Plan Risk Management Process

Posted on March 26, 2009 by

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Plan Risk Management is one of the 42 project management processes described in the fourth edition PMBOK®. It’s one of the six Risk knowledge area processes, and one of the twenty Planning processes. The purpose of this process is to develop the Risk Management Plan which lays the foundation for the other risk processes on how risk activities will be performed for the project. The Project Scope Statement is referenced to better understand the project and its deliverables as every project has a unique set of risks. A project that involves unchartered territory will have more unknowns involved than a more routine project based on a history of similar projects. Understanding the contingencies in place for risks affecting the budget and schedule can be accomplished through examining the Cost Management Plan and the Schedule Management Plan. Knowing with whom to discuss project risks and responses may be found in the Communications Management Plan (from the Plan Communications process). Interestingly, Planning Meetings and Analysis is the only tool and technique of this process. This demonstrates that planning for risk management essentially is determined by a group of stakeholders discussing and deciding what is best for the particular project at hand. The result of these discussions is the only output of Plan Risk Management—the Risk Management Plan which describes what risk activities will be performed and how they will be performed throughout the project.