The project risk plan

Project Risk Management includes the processes of conducting risk management planning,
identification, analysis, response planning, response implementation, and monitoring risk on a
project. The objectives of project risk management are to increase the probability and/or impact of
positive risks and to decrease the probability and/or impact of negative risks, in order to optimize the
chances of project success

What is a risk ?

11.3.Identify Risks Identify Risks is the process of identifying individual project risks as well as sources
of overall project risk, and documenting their characteristics. The key benefit of this process is the
documentation of existing individual project risks and the sources of overall project risk. It also brings
together information so the project team can respond appropriately to identified risks. This process
is performed throughout the project.

Why a risk plan is needed

No individual can predict risks accurately in this dynamic environment, but

organizations need to prepare for an uncertain and volatile future. Organizations
are becoming ever so cautious about learning from past mistakes. The scope of
legality is increasing owing to business practices such as globalization. Consumers
are becoming aware and learned posing threat for businesses not adapting
accordingly. 
 Implementation of a robust risk management plan will help an organization
build policies and procedures around avoiding potential threats and
measures to minimize their impact if it occurs.
 It is crucial for any business to know the nature and extent of risk it is
prepared to take the level of risk it can tolerate and communicate the same
to its employees at all levels of management. This enables limited control all
over the organization.
 The ability to understand risks enables the organization to make confident
business decisions.
 It protects the organization from the risk of unexpected events that can
cause it a financial and reputational loss.
 Planning and developing structures to address potential threats improves
the odds of becoming a successful organization.
Thus the practice of risk intelligence and risk management is seen increasing in
many industries. 

You can use risk planning to identify potential problems that could cause trouble for
your project, analyze how likely they are to occur, take action to prevent the risks you
can avoid, and minimize the ones that you can’t.

A risk is any uncertain event or condition that might affect your project. Not all risks
are negative. Some events (like finding an easier way to do an activity) or conditions
(like lower prices for certain materials) can help your project. When this happens, we
call it an opportunity; but it’s still handled just like a risk.
https://grm.institute/blog/risk-management-meaning-importance/

Identification of project risks:

Project Risk identification is the most important process in the Risk

Management Planning. Risk Identification determines which risks
might affect the project and documents their characteristics. However,
as recommended by [Donna Ritter], we should not spend too much
time in identifying risks. After the list is made, qualitative and
quantitative analysis is done to figure out which risks you spend time
and/or money on.

{loadmodule mod_custom,ad 300×100 Large mobile}

As stated in [PMBOK], there are some specific tools and techniques for
identifying risk as listed below:

1. Documentation Reviews
2. Information Gathering Techniques – Brainstorming, Delphi
Technique, Interviewing, Root cause analysis
3. Checklist analysis – previous similar project, lowest level RBS
4. Assumption analysis
5. Diagramming Techniques – cause and effect diagram, system
and process flow chart, influence diagrams
6. SWOT Analysis
7. Expert Judgment

The risk identification method suggested in this article is to

compliment the existing tools and techniques recommended by
PMBOK.

The common Project Risk List Reference below which are divided into
a number of risk categories are samples of potential risks of a project
may be exposed to and should only be used by the Project Team as a
reference and starting point for risk identification during the project
risk management planning.
https://www.projecttimes.com/articles/project-risk-identification-
for-new-project-manager/

https://opentextbc.ca/projectmanagement/chapter/chapter-16-
risk-management-planning-project-management/#:~:text=You
%20can%20use%20risk%20planning,that%20might%20affect
%20your%20project.

Evaluation of probabilities and impact of risks

Every project has risks—uncertain events or conditions that, if they

occur, have a positive or negative effect on one or more of the project
objectives. So, the purpose of project risk management is "to increase
the probability and/or impact of the opportunities and decrease the
probability and/or impact of the threats" 

This two-dimensional technique is used to rate probability and impact.

Probability is the likelihood that a risk will occur. The impact is the
consequence or effect of the risk, normally associated with impact to
schedule, cost, scope, and quality.

