CASE Tool 2-4 : The Risk Management Plan
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Description
A risk is defined as an event or condition that, if it occurs, has a negative effect on a project's objectives. Risk is inherent to any project, and project managers should assess risks continually and develop plans to address them.
CASE Tool 2-4 : The Risk Management Plan is a document prepared by the project manager to implement a process that will identify risks, estimate the likelihood and impact of those risks, and combine those factors to determine an integrated risk ranking.
Once the integrated risk ranking is determined, the risks with the highest ranking are scrutinized further. For these risks, a response plan is created to either prevent the risk from occurring or to mitigate the impact of the risk if it does occur.
It is the fourth tool related to the Second Foundation for Risk Management, Prevention. For this tool, you will also need to reference CASE 2-1: Risk Evaluation Checklist and CASE 3-4: Project Work Plan Template.
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