Risk Management Plan –

Company ABC Widget

Production & Sales

Project Manager:
<Jasleen Singh Sodhi>
 DOCUMENT ACCEPTANCE and RELEASE NOTICE

This is <version> <1.0> of the <Upgradation of ABC System> Risk Management Plan.

The Risk Management Plan is a managed document. For identification of amendments each
page contains a release number and a page number. Changes will only be issued as
complete replacement. Recipients should remove superseded versions from circulation. This
document is authorised for release once all signatures have been obtained.

PREPARED:______________________________________________DATE:
_10__/_26__/2018___
(for acceptance) (Jasleen Singh Sodhi, Project Manager)

ACCEPTED:______________________________________________DATE:
10___/_26__/2018__
(for release) (Project Sponsor, Gurmann Singh)
on behalf of the <Upgradation of ABC System> Steering Committee
1. BUILD STATUS (With Most Recent Amendment First):
Version Date Author Reason Sections
1.0 10/26/2018 Jasleen Singh Initial Release  Summary
Sodhi  Introduction
 Risks
Assessment
 Appendix B

2. DISTRIBUTION:
Type of Version Issue Date Issued To
Distribution
1. Electronic or 1.0 10/26/2018 Gurmann Singh, Project Sponsor, ABC
Hard Copy Widget Production and Sales
2. Electronic or 1.0 10/26/2018 Varun Dhawan, Head of Accounting
Hard Copy Department, ABC Widget Production and
Sales
3. Electronic or 1.0 10/26/2018 Hashminder Singh, Head of Market
Hard Copy Department, ABC Widget Production and
Sales
4. Electronic 1.0 10/26/2018 Sirishant kumar Software Engineer, ABC
Copy Widget Production and Sales
 Table of Contents

Risk Management Plan – Company ABC Widget Production & Sales.......................................1

Project Manager: <Jasleen Singh Sodhi>...................................................................................1

1 Executive Summary.................................................................................................................... 5

1.1 Steering Committee.......................................................................................................... 5

1.2 Project Manager................................................................................................................ 5
1.3 Project Team.................................................................................................................... 6

2 Introduction................................................................................................................................. 6

3 Risk Assessment........................................................................................................................ 6

3.1 Identification...................................................................................................................... 6
3.2 Analysis and Evaluation....................................................................................................7
 Including which project team members were involved in the decision..............7

4 Risk Control and Monitoring......................................................................................................7

Appendix A: Company ABC Widget Prodution And Sales Risk Register.......................8

 Company ABC Widget Production & Sales - Risk Management Plan

1 Executive Summary
The purpose of this document is to provide a management framework to ensure that levels
of risk and uncertainty are properly managed for the remainder of the project. As risk
management is an ongoing process over the life of a project, the Risk Register must be
considered a ‘snap shot’ of relevant risks at one point in time.

This document will achieve this by defining the following:

 the process that will be/has been adopted by the Project to identify, analyze and
evaluate risks during the remainder of the project;

 how risk response strategies will be developed and deployed;

 how often risks will be reviewed, the process for review and who will be involved;

 roles and responsibilities for risk management;

 how reporting on risk status, and changes to risk status, will be undertaken within the
Project and to the Steering Committee;

 a complete Risk Register containing all risks identified for the Project.

1.1 Steering Committee

The Steering Committee will review the high impact risks on a <Weekly, > basis via updated
information provided in the Project Status Reports and at the <monthly> steering committee
meetings. The Steering Committee will also be provided with an updated Risk Register for
consideration, as required, when additional threats emerge or the likelihood or potential
impact of a previously identified risk changes.

1.2 Project Manager

The Project Manager will be responsible for:

 Development (with the project team) and implementation of a Project Risk Management
Plan;

 Organization of regular risk management sessions with the project team so that risks
can be reviewed and new risks identified;

 Assessment of identified risks and developing strategies to manage those risks for each
phase of the project, as they are identified;

 Ensure that risks given a high risk rating are closely monitored; and

 Providing regular Status Reports to the Steering Committee noting any high risks and
specifying any changes to the risks identified during each phase of the project and the
strategies adopted to manage them.
 Company ABC Widget Production & Sales - Risk Management Plan

1.3 Project Team

All members of the Project Team will be responsible for assisting the Project Manager in the
risk management process. This includes the identification, analysis and evaluation of risks
and continual monitoring throughout the project life cycle.

