This article will provide a real-life example of a project risk management plan. This is a result of my experience in software development projects.
Below is an example that will help you quickly and easily create your Risk Management Plan.
Risk Management Plan Definition
A Risk Management Plan is a document that describes how to manage risks for a given project. It includes the methodology, techniques and funding. It also includes references to all other risk management documents (e.g. Risk Register, WBS).
Table of Contents
Risk Management Plan Example
Risk Management Plan Template
How to create a risk management plan and make it work in your team
Components of a risk management plan and practical considerations
Important importance of a written Risk Management Plan
Inputs for Risk Management Plan
Example of a Software Project Risk Management Program
Introduction
This document outlines how the project team will manage project risks, roles, responsibilities, as well as the tools they use.
This document defines “Project” as one Release cycle that runs from the initiation of the project to the deployment to market during the overall Product Lifecycle.
A risk is an unpredicted event or condition that can have a positive or negative impact on the project’s objectives.
These are the main steps of Project Risk Management:
Risk Identification
Qualitative Risk Analysis
(Optional) Quantitative Risk Analysis
Planning Risk Responses
Implementing Risk Responses
Monitoring Risks
This project team adheres to the principle of one tool. {As much as practical, we will keep all project documentation in Confluence As much as possible, all project documentation will be kept in Confluence Google Docs and MS Office 365, Asana. ClickUp, etc. }.
All team members and authorized stakeholders must have access to the documentation and the ability for collaboration.
The main access point to the document is here: URL for Risk Management Documentation
The project manager is responsible to educate the client team, clients, as well as key stakeholders, on risk management skills.
All related activities should be initiated and supported by the PM.
Risk Identification
All stakeholders and the project team will continue to identify risks throughout the project’s lifetime. We should always ask the simple question: “What could go wrong here?” Are there any risks?
The Risk Register should be used by the Project Team to log any identified risks. It is acceptable to do risk analysis in batches later.
{Access Risk Register here: Access the Risk Register here: Link To Risk Register. Get a Risk Register Template in my Resource Guide|Download a Risk Register Template from my Resource Guide.}
These techniques will be used by the Project Team:
Interview
Meeting
Brainstorming
Analyse of Requirements
Review of Project Documentation
Delphi Technique
Expert Interview
The team will also perform continuous identification.
During all grooming sessions.
During a review the Release Plan.
Analyse of Work Breakdown Structure
Once a Change Request has been approved.
During an inspection for Architectural Design.
During the Sprint Planning Meeting.
The Project Manager is also responsible to identify risks that are not within the Project Team.
The Project Manager will regularly review and analyze the company’s Risk Categories.
Here is a link to the Risk Breakdowns Structure:
Thresholds, Budget, and Risk Tolerance
{The Project Manager should discuss Risk Appetites and Tolerance with clients. It is a crucial input to your Risk Management Plan. It will determine your overall methodology, analysis, responses, and response for the project. You need to put this information below.|This information must be included below.}
Risk Appetites is a subjective and general description of an acceptable level of risk.
Risk tolerance is a specific and quantifiable level of risk.
Risk threshold is the point at which risks are unacceptable.
{This section is an
Example of a Risk Management Plan from a Real Project (Guide + Template).