For projects to effectively anticipate and mitigate risks and proactively minimize their impact on the project.


Preparation for risk management is conducted


Prepare for risk management by establishing and maintaining a strategy for identifying, analyzing, and mitigating risks. Typically, this strategy is documented in a risk management plan. The risk management strategy addresses specific actions, and the management approach used to apply and control the risk management program. The strategy typically includes identifying sources of risk, the scheme used to categorize risks, and parameters used to evaluate, bound, and control risks for effective handling.


  • Project Plan


  • Risk Management Log


Task Instructions:

Determine Risk Sources and Categories

    1. Using the Risk Management Log Template, Application Development Project Risk Assessment Scorecard, and Generic Software Project Risk Factors Checklist [the Project Manager], is responsible for confirming that a copy of each document is in the project document repository.
    2. Using the Risk Management Log Template, [the Project Manager], with support from the PMO, is responsible for categorizing and grouping risk based on the impact of the risk into one of the following categories:
      • Cost Overrun
      • Schedule Slippage
      • Low Quality
      • Scope Reduction.

Define Risk Parameters

    1. Using the Risk Management Log, [the Project Manager] is responsible for identifying the following parameters for the risks and need to document in the Risk Management Log.
      • Risk Probability Index (likelihood of risk occurrence)
      • Risk Impact (severity of risk, if the risk materializes)
      • Risk Exposure
      • Mitigation Plans
      • The threshold to trigger contingency activities

Establish a Risk Management Strategy

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