Purpose Of The Risk Management Plan Essay - 1253 Words

1. Introduction XYZ recognizes that the organization is exposed to certain risks due to the nature of its activities and the environment in which it operates. The key to XYZ’s success is the effective management of risk to ensure its organizational objectives are achieved. 1.1 Purpose of the Risk Management Plan This Risk Management Plan defines how risks associated with the XYZ project will be analyzed and mitigated. The Project Manager working with the Project Team and Project Sponsors will ensure that risks are actively identified, analyzed, and managed throughout the life of the project. 2. Risk Analysis All risks identified will be assessed to identify the range of possible project outcomes. Risks will be prioritized by their level of importance. 2.1.1 Qualitative Risk Analysis The probability and impact of occurrence for each identified risk will be assessed by the PM, with input from the Project Team using the following approach: †¢ Probability - is the likelihood that a risk will occur. †¢ Impact - is the consequence the risk will have on the project when it does occur. Risks are evaluated against a standard impact/probability scale using a clearly defined range, as identified in Table 2 to decrease the uncertainty between different definitions of High, Moderate, and Low impact. Risks with High impacts and probabilities are those that need to be addressed first. Table 2. Risk Exposure Rating Risk Exposure Rating Description Color Code HIGH (H) Unacceptable.Show MoreRelatedHuman Resource Management : The Goal Of Human Resources Management Plan752 Words   |  4 PagesHUMAN RESOURCE MANAGEMENT: The goal of human resource management is to help an organization meet its strategic goals by attracting, developing, and retaining employees and also by managing them effectively. Our aim is to achieve a fit between managing the Project s employees and the overall strategic direction of the project. 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