Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Develop Risk Management Plan

By Sarah Ryan Subscribe to RSS | January 31st 2012 | Views:

UNIFORM DISTRIBUTIONS are probability distributions which may be used when there is no obvious value that is more likely than any other, between high and low limits, such as in the early concept stage.

SENSITIVITY ANALYSES are commonly used quantitative risk analysis techniques which help determine which risks have the greatest potential impact on the project. They are executed by examining the extent of the uncertainty of each project element and how it affects the objective being examined. This is done while all other uncertain elements are held at their baseline values. PMP exam prep courses will cover this topic.

DECISION TREES help managers visualize the decision making process. A decision tree output shows at what point decisions are made, and where alternative decisions, or changes, might occur. The tree begins with a decision that must be made. Options are laid out, and options, risks, and change modes are evaluated and possible outcomes investigated. (Sample Decision Tree Follows)

Task 10: Develop Risk Management Plan— Perform Qualitative Risk Analysis

Task 10: Develop Risk Management Plan— Planning Risk Response

RISK RESPONSE PLANNING involves the project manager and management team discussing and developing options and actions to encourage opportunities for successful project completion. It is also intended to help reduce threats to achieving the project's objectives. Project Management PMP materials will include planning for risk.

RISK RESPONSE PLANNING addresses risk by:


inserting resources into the budget, the schedule, and project management plan

Task 10: Develop Risk Management Plan— Planning Risk Response


the risk register

a near-term response risk list

a list of risks for additional analysis

qualitative analysis trends and root causes

a risk management plan, which includes components of risk thresholds for low, moderate, and high risks

time and budget required to conduct project risk management

risk analysis definitions

roles and responsibilities

Task 10: Develop Risk Management Plan— Planning Risk Response


Strategies typically used to plan for risks which have negative impacts on project objectives include:

risk avoidance (changing the project management plan to avoid threats)

risk transference (shifting impact of threat and response to a third party)

risk mitigation (early action to reduce probability)

Strategies typically used to handle risk which have positive impacts on project objectives include:

risk exploitation (to ensure the opportunity is realized)

risk sharing (allocating ownership to a third party who can best capture the opportunity for the project)

risk enhancing (modifies the size of an opportunity)

Sarah Ryan - About Author:
For more information on PMP Exam, PMP Preparation, Project Management PMP, PMP Exam Preparation, PMP Exam Prep. Please visit:

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Education Articles Subscribe to RSS

The institute which is helpful in completing homework or doing preparation for exams
Published by NeelAlbert on December 31st 2011 | Education
So internet serves as a medium through which the queries of the students are solved. Not only during...
Christmas exam revision courses: Our Exam Confidence Teachers
Published by Richard Riddell on December 8th 2011 | Education
We are very lucky to have attracted an exceptionally high calibre of teaching staff to facilitate yo...
Online Education Consultants - Your Guide for Making the Right Decision
Published by Mentorindia on August 25th 2012 | Education
You have decided that you will take your education and skill knowledge a step further by doing a hig...
Institutes outrival the Level of Education in India
Published by Nikkita Singh on August 24th 2012 | Education
As we all know that during this competitive surroundings student should would like a decent work ins...
Variety of Powered Access Courses in the Market
Published by Czeslawa Wakefield on August 24th 2012 | Education
All jobs would have an element of risk and danger; hence, proper safety and health measures should b...
The Wide Coverage of MEWPS Courses Content
Published by Czeslawa Wakefield on August 24th 2012 | Education
MEWPS courses are essential for those in managerial or supervisory positions in jobs that require th...
Aims of MEWPS Courses by IPAF
Published by Czeslawa Wakefield on August 24th 2012 | Education
Mobile elevating work platforms are common in work at heights environments. With the booming constru...
Relevant Working at Height Safety Training Courses
Published by Czeslawa Wakefield on August 24th 2012 | Education
It is important to consider safety and health at all times for those who are involved in working at ...