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What are the contents of the risk management process?Contents of risk management process:
Risk statements: It depicts a causal relationship a real and true project state, and a potential unrealized event. A risk statement has two parts:
Condition: Provides the description of the project state that might cause a loss.
Consequence: Describes the harm or the loss that’s done by the condition.
Risk List: Is a tabular formatted data about various identified risks along with the root causes, condition and consequences of occurrence of the risk.
Risk Exposure List: Once risks are identified, they are prioritized using product of 2 measures, likelihood of occurrence and impact of risk. This score is then used to prioritize the risks.
Master Risk List: This is an output of the risk analysis and provides details elated to the identified risks including project condition, context, cause, risk exposure metrics, owner etc.
Risk mitigation plan: This plan details the approach to reduce the likelihood for the risk to occur. Alternatively, mitigation plans may not be available in all projects and hence, contingency planning is used.
Contingency plan: Contingency planning describes alternative plans that must be executed in case efforts to prevent the risk causal event fail. Contingency plan consists of all risks including those that have a mitigation plan. It concentrates on how minimize the impact of the risk once it has occurred and thus become an issue.
Risk Action forms: This details the implementation of the approach to be taken to handle specific risks. They are then integrated with the project plan and schedule. It enlists, the owners of the risk along with other specific details including risk statement, mitigation strategy, metrics, contingency strategy, risk plan responsibility etc.
Risk status reports: During risk tracking, progress towards the risk actions is monitored and updated continuously depicting the status of each risk.
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