The Probability/Impact Assessment also helps in programs. I total the risk

scores within each project to calculate the Project Risk Score and
compare the scores between projects. This helps me understand which
projects have the greatest risk exposure and where I need the most
skilled people.
The Risk Impact/Probability is based on the principle that a risk has two primary dimensions: o
Probability – A risk is an event that "may" occur. The probability of it occurring can range anywhere
from not likely to occur to very probable.    o Impact – A risk, by its very nature, always has a negative
impact. However, the size of the impact varies in terms of cost and impact on health, environment,
economic base or other critical factor.

Risk analysis covers both the potential impact (or consequence) of the identified risks, and their
likelihood (probability). In the case of likelihood, an intrinsic likelihood was first considered, taking into
account the nature of the risk and its probability in the absence of controls or other mitigations, and
then adjusted for mitigating controls that were confirmed as being in place. To develop a quantitative
risk assessment, a point system for the scales or levels of the likelihood and impact of risks was
devised in the context of genebanking operations. The point system was simplified and, consistent
with the approach taken by many CGIAR Centres for their enterprise wide risk management
frameworks; a 3-point scale was proposed: 1 point (Low), 2 points (Medium), and 3 points (High) for
both likelihood and impact.

https://projectriskcoach.com/evaluating-risks-using-qualitative-risk-
analysis/

risks material analysis:

Two Types of Risk Analysis

Risk evaluation is the process to determine the significance of each risk.
There are two ways to evaluate risks:

1. Qualitative Risk Analysis. Qualitative analysis such as

rating probability and impact should always be performed.
This allows you to quickly prioritize and rank your risks.
2. Quantitative Risk Analysis. Quantitative analysis is not
always performed. This analysis requires more time but
provides more data to aid in making decisions. (We will cover
quantitative evaluations in another post.)

Strategies to manage risks:

Monitor Risks is the process of monitoring the implementation of agreed-upon risk response plans,
tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness
throughout the project. The key benefit of this process is that it enables project decisions to be based
on current information about overall project risk exposure and individual project risks. This process is
performed throughout the project.
Conclusion

Risk Identification in the project is critical in order to manage and

complete the project successfully. The earlier the risk can be identified,
the earlier the plan can be made to mitigate the effects of the
potential risks. There are a lot of tools and techniques or method
available to identify the project risks. The method suggested in this
article will complement the existing risk identification method to get a
more comprehensive risk list for Risk Management Planning.
Identifying the risk is an iterative process, and the entire project team
should be involved from the beginning of the project. Comprehensive
and good risk identification will produce a good project results.

Risk Management ‐ The continuous process of assessing risks, reducing the potential that an adverse
event will occur, and putting steps in place to deal with any event that does occur. Risk management
involves a continuous process of managing—through a series of mitigating actions that permeate an
entity’s activities—the likelihood of an adverse event and its negative impact. Risk management
addresses risk before mitigating an action, as well as the risk that remains after countermeasures
have been taken.

Zineb.rhajbal@gmail.com
Communication management:

Plan Communications Management is the process of developing an appropriate approach and

plan for project communications activities based on the information needs of each stakeholder
or group, available organizational assets, and the needs of the project. The key benefit of this
process is a documented approach to effectively and efficiently engage stakeholders by
presenting relevant information in a timely manner. This process is performed periodically
throughout the project as needed.

The importance of communication management:

communication is crucial in order to keep each professional informed and on-task. Project managers
spend much of their time as leaders communicating to their team to ensure the success of the project.

While project managers make communication a priority for themselves, it's also important for other
professionals to dedicate themselves to improving their communication skills when working on a
project. This may include asking questions when they feel unsure about a detail in the project or
sharing an idea to aid in the progress of the project.
The Role of the Project Manager
The role of the project manager is one of communications facilitator. That does
not mean he or she sends all of the communications. It means that the project
manager is responsible for ensuring that communications are sent, received, and
(to the degree possible) understood. To accomplish that, the project manager
can identify preferred communications modes for the critical stakeholders,
assess the best means to enable those modes, and ensure the integrity of the
process as the project continues.

Stakeholder management:

Stakeholder management is the process of maintaining good relationships with

the people who have most impact on your work. Communicating with each one
in the right way can play a vital part in keeping them "on board."

