Risk Management Plan

Risk Management Plan
May 11, 2021

Project Name: IT Services Company Inventory Management Project
I. Methodology
INTRODUCTION
A risk management plan is a primary tool for implementing the organization’s overall
risk management program. A risk is the probability of an event occurring which will have either
a positive or adverse impact on a project in case it occurs. Risk management is the process of
identifying, assessing, responding to monitoring, and reporting risks. The project will cover a
wide risk management plan for IT Services Company Inventory Management System business.
Companies like IT services transact inventory management handling a very sensitive data for
their supplier and customers. Inventory business faces some risks ranging from internal to
external in which some of them are natural disasters.
The risk management plan is created by the project manager and monitored and updated
throughout project. The intended audience of this document is the project team, project sponsor
and management. The focus of the risk’s management plan is to provide an ongoing,
comprehensive, and systematic approach to reducing risk exposures. Risk management activities
include identifying, investigating, analyzing and evaluating risks, followed by selecting and
implementing the most appropriate methods for correcting, reducing, managing, transferring, and
eliminating them.
Purpose of the project
The plan outlines the process, procedure, tools that will be used to control and manage the events
that may cause damage to the IT services Company Inventory Management firm. The document
will be useful for managing and monitoring all risks the project might face.
The plan will address:
 Role and responsibilities

 Budget and schedule
 Risk categories
 Risk probability and impact
 Risk Documentation
II. Roles and Responsibilities
This organization defines the roles and responsibilities for risk management.
The IT Services Company Chief Executive  Oversee development of processes to

Officer deal with new risks management issues.
 Ensure the preparation of the IT
Services Company Risks Management
Plan.
 Provides support to the project manager
and has some additional processes and
templates for Software Development
projects that will be employed in this
project.
 Issued a project risk management
supplement that this project will use to
form the basis of the risk management
process.
Project Manager: The overall coordinator of  Maintaining this Risk Management
the Risk Management Program. Plan
 Database and distributing updates.
 Briefing the team on the status of risks.
 Providing risk management training.
 Facilitating risk assessment and
 Preparing risk, briefings, report, and
documents required for Project
Reviews.
 Undertake practices and procedures to
identify new risk management issues.
Project Team Member: Responsible for  Quarterly, or as directed, participate in
identifying, monitoring and managing risks. the updates to project risks assessments
made during the previous review
period.
 Review and recommend any changes to
the risk assessments made and the risk
mitigation plans proposed.
 Report new risk to the Project Manager
via e-mail.
 Ensure that risk is a required topic at
each Project Meeting
 Accomplish assigned mitigation tasks
and report status/completion of
mitigation actions to the Project
Manager for entry into the database.
Advisor: Responsible for implementing risk  Review and recommend any changes to
management tasks per this plan. the risk assessments made and the risk
mitigation plans proposed.
 Report new risk to the Project Manager
via e-mail.
 Ensure that risk is a required topic at
each Project Meeting
 Accomplish assigned mitigation tasks
and report status/completion of
mitigation actions to the Project
Manager for entry into the database.
End Users  The end users will participate in the
project through the advisors. The End
Users may identify risks and should
pass the information through advisor or
Project team. All risk identification,
tasking and reporting will be handled
through the project team member(s)
assigned to the End User.
Table 1-Roles and Responsibilities

III. Budget and Schedule
This section describes the IT Services Company budget and schedule and provides an
overview of the risk’s management approach.
This tool is helpful in identifying the critical activities of time estimates for activity
duration.
Table 2-Schedule
Table 3- Critical Path
Table 3 shows Gantt Chart of IT Services Company Inventory Management System. As

can be seen, it can be determined that the critical activities for this process of Intranet Project. In
addition to the development of Gantt Chart detailing the earliest and latest starting and finishing
times as times as well as the slack and the project length. Table 3 states that the project will most
likely finish in 26 weeks based on time estimate.
Table 4 – Estimate Result

Table 4 – Estimate Cost
The team used Microsoft excel software to perform a crash cost analysis to the above project. As
detailed in Table 4, the project can be crashed down to minimum of 12 weeks. In order to bring
the project to its goal of 14 weeks, it would cost an additional $10,560.00
IV. Risk Categories
This project will use the following categories of risks in this process:
Table 5 – Risk Categories
The table 5 shows risk categories of IT Services Inventory Management Project. As can be seen, it is a fundamental success of
the risk management process that the widest range of risks are identified at this stage. The categories contain the following: Schedule,
Budget Personnel, Project Management, Environment Internal, Technology Objectives and Expectations. This will be accessible to all
members through the IT services company.
V. Risk Probability and Impact
Table 6– Risk Probability and Impact for IT Services Company Inventory Management System
The table shows two primary dimensions of risk Probability and Impact for IT services.
It helps the firm to neutralize the possible consequences by helping to focus mitigation efforts.
VI. Risk Documentation
Table 7 – Risk Documentation for IT Services Company Inventory Management System
The Risk Documentation is the primary output of the identify risks process. A risk documentation should consist of risk
description, category, trigger conditions, potential response, risk owner, probability of occurrence, the impact of risk and a status plan.

Risk Management Plan

Uploaded by

Copyright:

Available Formats

Risk Management Plan

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Risk Management Plan

Uploaded by

Copyright:

Available Formats

Risk Management Plan

May 11, 2021

Purpose of the project

The plan will address:

 Role and responsibilities

The IT Services Company Chief Executive  Oversee development of processes to

Table 1-Roles and Responsibilities

Table 3 shows Gantt Chart of IT Services Company Inventory Management System. As

Table 4 – Estimate Result

Table 5 – Risk Categories

Table 7 – Risk Documentation for IT Services Company Inventory Management System

You might also like

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.