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Introduction


- This process deals with coming up with the risk management plan for all possible risks based on the project objectives and stakeholder list.
- Risk planning is one of the first processes in planning phase and it is usually done once the stakeholder register is created and a rough outline of the PM Plan is ready.

Inputs


- Project management plan: As with all planning processes, PM Plan is a vital input to develop the subsidiary plans. Also, the risk management plan can be developed looking at all project objectives and baselines.
- Stakeholder Register : List of stakeholders to ensure all risks are addressed based on power and influence of the different project stakeholders.
- Project Charter : Since risk planning happens as one of the first planning processes, project charter is used since it has high-level details of all knowledge areas.
- OPA : Organization template for Risk management plan and process to be followed for risk management planning. E.g., Risk statement format, risk categories
- EEF: As with all planning processes, external factors play an important role in building the knowledge area plan. E.g. risk threshold, risk attitude risk tolerance of the organization.

Tools & Techniques


- Meetings : A main component of all planning processes, discussion with all stakeholders for risk analysis.
- Expert Judgment : Since risk management is an important process, needs experience and expertise in analysis to develop a feasible plan.
- Analytical Techniques : To understand the project context and decide the relevant risk management process for the project. E.g., Stakeholder Risk Profile Analysis

Outputs


- Risk Management Plan – Includes the following risk management components –
> Methodology
> Roles and Responsibilities
> Budgeting
> Timing
> Risk Categories
> Definitions of Risk Probability and Impact
> Stakeholders’ Tolerances
> Reporting Formats
> Tracking

Match the Following


1. RBS - a. PI Matrix Definition
2. Risk Management Plan - b. Risk Categorization
3. Project Charter - c. Stakeholder Roles
4. Stakeholder Register – d. High-level Risks

Match the Following (Answers)


1. RBS - b. Risk Categorization
2. Risk Management Plan - a. PI Matrix Definition
3. Project Charter - d. High-level Risks
4. Stakeholder Register – c. Stakeholder Roles