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Risk Management Plan

This risk management plan outlines the process for identifying and mitigating risks for the Keadue wastewater treatment plant upgrade project. The top two risks are contamination of the water supply and delays in receiving necessary server equipment. Risks will be identified, qualified, prioritized, monitored, and responded to through avoidance and mitigation strategies. A risk register tracks all identified risks, their potential impacts, and mitigation approaches. The project manager will oversee risk management and ensure risks are addressed according to the planned schedule.

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733 views7 pages

Risk Management Plan

This risk management plan outlines the process for identifying and mitigating risks for the Keadue wastewater treatment plant upgrade project. The top two risks are contamination of the water supply and delays in receiving necessary server equipment. Risks will be identified, qualified, prioritized, monitored, and responded to through avoidance and mitigation strategies. A risk register tracks all identified risks, their potential impacts, and mitigation approaches. The project manager will oversee risk management and ensure risks are addressed according to the planned schedule.

Uploaded by

group2sd1314
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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RISK MANAGEMENT PLAN

KEADUE WWTP UPGRADE WORKS

KMCF ENGINEERING DUBLIN ROAD ATHLONE

2014

Table of Contents 1.0 INTRODUCTION .............................................................................................................................. 1 2.0 TOP TWO RISKS ............................................................................................................................. 2
2.1 Contamination of water ...................................................................................................................... 2 2.2 Delay in Server Equipment .................................................................................................................. 2

3.0 RISK MANAGEMENT APPROACH ........................................................................................................ 2 4.0 RISK IDENTIFICATION ....................................................................................................................... 3 5.0 RISK QUALIFICATION AND PRIORITIZATION .......................................................................................... 3 6.0 RISK MONITORING ......................................................................................................................... 3 7.0 RISK MITIGATION AND AVOIDANCE.................................................................................................... 4

1.0 INTRODUCTION
The reason of the risk management plan is to establish the structure in which the project team will identify risks and build up strategies to mitigate and it is also to avoid those risks in Keadue wastewater treatment plant. However, before risks can be recognized and managed, there are preliminary project elements which must be completed. These elements are outlined in the risk management approach. The overall risk score is 25 on a scale. A risk score below 5 is low risk project, a score between 5 and 9 is a medium risk project and a score above 9 is a high risk project.

Figure 1- Probability and Impact Matrix Before risk management begins it is imperative that a foundation is established for providing structured project information, thus, the following project elements were completed and defined prior to developing this Risk Management Plan: To define work scope, schedule, resources and cost Develop project WBS (Work-Breakdown Structure) Develop detailed schedules Establish performance measurement metrics

Define baseline thresholds Schedule Cost

Baseline reporting requirements Format Frequency of distribution

Need to define Risk Management Roles and Responsibilities Project Manager conduct risk assessment meetings Project team participates in risk assessment meetings Key stakeholders take part in risk assessment meetings.

2.0 TOP TWO RISKS


The top two high risks that can happen in the waste water treatment plant: 2.1 Contamination of water Keadue wastewater treatment plant need to ensure there is adequate clean resources of water. 2.2 Delay in Server Equipment Due to a manufacturers production backlog, the servers are not available for large scale application testing causing a delay in the project schedule. The project manager will mitigate this risk by using servers from the backup data centre if needed.

3.0 RISK MANAGEMENT APPROACH


The approach we have taken to manage risks for Keadue wastewater treatment plant included a regular process by which the project team identified, scored, and ranked the various risks. The most likely and highest impact risks were added to the Keadue wastewater treatment plant schedule to ensure that the assigned risk managers take the necessary steps to put into practice, the improvement response at the suitable time during the schedule. The risk managers will provide status updates on their assigned risks in the project team meetings, but only when the meetings include their risks planned time-frame.

The completion of the project also during the closing process, the project manager will analyze each risk as well as the risk management process based on this investigation. The project manager will identify any improvements on Project that can be made to the risk organization process for the future which all these improvements will be captured as part of the lessons learned data support.

4.0 RISK IDENTIFICATION


For the Keadue wastewater treatment plant, risk identification was conducted in the initial project risk assessment meeting. The project manager chaired the risk assessment meeting and distributed notepads to each member of the team and allowed 10 minutes for all team members to record as many risks as possible.

5.0 RISK QUALIFICATION AND PRIORITIZATION


In order to determine the ruthlessness of the risks recognized by the team, a probability, impact factor and risk score was assigned to each risk. This process authorized the project manager to prioritize risks based upon the effect they may have on the project. The project manager made a probability-impact matrix to facilitate the team in moving each risk to the appropriate place on the chart. Once the risks were given a probability and impact where placed in the right position on the chart.

6.0 RISK MONITORING


The most possible and greatest impact risks have been added to the project plan to ensure that they are monitored during the time of the Keadue wastewater treatment plant and it is exposed to each risk. At the suitable time in the project schedule, there will always be a Risk Manager to each risk. During project team meeting, the Risk Manager for each risk will discuss the status of that risk, but only risks which fall in the existing time period will be discussed. Risk monitoring will be a permanent process all the way through the project and risks approach on the project schedule the project manager will ensure that the suitable risk manager provides the necessary status updates which will include the risk, identification of trigger conditions and risk response for each risk.

7.0 RISK MITIGATION AND AVOIDANCE


The project manager would lead the project team in beginning responses to each identified risk. The more risks are identified they will be qualified and which the team will develop avoidance and improvement strategies. All the risks will also be added to the Risk Register and the project plan to ensure they are monitored at the suitable times. The risks of Keadue wastewater treatment plant will be managed and controlled within the constraints of time, cost and scope. All the identified risks will be evaluated in order to establish how they affect the time, cost and scope constraints. The project manager and the help of the project team will determine the best way to respond to each risk to ensure fulfilment with these constraints. In severe cases it is essential to allow flexibility to one of the projects constraints and just one of the constraints for Keadue wastewater treatment plant allows for flexibility as a last resort. If essential, financial support may be added to the project to allow for more resources in order to meet the schedule and scope constraints. Time and scope are firm constraints, which allow for no flexibility. The cost constraint is flexible only in intense cases where no other risk avoidance or mitigation strategy will work.

8.0 RISK REGISTER


The Risk Register for the Keadue wastewater treatment plant is a register of all identified risks their probability, impact and risk score to the project and the risk category they belong to also when the risk will occur. The register was created through the original project risk management meeting, led by the project manager. During the meetings, the project team identified and considered each risk and the team assign each risk score based on the probability of it occurring and the impact it could have on the project. The Risk Register also contains the mitigation strategy for each risk also when the risk is likely to occur. But it is also based on the identified risks and timeframes in the risk register, each risk is added to the plan of the project.

Previous to when the risk is most likely to occur, the project manager will assign a risk manager to ensure loyalty to the agreed upon mitigation strategy. Each risk manager will provide the position of their assigned risk at the project team meeting for their risks considered timeframe. The Risk Register, done on Excel.

SPONSOR ACCEPTANCE

Approved by the Project Sponsor:

__________________________________________ <Project Sponsor> <Project Sponsor Title>

Date: ___________________

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