Effective communication with stakeholders not only aims to ensure

they are aware of the objectives and finer points of a project, it also
serves to help the organization understand those who will be
affected by the project, how they will access and interpret
information from the organization and allows the organization to
anticipate how stakeholders will respond
Stakeholder Communications

You can start to devise a plan for communicating with your stakeholders once
you've mapped them on a Power/Interest Grid, such as our interactive example .
Remember, the aim of your communication with stakeholders is to win and
maintain their support for your project. Use the following five steps to do so:

1. Summarize Each Stakeholder's Status

Download our Stakeholder Communications worksheet , and fill in the

Stakeholder Name column using the names of the key stakeholders that you
identified on your Power/Interest Grid.
In the Key Interests and Issues column, add each stakeholder's level of influence
and area of interest in your task or project. Then, in the Current Status column,
add your assessment of where they stand in respect to it: "Advocate,"
"Supporter," "Neutral," "Critic," or "Blocker."

2. Decide What You Want From Each Stakeholder

Look at your list of stakeholders and think about the level of support that you
want from each one: is it High, Medium or Low? Enter this value in the Desired
Support column on your worksheet.
And, what role would you like each one to play in your project (if any)? Will
you need full-time technical support, for instance, or just "ad hoc" advice? Note
this down in the Desired Project Roles column.
Try to be as detailed as possible about what you want from your stakeholders. If
there are specific actions that you need them to take to move the project forward,
write them in the Actions Desired column of your worksheet. And make sure
that you can explain why these actions are so important!

3. Identify Your Key Message to Each Stakeholder

Next, think about what you need to say to persuade your stakeholders to support
you and to engage with your project.
What's in it for them? Highlight the benefits that your project will bring to the
organization or the individuals concerned, and focus on key performance
drivers, such as increasing profitability or delivering real improvements.
Write down your key messages in the Messages Needed column of your
worksheet.

4. Identify Your Stakeholder Communication Approach

How will you manage the communication to, and the input from, your
stakeholders?
In the column, Communications Approach, write down the strategy that is best
suited to each stakeholder. The options are "Manage closely," "Keep satisfied,"
"Keep informed," or "Monitor."
Focus on the most important stakeholders first, and the less crucial ones later
(refer back to your Power/Interest Grid, if you need to). Devise a plan that
communicates with them as simply and efficiently as possible, with just the right
amount of appropriate information.
Consider how often each stakeholder will want to receive updates, and in what
form. Would they prefer email or face-to-face meetings, or visual updates such
as Gantt charts , for example. Remember, your goal is to keep your stakeholders
engaged and supportive, so take care not to overload them or to waste their time!
Also, think about how you can win over or neutralize the opposition of skeptics.
Where you need their active support, think about how to raise their level of
interest. For example, could you show them a prototype of your new product or
service, or persuade another influential stakeholder to present the project to
them?
Write down your plans in the Action and Communication column of your
worksheet.
5. Implement Your Stakeholder Management Plan

Once you have prepared your plan, you can start to implement it!
Aim to make Stakeholder Management an integral part of your project, rather
than treating it as a side task. As with all plans, it will be easier to implement if
you break it down into a series of small, achievable steps which you action one
by one.
And remember, projects are often subject to change as they go along. This
means that your stakeholders' needs may change, too. So, review your plan
regularly to make sure that you continue to communicate with the most
influential stakeholders, in the most effective way, for the duration of your
project.

examples of project reporting internal and external looking

https://sapxp.ch/15-internal-and-external-project-reporting/?lang=en

 5 contract management:

Managing contracts is an overlooked form of management. Managers interact

frequently with employees, and some of those discussions and situations naturally
relate to compensation. Some of these conversations will deal with contract
management. Other times, businesses need to manage contract agreements with
other businesses. It’s not talked about much, but contract management is an
important business topic. If you’re unsure of how the contract management process
works, it’s important to understand the basics. 

While there are many components of contract management, we can summarize the
process by breaking it into five clear stages: creation, collaboration, signing, tracking
and renewal.

We can further identify individual steps within the stages. In all, we can break the
process down into nine steps, each of which contributes to one of the five
overarching stages. This makes it easier to manage the end-of-quarter crunch that
tends to happen when it’s time for a new round of contracts. Here are the steps of
each stage:

Creation

1. Initial requests. The contract management process begins by identifying

contracts and pertinent documents to support the contract’s purpose.
2. Authoring contracts. Writing a contract by hand is a time-consuming activity, but
through the use of automated contract management systems, the process can
become quite streamlined.

