Risk Management Planning
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Risk Management Many times it so happens that a project is delayed or needs extra money to be pumped in by the organization to complete the work. However, after completing the project when the organization performs the post-mortem, they see that many of the reasons causing such problems can be avoided by proper advanced planning; i.e. by adopting the risk management principles. The risk management plan is a plan that identifies future risks and prepares a contingency plan to deal with them. Many professionals think this plan is separate and isolated; however, this is a wrong assumption. The risk management plan is an integral part of the project management plan and it is developed along with it. This plan defines the guidelines that how you will identify the project risks and techniques to manage them. This plan aims to minimize the threats' impact and increase the probability of opportunities. Three steps are required to develop the project risk management plan. These steps are a