Plan Risk And Risk Management Plan - 1708 Words

To begin with, as it is mentioned in the PMBOK (PMI, 2013, p. 342), Plan risk response â€Å"†¦ is the process of developing options and actions to enhance opportunities and to reduce threats to project objectives.† This is a link of project risk management during which the PM and the project team can use the analysis result from prior assessments and choose the effective risk management strategy. By planning risk response, the project’s risks can be addressed with their priority, insert resources, and activities, and put into the triple constrains plans if needed (PMI, 2013, p. 342). The inputs for this risk management process is quite simple, based on our textbook, it only needs the risk management plan and the risk register for applying the risk respond planning process (PMI, 2013, p. 342). Since identifying risk responsibilities is a crucial section within planning the risk responds; and the risk thresholds can help to identify specific risk responses of project risks, the Risk management plan is therefore the crucial element for the planning of risk response process. Moreover, the updated Risk register can provide required risks’ information for developing risk responses, so it becomes another main input for risk response planning process (PMI, 2013, p. 343). Furthermore, the output from this risk management process is also simple but crucial. As the prior analysis processes, project documents and the project management plan would be updated after the planning of riskShow MoreRelatedRisks And Risk Management Plan1240 Words   |  5 PagesRisk Management Plan Introduction An important part any project is to identify risks and to determine how to address said risks. In this paper, I will identify 10 risks that could occur during the making of Coleman Covenant Studios. 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