Process Group: P

Defining how to conduct risk management activities for a project.

[wc_highlight color=”blue”]Critical success factors[/wc_highlight]:

1. Identify and address barriers to Successful Project Risk Management
2. Involve project stakeholder in Project Risk Management
3. Comply with the Organization’s Objectives, Policies, and Practices

INPUT

1. Project scope statement – This provides a list of the projects deliverables as well as the important information about what the project is going to accomplish. This information will be used as the guideline as to how risk management will be conducted in our project. Also, the scope statement will contain details like the Project Constraints, Assumptions & Acceptance Criteria which will be vital for the risk management plan. The reason why these constraints & assumptions are critical are because, these can contribute directly to risks.
2. Cost management plan – This provides us with information like the [wc_highlight color=”green”]Risk Budget, Contingencies available as well as the Management Reserves[/wc_highlight].
3. Schedule management plan – This provides us with information on the [wc_highlight color=”green”]Schedule Contingencies[/wc_highlight].
4. Communication plan – This defines how risks and risk responses will be reported, who should he keep in loop about the risk progress, who is responsible for sharing the information and when etc
5. EEF – These are the Project Environment related factors like [wc_highlight color=”red”]Risk Attitude & Risk Tolerance of the Organization as well as stakeholders[/wc_highlight]. These are very important in planning the risk strategy and approach for your project.
6. OPA – This includes documents and templates for the Risk management plan, risk register, risk categories, roles & responsibilities, authority levels, lessons learned etc.