Risk Management Plan Essay

Risk Management Plan Essay

Length: 3257 words (9.3 double-spaced pages)

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Introduction
Purpose - The purpose of this Risk Management Plan (RMP) is to describe the methodology that the PPW Company will use in identifying, tracking, mitigating, and ultimately reducing risks that we have identified in the Knowledge Management System. This document will define the risk management roles and responsibilities of the project team.
Scope - The scope of this document pertains to the Knowledge Management System Project and its internal and external risks. The risk management methodology identified in this document will be primarily used by the PPW Company project team and it will be used during the entire project. The vendor’s risk management methodology will be provided as a contractual deliverable and they will develop their own separate Risk Management Plan. The vendor will be responsible for managing their project risks and reporting any such risks to the project team.
Revision History - This is the revision history log that the PPW Company will use to track and maintain updates to the Knowledge Management System’s Risk Management Plan. The Project Manager and/or his designee are responsible for the update and upkeep of this document.
Revision # Date of Release Summary of Changes
v1 12/3/2013 Initial Release
v2 12/5/2013 Major revisions made. Incorporated Risk Register into the document.

Document Maintenance - This document will be reviewed and updated as needed, as the project proceeds through each phase of the system development life cycle. This document contains a revision history log. When changes occur, the document’s revision history log will reflect an updated version number as well as the date, and the change description.
Participants Roles and Responsibilities - This section describes the r...


... middle of paper ...


...sponsibility of the Project Manager
• Internal and External – Project Manager and an external entity are responsible for control of the risk.
Risk Ratings The following ratings will be assigned to each risk:
Probability – the probability is based on the impact times the Frequency (1 or 2= Low, 3 or 4 = Moderate, 5 – 9= High 10 – 15= Extremely High).
Impact – the impact the risk will have on the project if the risk occurs. (Impact is rated as: 1= Marginal, 2= Critical, 3= Catastrophic)
Likelihood – the likelihood that the risk will occur (Likelihood is rated as 1= Unlikely, 2= Seldom, 3= Occasional, 4= Likely, 5= Frequent).


References
External References
Computer Society Institute of Electrical and Electronics Engineers (2005). 1012 - IEEE standard for software verification and validation ; IEEE Std 1012-2004 (revision of IEEE Std 1012-1998). New York, NY: IEEE,

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