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  • Risk Mitigation Plan

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    suryakrish krishnan
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    This document outlines a risk management plan to address potential risks of going over budget and falling behind the training schedule for an operations and training project. It identifies two main risk types - going over budget and falling behind the training schedule. For each risk type, it lists potential scenarios, assesses the risk level, and proposes mitigation plans to transfer, reduce, avoid, or control the risks. Appendices define probability and impact charts used to assess risk levels.

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    This document outlines a risk management plan to address potential risks of going over budget and falling behind the training schedule for an operations and training project. It identifies two main risk types - going over budget and falling behind the training schedule. For each risk type, it lists potential scenarios, assesses the risk level, and proposes mitigation plans to transfer, reduce, avoid, or control the risks. Appendices define probability and impact charts used to assess risk levels.

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    © All Rights Reserved
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    22 views3 pages

    Risk Mitigation Plan

    Uploaded by

    suryakrish krishnan
    This document outlines a risk management plan to address potential risks of going over budget and falling behind the training schedule for an operations and training project. It identifies two main risk types - going over budget and falling behind the training schedule. For each risk type, it lists potential scenarios, assesses the risk level, and proposes mitigation plans to transfer, reduce, avoid, or control the risks. Appendices define probability and impact charts used to assess risk levels.

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    © All Rights Reserved
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    of 3

    Operations & Training Risk Management Plan

    Author: SURYA HARIHARAN Created: Mar 1


    Status: Draft Updated: Mar 31

    Objective
    The objective of this document is to plan for the risk of going over the budget and falling behind
    training schedule.

    Executive Summary
    The project goal is to avoid the potential risk of going over the budget and falling behind training
    schedule within the scheduled time.

    RISK TYPE ONE: Going over the project budget

    Scenario Risk to Mitigation Plan


    project
    (L/M/H)

    Each delivery truck costs H Avoid


    $16,000 more than initially
    quoted.

    A product vendor charges M Reduce / Control


    a higher rate than
    expected.

    A product vendor loses a L Control


    product shipment.
    RISK TYPE TWO: Falling behind the training schedule

    Scenario Risk to Mitigation Plan


    project
    (L/M/H)

    Your Training Manager gets M Transfer


    sick and misses a week of
    training.

    You cannot hire enough H Transfer


    employees in time to train
    them before launch.

    More than 50% of L Avoid


    employees quit after a
    difficult training process,
    leaving the company short-
    staffed

    Appendix:
    Probability chart:

    Probability
    Qualitative Quantitative (if measurable)

    Low Very low chance of risk occurring. Less than <10% chance of risk occurring.

    Medium Medium chance of risk occurring. 10%-49% chance of risk occurring.


    High High chance of risk occurring. 50%-100% chance of risk occurring.

    Impact chart:

    Types of
    Impact Low Medium High
    Low financial impact, Medium financial impact, High financial impact,
    costing the company $0- costing the company costing the company
    Financial $14,000 $15,000-$29,000 $30,000 or more
    Medium impact to project
    Low impact to project operations, High impact to project
    operations, causing with potential to delay operations,
    delays of a few days to a project by a month or with potential to cause
    Operational few weeks more project failure
    Low impact to employee Medium impact to High impact to employee
    attrition, with 5%+ of employee attrition, with attrition, with 50%+
    employees quitting 25%+ of employees employees quitting
    People quitting

    Probability and Impact Matrix:

    Inherent Risk
    Impact
    Low Medium High
    High Medium High High
    Probability Medium Low Medium High
    Low Low Low Medium

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