2 Introduction
The objectives of the risk management approach in the <Upgradation of ABC System>
Project are to identify, assess and mitigate risks where possible and to continually monitor
risks throughout the remainder of the project as other risks or threats emerge or a risk’s
impact or likelihood changes.

As risk management is an ongoing process over the life of a project, this Risk Management
Plan and Risk Register must be considered a ‘snap shot’ of relevant risks at one point in
time.

Where required, the process of risk identification, assessment and the development of
countermeasures will involve consultation with the Steering Committee members, other
relevant stakeholders and Project team members.

3 Risk Assessment
3.1 Identification
The identification section specifies the:

 Risk event;
 Cause of the risk;
 Effect or impact of the risk and technique used to identify the risk.

Risk ID Event Cause Effect or Technique

Impact Used

1 Financing In accordance of data, they will High Fishbone

issue exceed the time limitation in 5 diagram
million projected budget as
organisation needs more collection
that is approx. 0.7 million to end up
the project.

2 Incompletion The documents that are important Medium Delphi

of for the project will not be Method
documents completed on given time which can
cause scope creep and ends with
the failure of project.

3 Shortage of Lack of resources will tend to the High Root Cause

resources incompletion of the project. Analysis
Company ABC Widget Production & Sales - Risk Management Plan

4 Technical Organization might face problems High Brainstorming

issues in the future because of poor
scientific skills and finite business.
Moreover, upgrade the
management system will be
difficult task for them which can
create more complexities.

5 Demand of Inadequacy of resources may High Brainstorming

more time leads to mismanage of time which
includes delay in making project
charter, start the labour work, etc.
so these things need more time to
complete.

6 Penalizable May be, company will suffer from Medium Root Cause
penalty as they have poor Analysis
technical skills and lack of
resources and they will not able to
manage the project.

7 Lack of It has clearly seen in the data that High Delphi

coordination there is less interaction in the Method
in between members so company decided to
team separate the members in to small
members groups so that they can organize
the project in the good way.
Furthermore, they took 1.5 year to
execute the project that is not fare
which is only because of poor
administration, so they have to
replan it to complete this project in
1 year.

8 Improper Project charter is the important High Brainstorming

project document which plays the vital role
charter in the project that should be
organize well but it will be
incomplete which leads to change
in project scope and schedule.

9 Less There are certain employees those Low Root Causes

attentive shows less attention in the project Analysis
employees and also missed some of the
meetings too which was about
progress reports and projects
ideas.

10 Business or ABC company might have High Root Cause

trading nonexistence of trade obligators Analysis
needs which may have negative impact
on the speed of the project and
project can be delayed.
 Company ABC Widget Production & Sales - Risk Management Plan

3.2 Analysis and Evaluation

The analysis and evaluation section identifies the likelihood/seriousness of the risk (see
appendix for grade), risk response strategy and contingency:

Risk Likelihood & Risk Strategy Contingency Owner Cost Date &
ID Seriousness Response Reasoning* Update
Strategy

Including which project team members were involved in the decision

4 Risk Control and Monitoring

This section specifies:

 The frequency of reviewing the Risk Registers - <Indicate Frequency>

 Names of individuals involved in the risk reviews found in the table below;

 Frequency of risk monitoring found in the table below;

 Risk review technique(s) and reasoning for selecting it;

Risk ID Review Reviewers Risk Review Risk Review Technique Reasoning

Frequency Technique(s)
APPENDIX A: COMPANY ABC WIDGET
PRODUTION AND SALES RISK
REGISTER
Rating for Likelihood and Seriousness for each risk
L Rated as Low E Rated as Extreme (Used for Seriousness
only)
M Rated as Medium NA Not Assessed
H Rated as High

Grade: Combined effect of Likelihood/Seriousness

Seriousness
low medium high EXTREME
low N D C A
Likelihood
medium D C B A
high C B A A

'Likelihood' is a qualitative measure of probability to express the strength of our belief that
the threat will emerge (generally ranked as Low (L), Medium (M) or High (H)). 

'Seriousness' is a qualitative measure of negative impact to convey the overall loss of value
from a project if the threat emerges, based on the extent of the damage (generally ranked as
Low (L), Medium (M), High (H) or Extreme). 

From this risks will be graded as A, B, C, D or N according to the following matrix:

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<Project Title> - Risk Register (as at 26/10/18)

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