Business Risk Management Plan Template

The people category can be subdivided into different types of risks associated with the people.Examples of people risks include the risk of not finding people with the skills needed to execute the project or the sudden unavailability of key people on the project.It’s important to come up with guidelines to help you figure out how big a risk’s potential impact could be.

Risk assessment includes both the identification of potential risk and the evaluation of the potential impact of the risk.

A risk mitigation plan is designed to eliminate or minimize the impact of the risk events—occurrences that have a negative impact on the project.

A risk is any uncertain event or condition that might affect your project. Some events (like finding an easier way to do an activity) or conditions (like lower prices for certain materials) can help your project.

When this happens, we call it an opportunity; but it’s still handled just like a risk. Even the simplest activity can turn into unexpected problems.

But eventually, some of the risks that you plan for do happen, and that’s when you have to deal with them. By the time a risk actually occurs on your project, it’s too late to do anything about it.

That’s why you need to plan for risks from the beginning and keep coming back to do more planning throughout the project.

In John’s move, John makes a list of things that might go wrong with his project and uses his work breakdown structure as a guide.

A partial list for the planning portion of the RBS is shown in Figure 16.2.

The result is a clearer understanding of where risks are most concentrated.

This approach helps the project team identify known risks, but can be restrictive and less creative in identifying unknown risks and risks not easily found inside the WBS.