to Remove a Risk Entirely https://youtu.be/I5V-bhSagBk 🎬 4 Types of Project Risk - Different Forms of Uncertainty https://youtu.be/iOFjmR3-sqk 🎬 Risk Management - 5 Tips to Do it Right https://youtu.be/Q6JHsVEOVhM A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. https://kit.co/MikeClayton/what-a-project-manager-needs Note that the links are affiliated. For more great Project Management videos, please subscribe to this channel: https://www.youtube.com/channel/UCMZfp1_wquyegVY9SoER0Nw?sub_confirmation=1 For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/ For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses: http://youtube.com/c/managementcourses For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-academy-of-project-management/ #Project #ProjectManagement #RiskManagementPlan