Collaboration

3. Negotiating the contract. After drafting the contract, employees should be able to

compare versions of the contract and note any discrepancies to reduce negotiation
time.

Signing

4. Approving the contract. Getting management approval is the step where most

bottlenecks occur. Users can preemptively combat this by creating tailored approval
workflows, including parallel and serial approvals to keep decisions moving at a rapid
pace.

5. Execution of the contract. Executing the contract allows users to control and

shorten the signature process through the use of electronic signature and fax
support.

Tracking

6. Obligation management. This requires a great deal of project management to

ensure deliverables are being met by key stakeholders and the value of the contract
isn’t deteriorating throughout its early phases of growth.

7. Revisions and amendments. Gathering all documents pertinent to the contract’s

initial drafting is a difficult task. When overlooked items are found, systems must be
in place to amend the original contract.

8. Auditing and reporting. Contract management does not mean drafting a contract

and then pushing it into the filing cabinet without another thought. Contract audits are
important in determining both organizations’ compliance with the terms of the
agreement and any possible problems that might arise.

Renewal

8. Renewing. Manual contract management methods can often result in missed

renewal opportunities and lost business revenue. Automating the process
allows an organization to identify renewal opportunities and create new
contracts.

contract structures and contents

Contractual Structure means the contractual relationships between the Shareholders and
the Company pursuant to this Agreement and the other Venture Agreements.
Content Contract means an Assigned Contract under which an author or otherthird party
assigns, licenses or otherwise grants a Seller the right to publish, reproduce, distribute,
 prepare derivative works of and/or otherwise exploit a work in any form anywhere in the
world.

Contract negotiation

Contract negotiation is the process through which two or more

parties deliberate over the contents of a contract to reach a legally
binding agreement on the terms of their relationship.

The main goal of contract negotiations is for each party to be

satisfied with the rights and obligations assigned to them. Business
negotiations also help to ensure that the terms set out are as
favourable as possible for both parties, with as little risk as possible.

If you're negotiating a contract with a vendor, you'll likely want to

advance your company's interests by trying to negotiate more
lenient termination rights. However, the vendor will probably want to
achieve the opposite.

However, by coming together to negotiate contract terms, both

parties can often compromise and reach an agreement on terms
that are mutually beneficial.

Scope, requirement and interfaces:

Interface Management System is a systematic methodology enlisted when working with

multiple contractors, subcontractors, and clients that incorporates the work processes,
people, systems, and tools to deliver effective interface management to the projects. The
Interface Management System is to identify interface, to resolve issues between parties; to
avoid ambiguity and divergence among the project participants by defining the detailed
scope of work; to identify the distribution of the work; to establish the exchange of
information; to create formal interface agreements; to track each interface issue to resolution
in real time through an online management system.

https://www.interfacemanagement.com/im/resources/about-
interface-management

phases of a contract :

The crucial process of contract management is composed of three phases:

pre-award, award, and post-award. Each of these three phases of contract
management covers a different step in an agreement’s life cycle, and each
is equally important to its success.

This essential process of contract management is generally considered to come in three

phases:

 Pre-award, or the time where an offer of services is solicited, developed and agreed
upon;
 Award, where the agreed-upon offer goes into negotiation and ratification; and
 Post-award, where the contract enters performance management leading up to its
conclusion and close.


https://parleypro.com/blog/3-phases-of-contract-management/
#:~:text=The%20crucial%20process%20of%20contract,equally
%20important%20to%20its%20success.

contractual conflicts resolution meaning

A contractual dispute is usually when a party in a contract has a

disagreement concerning its terms or definitions, whether it’s you or your
client. If handled poorly, contractual disputes can be costly and time-
consuming, end up in court and damage your business relationships and
reputation.
 Most disputes arise because of a difference of opinion between the
trader and their customer as to whether the goods and/or services
provided are up to standard.  You should always take steps to
investigate complaints promptly and thoroughly, and if you accept that
the work is defective you should look to rectify this swiftly in
accordance with your legal obligations. 

Dispute resolution is the process of resolving a dispute or conflict between different

parties. It usually involves methods to solve a disagreement without going to court.

https://linkilawsolicitors.com/insight/dispute-resolution-methods/

https://www.fsb.org.uk/resources-page/how-to-resolve-a-contractual-dispute.html