PROJECT RISK MANAGEMENT PLAN TEMPLATE
RISK MANAGEMENT PLAN
<PROJECT NAME>
COMPANY NAME
STREET ADDRESS
CITY, STATE ZIP CODE
DATE
TABLE OF CONTENTS
INTRODUCTION………………………………………………………………………………………………………….. 3
TOP THREE RISKS………………………………………………………………………………………………………… 3
RISK MANAGEMENT APPROACH………………………………………………………………………………………. 4
RISK IDENTIFICATION…………………………………………………………………………………………………….. 4
RISK QUALIFICATION AND PRIORITIZATION…………………………………………………………………………. 4
RISK MONITORING………………………………………………………………………………………………………. 4
RISK MITIGATION AND AVOIDANCE. ………………………………………………………………………………….
5
INTRODUCTION
This project has been categorized as a medium-risk project, with a risk score of 30 on a 0-100
scale. This score reflects a combination of identified high-impact risks, as well as minor risks
based on historical data and current project assessments. Key elements such as work scope,
schedules, cost estimates, and performance metrics have been established to provide a
foundation for effective risk management.
Key Project Elements
Work scope, schedule, resource requirements, and cost elements defined
Project WBS and schedule developed
Baseline requirements for cost, resources, and schedule established
Risk Management Roles
Project Manager: Leads risk assessment meetings
Project Team: Participates in risk assessments and records data
Project Sponsor and Key Stakeholders: Participate as needed
TOP THREE RISKS
The top three high probability and high impact risks to this project are:
Server Equipment Delays
Potential delays in receiving server equipment could impact testing schedules. The
project manager will explore backup equipment options to mitigate delays.
Fiber Optic Connection Installation
Delay Installation delays in high-speed fiber optic connections could limit system
performance. The project manager will prepare a temporary broadband Ethernet radio
network to ensure connectivity.
Staff Shortage in Customer Support
Insufficient customer support staff could impact system deployment and user support.
The project manager will arrange temporary support staff schedules to manage
workloads until hiring and training are complete.
RISK MANAGEMENT APPROACH
The HRMS project team has employed a systematic approach to identify, prioritize, and address
project risks. Each risk is scored based on probability and impact, with the most significant risks
integrated into the project schedule for regular monitoring and management. Risk managers
will provide updates during bi-weekly team meetings, focusing on the risk’s timeframe. At the
project’s completion, a review of the risk management process will be conducted to capture
lessons learned and refine future practices.
RISK IDENTIFICATION
The project team conducted a structured risk assessment session, employing the Crawford Slip
method to gather potential risks. Expert interviews, historical reviews, and a comprehensive
risk assessment meeting were conducted to capture all foreseeable risks.
Expert Interview
Revealed potential infrastructure risks and informed adjustments to the project plan.
Risk Assessment Meeting
Facilitated by the Project Manager with input from stakeholders.
Historical Review of Similar Projects
Analysis of similar projects helped identify common risks and mitigation tactics.
RISK QUALIFICATION AND PRIORITIZATION
Each identified risk was assessed based on its likelihood and potential impact. A Probability-
Impact Matrix was used to rank risks, allowing the project team to prioritize mitigation efforts
for high-priority risks.
RISK MONITORING
High-impact risks have been added to the project plan to ensure timely monitoring. Each risk
has a designated Risk Manager, who will provide updates during bi-weekly meetings, detailing
the risk status, trigger conditions, and the success of mitigation strategies. Continuous
monitoring throughout the project ensures proactive risk management.
RISK MITIGATION AND AVOIDANCE
The project team has developed specific mitigation plans for all significant risks. These
strategies focus on balancing project scope, time, and cost. If a risk escalates, flexibility in cost
allocation may be applied as a last resort, while scope and time constraints remain firm.
RISK REGISTER
The Risk Register serves as a comprehensive log of all project risks, including probability,
impact, risk category, mitigation plans, and timelines. Updated regularly, the Risk Register will
be maintained as an appendix to this Risk Management Plan, guiding ongoing risk management
and response efforts.
