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09 Risk Management Plan

09 Risk Management Plan

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Published by Shannon MacDonald

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Categories:Types, Research
Published by: Shannon MacDonald on Mar 22, 2011
Copyright:Attribution Non-commercial


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9. Risk Management Plan
9.1 Methodology
For the initial risk assessment, the project manager and the team havebrainstormed and collaborated in identifying all possible risks within the currentknown elements of the project. These identified risks will be reviewed in thepresence of Dr. Lipsett and Roger Marchand as early as their schedules allowthe review.To ensure that the risk environment is being assessed sufficiently, Dr. Lipsettwill act as the risk management expert. Other risk-related inquiries will also bemade to the laboratory equipment experts (Roger Marchand and his team).The following risk management process (described in Figure #) will beimplemented throughout the duration of the project. If any changes are made tothe project plan during the execution phase of the project, a risk assessment willbe carried out to determine if any new risks are present.Figure # - The Risk Management Process
Doing Planned Reviews:
Risk reviews will take place during weekly meetings todiscuss the current state of risks within the project.
Identification of Hazards:
Throughout the project lifetime, new processes andactions may be implemented that pose new risks which had not been identifiedin earlier planning stages. During the planned reviews, these risks will beidentified. (See Section 9.1.1 for further details)
Risk Assessment/Analysis:
A risk assessment/analysis will be carried out for any new identified risks. (See Sections 9.1.2 to 9.1.4 for analyses)
Is the Risk Acceptable?:
Risks are deemed acceptable only once they havebeen rated using a risk matrix (see Sections and Low levelrisks are ³acceptable,´ without any further management involvement. Mediumlevel risks are ³acceptable with certain conditions.´ These risks must be closelymonitored, and the project manager must be present to ensure the risk is keptunder control. High level risks are ³unacceptable´ and any actions producingsuch risks will be halted immediately.
Manage the Residual Risk:
Once a risk is determined to be acceptable, it mustbe managed in the way that is most appropriate for that risk. Methods for managing each risk will be discussed by the project manager, the team, and theDr. Lipsett. (See Section 9.1.4 for further details)
Can the Risk be Reduced?:
Further controls, management systems, protectivefeatures, etc. may be added to reduce risks to an acceptable level. (See Section9.1.4 for further details)
Reduce the Risk 
: If the risk can be reduced, the necessary changes must beimplemented to decrease it (see Section 9.1.4). It is important to note that if achange is made to reduce the risk present in a process or action, a full riskanalysis must be redone on the newly implemented process or action. This willreveal possible new risks that may have been added to the project. (SeeSections 9.1.1 to 9.1.4)
Discontinue the Activity 
: If a risk has been identified as unacceptable, anyprocesses or actions that pose that risk will be stopped. This is important toprotect all people involved in the project, people of the community, personal and
university assets, as well as the sustainability of Chrome Engineering as anenterprise with favourable public opinion.
9.1.1 Risk Identification9.1.1.1 Documentation Review
Risks have been identified by the project manager and the team byfirst reviewing the following project documentation:1) Activity cost estimates2) Activity duration estimates3) Scope baseline4) Stakeholder register 5) Cost management plan6) Schedule management plan7) Quality management plan8) Project documents9) Enterprise environmental factors10) Organizational process assets Tools & Techniques
: At weekly meetings, the team has undergone abrainstorming session to assess the possibility of risks that wereoverlooked earlier in the project Planning Phase. As well, origins of new risks have been considered as any changes to the project planhave been made.
: Aside from the project team members, Dr. Lipsett hasbeen interviewed on his perception of possible risks.
Checklist Analysis
: A checklist for the duration of the ExecutionProcess has been created to ensure essential safety and riskmanagement processes are not overlooked. Refer to the LaboratoryRelocation Safety Checklist in Appendix 9.8.1. Identified Risks

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