Risk Management Plan
The Risk Management Plan is one of several project management documents that your Project Manager at Solid Design Solutions Australia (Solid Design) will create to begin your new product development project. Setting up the project for success starts with identifying business, project and product design risks for the project. Once risks are identified Solid Design’s project team assesses each risk estimating the probability of the risk materialising and related impact. Risk elimination and mitigation strategies are then developed in consultation with the Project Sponsor and key stakeholders. The primary steps of creating the plan are:
- Identify risks documenting the type of risk and the source in the Risk Register
- Analyse each risk estimating the probability of the risk becoming an issue and evaluating the potential severity of the risk were it to materialise
- Identify actions that could be taken to eliminate or mitigate each risk and re-assess the probability and severity with the action taken.
- Develop plans to respond to risks that do become issues
- Identify how each risk elimination or mitigation strategy will be monitored and testing to confirm that the probability and, or the severity of the risk has been reduced to a level acceptable to the Client’s organisation
- Communicate the Risk Management Plan with the Project Sponsor and key Stakeholders
Within a Project Management Plan there are many sub plans related to the 10 BOMBOK® Knowledge Areas. Some may only be a paragraph in the in the Project Management Plan and will refer to related project documents that are revision controlled. Each one of these plans is created through a process of planning, collecting details, defining scope/tasks, analysing/estimating/validating and building the individual plan. Project Managers at Solid Design use these plan details to communicate project management strategy with the project sponsor, project team members and key project Stakeholders.
- Scope Management Plan
- Schedule Management Plan
- Cost Management Plan
- Quality Management Plan
- Requirements Management Plan
- Risk Management Plan
- Resource Management Plan
- Communications Management Plan
- Procurement Management Plan
- Stakeholder Engagement Plan
- Change Management Plan
- Configuration Management Plan
Let’s get started and create a project plan that fits your product development project needs! Send us an email or give us a call. We’ll set up a meeting, review your new product development goals and objectives and get the process moving.