Project Risk Management Plan
Part 1 task 2
IS 3110
Alba E Velazquez
Risk Mitigation Plan
Senior management at DLIS decided that the risk manager and his/her team should continue and develop a risk mitigation plan based on inputs provided by the team in earlier project deliverables. Management has also allocated funds for a risk mitigation plan. Because of the importance of risk management to the organization, senior management is committed to ad supportive of the project to develop a new plan. You have been assigned to develop this new plan
When you going to start a assessment that include mitigation of risk. You need to involve two factors.
First probability which is the measurement of certainty that an event occur the risk if the event occur. This need to be measured in a way with numbers because the RMA Financial project will be assign percentages for 1% to 100%We need to understand a risk with no probability of occurring with obviously pose no threat and the other hand a risk with 100% mean the even has occurred.
The second factor is estimate of the impact on the project. This can be a somewhat
Subjective assessment, but should be quantified whenever possible. The estimated cost, the
duration of the potential delay, the changes in scope and the reduction in quality are in most
cases factors that can be estimated and documented in the risk statement and then measured
using standard project management tools. Rather than detailed impact estimates the Risk
Register contains three ratings for impact; High, Medium and Low
Additional of this we need to prioritize the risk and compare easily to understand how this risk if going to impact:
Cost
This going to impact the amount, of money if going to be used in the project. We need to understand cost are estimated need to be a backup of money in case need additional equipment. Regardless of direct or indirect...