Risk Management | What is Risk Management

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How to Create a Project Risk Management Plan
If you're a project manager, one of the things you need to do when developing a project is to create a risk management plan. A project of any size can face risks: financial, physical or even legal.
Having a risk management plan in place before the project even begins can help to anticipate these risks and minimize or eliminate them before they can damage the project.
1. Make a list of the potential risks. Start by making a list of the categories of the project, and then assess each category for risks.
2.Determine the high-priority risks. Prioritize the risks: list them in order of their likelihood and how much of an impact on the project that risk will have if it happens.
3.List the actions you must take if a risk occurs. Have plans in place that can reduce the chances of a risk happening as well as actions that can ease the damage of a risk should it occur.
4.Assign tasks to specific people or departments to undertake the planned actions in the event the project runs into one of these risks.
5.Create a clearly-defined risk management process that you can implement should the project become at risk.
By an eHow Contributor
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