Objectives Of Risk Management Business Plan Examples

Published: 2021-07-04 06:05:04
essay essay

Category: Management, Planning, Media, Strategy, Risk, Risk Management, Risks, Project

Type of paper: Essay

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Introduction and Purpose of the Risk Plan
A risk management plan is a manuscript that the person in charge of the project prepares. A risk management plan helps the manager to foresee the risks associated with the project he is willing to undertake, determine the risks of the product and establish the responses to the issues.
In this case, the class is a project. A class consists of many players, activities and is assessed by its ability to complete all its tasks on time. The main players involved in any class include teacher, students and parents. The actions that occur in the class include homework, assignments as well as end of semester exams. The core objective of the risk plan is to discover the risks that may occur in the course of the project, analyze them and help in determining ways and means of mitigating or avoiding them.
Terms, Acronyms and abbreviations
- Risk Factor- is the project that is to be undertaken and which is faced with particular facts that should be analyzed to prevent failure of the project.
- Risk identification- is the process of naming the risks that can affect the project
- Risk analysis-is the process of evaluating a risk as to whether it has high, low or medium effects on the project
- Risk management and mitigation- is the process of designing a strategy that helps in the risk evasion or avoidance or a strategy that helps in preventing the occurrence of the risk.
Risk Management Methods
Risk Identification.
The team tasked with risk identification uses brainstorming; questionnaires and interviews to identify the risks. SWOT analysis is also useful in the identification and cause identification. Prior history and stakeholders can also be incorporated in the process of risk identification
Risk Analysis
- New risks are analyzed and addressed as soon as they occur.
- Existing risks will be reanalyzed monthly to make sure they do not reoccur again.
Risk assessment
The risks facing the class are accessed according to the effect they have on the goals of the class. The process of assessment starts from the riskiest to the low impact risks.
Probability definitions
Risk management process
The risks that have a high impact on the project are addressed first and with speed as they can affect the whole project. Examples of such risks are absenteeism and lateness. The risks that have a medium impact, for example, lack of knowledge on the grading system are just highlighted. The risks with a low impact on the project are ignored entirely until they are considered to be of either high or medium impact for them to be analyzed.
Roles and Responsibilities

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