Project Management Plan Risk Management Essay example
The topics addressed in risk management plan includes:
Methodology: How will risk management be performed on this project? Roles, responsibilities- who are responsible for which task and providing deliverables.
Risk categories – Main category of risk that should be answered, also whether there is a risk breakdown structure, tolerances (Risk- averse, risk-neutral, and risk-seeking) and thresholds (maximum acceptable deviation an entity is willing to accept)
Risk probability and impact evaluation scales – How will the probability and the impact be assessed
Tracking and reporting requirements- how the risks are tracked down and reported.
The general risk categories are: 1. Business risk- This includes market and financial risk
Market risk answers the question such as whether the product created useful to the organization or marketable to others. Will users use…