4 Steps to Help Right-Size Your Risk Management Plan

There is no one-size-fits-all risk management plan. The trick is to make sure the plan is just the right size. In a post at the Project Risk Coach, Harry Hall gives four steps to help you right-size your risk management plan:

  1. Select the appropriate inputs, tools, and techniques.
  2. Determine what to include.
  3. Select the right stakeholders.
  4. Review and update as needed.

Stepping Up the Scale

Start off by selecting the right tools, inputs, and techniques for the project. There are a number of items you can utilize here, almost definitely including the project charter, and also including assumptions and constraints. Other project-related plans can help inform how you develop your risk plan too.

About what to actually include in a risk plan, Hall suggests the following:

  • Project risk background
  • Methodology
  • Roles and responsibilities
  • Timing of risk management activities
  • Risk categories
  • Risk attitude, appetite, and tolerance
  • Reporting format
  • Glossary

For small projects, you can briefly describe these items. Add detail for larger projects as needed.

It is also important to identify the stakeholders who are most able and willing to help push your project forward. Have a chat with these key stakeholders and seek their advice early on.

No plan is perfect, so be prepared to adapt to new factors. You may realize one day that there were several different individuals and organizations that would be affected by this project that weren’t even on your radar. If you’re adding on numbers in the hundreds, you may want to utilize different techniques, like the Delphi method, in order to keep track of everything.

For further advice, you can view the original post here: http://projectriskcoach.com/right-size-risk-management-plan/

About Austin J. Gruver

Austin is a Staff Writer for AITS. He has a background in professional writing from York College.

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