Outline of Risk management plan
Provide a brief description of the project
Describe what tools, techniques and processes you planned to use in the project
Describe the involvement of your project team members in establishing the risk management context and risk management planning
Risks as opportunities
Think of at least two risks that presented as an opportunity to enhance project objectives or negative risks that could be thought of in a positive manner. Describe the positive risks in the space.
Consequence and Likelihood
List the [project risks and assign a rating to each risk for both its consequence (impact) and likelihood (probability) of occurring using the rating scale used in Tables 3 and 4. Then provide a description of the risk's potential consequence and likelihood of occurring. Be sure to include some 'positive' risks as well which may present opportunities to enhance project objectives.
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Risk
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Consequence rating
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Description of possible consequences
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Risk
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Likelihood rating
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Explanation of likelihood rating
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Combined consequence and likelihood ratings
Combine the consequence and likelihood ratings in Activity 7 and place the results in a matrix such as the one shown in Table 5. Write down the ratings (high, significant, medium, or low) for each risk in the table below.
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Risk
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Combined Rating Total
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Quantitative risk analysis techniques
What quantitative risk analysis techniques are you familiar with that are used in your organisation? List them below and provide a brief description of why these tools are preferred by your organisation.
Reflection Prioritisation of risks
Having combined the consequence/likelihood ratings in the previous activity, assign the risk with the highest priority a score of "1", the next most significant one a rating of "2", and so on. Provide a rationale for why you prioritised the risks that way you did.
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Risk
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Combined Rating Total
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Risk Priority
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Rationale for Prioritisation
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Risk response strategies
For the risks you identified, analysed and prioritised in the previous activities, for each identified risk apply at least one risk treatment strategy explaining and justifying your response. Use the table below to guide your thinking in this activity.
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Risk
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Option
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Explanation of treatment
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Rationale for treatment
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Avoidance
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Mitigation (consider both consequence and likelihood)
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Transference (In Full Or Part)
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Acceptance
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Exploit
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Share
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Enhance
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