Risk management plan
From PEaM
| PMI | A risk management plan [PMI Output/Input] is the document describing how project risk management will be structured and performed on the project. It is contained in or is a subsidiary plan of the project management plan. The risk management plan can be informal and broadly framed, or formal and highly detailed, based on the needs of the project. Information in the risk management plan varies by application area and project size. The risk management plan is different from the risk register that contains the list of project risks, the results of risk analysis, and the risk responses.[1] |
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| AACEI | A risk management plan is the product of risk mitigation which includes a list of the action steps to:
The plan includes predefined Action steps to be taken and the "trigger points" that will indicate when they are to be executed to mitigate risks. The plan also defines what to monitor to determine the "trigger points". The steps may include, holding portion of funds and/or scope in reserve, until outcome is more certain; trading cost risk for schedule or quality risk; and/or buying "insurance" (such as lump sum, firm price subcontracts).[2] |
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References
- ↑ Project Management Institute (2008). A Guide to The Project Management Body of Knowledge, 4th, Project Management Institute.
- ↑ Association for the Advancement of Cost Engineering International [AACEI] (2007). Cost Engineering Terminology, 10S-90, Association for the Advancement of Cost Engineering International.
 | This article contains text from the Project Management Institute PM Body of Knowledge which is copyright all rights reserved by Project Management Institute, Inc. (PMI). Project Management Body of Knowledge is a registered trademark of PMI |
 | This article contains text from the Association for the Advancement of Cost Engineering website which is copyright all rights reserved by Association for the Advancement of Cost Engineering International (AACEI). |
