Risk Management Plan for 19735 Project 4 Blue Mountains TAFE

RISK MANAGEENT PLAN
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19735 PROJECT 4 BLUE MOUNTAINS TAFE
RISK MANAGEMENT PLAN
Table of Content
s
Executive summary.........................................................................................................................3
1.0 Introduction................................................................................................................................4
1.1 Project Description....................................................................................................................4
1.2 Purpose......................................................................................................................................5
1.3 Objectives..................................................................................................................................5
2.0 Risk Management Organization................................................................................................6
2.1 Process Responsibility...............................................................................................................6
2.2 PMO Risk Manager/Risk Management Team...........................................................................6
2.3 Risk Owner................................................................................................................................7
2.4 Steering Committee...................................................................................................................7
3.0 Risk Management Process.........................................................................................................8
3.1 Risk Identification.....................................................................................................................8
3.2 Risk Analysis...........................................................................................................................14
3.3 Risk Monitoring and Control...................................................................................................16
4.0 Risk mitigation.........................................................................................................................16

Executive summary
The main purpose of this document is to offer the management team with a management
framework which will ensure that the levels of uncertainties and risks in a project are managed in
a proper way. Since the risk management is a continuous process throughout the lifespan of a
project, the risk register must be regarded as a snapshot of relevant risks at one point in time.
This has been achieved in this document through defining the following: Procedures that would
be put in place by the project team to determined, analyses and assess the risks associated with
the 19735 Project 4 Blue Mountains TAFE .How the risk control strategies will be there
established and implemented in order to minimise the possibility and the effects of the risks.
How regular risks will be reviewed, the procedures that will be developed in the review process
and the parties that will participate in that process .Responsibilities and duties for risk
management. How reporting on the status of the risks and change status that will be carried out
within the project. A complete risk register having all the risks identified for the project, their
present grading and the identified risk control strategies to minimise the possibility and effects of
this risk.
1.0 Introduction
The main reason why the risk management plan is developed, is to ensure that the identification
of risks and uncertainties is done in time and they are managed property in a well-structured
manner. This is aimed at ensuring that any potential risk to the delivery of the outputs and their
realization of the benefits or outcome by the clients is controlled in time this will ensure that the
project is completed successively.

The aim of the risk management plan in the 19735 Project 4 Blue Mountains TAFE is to identify,
evaluate and control where possible all the risks that will be encountered during the project
lifetime. There is need to regularly monitor risks throughout the project lifetime, since other risks
may come up (Remington, 2016). Where required, the process of risk identification, assessment
and the development of countermeasures will involve consultation with the Steering Committee
members, the 19735 Project 4 Blue Mountains TAFE reference group, other project team and
stakeholder’s members.
1.1 Project Description
19735 Project 4 Blue Mountains TAFE
Job Address: WSI Blue Mountains College, Parke St, Blue Mountains, NSW
Job Title: New facility for Beauty Therapy and Complimentary Health Classrooms and
Offices
Client: NSW Department of Commerce
Architect: Perumal Pedavoli Architects, Wattle St, Ultimo, NSW
1.2 Purpose
This 19735 Project 4 Blue Mountains TAFE Risk Management Plan offers the project
management team a reliable method of manage different risks to ensure success.
Risk management refers to the process of identifying, assessing, mitigating, tracking, controlling
and managing of the project risks. It is the foundation of decision making regarding to the
development of the business competence and the project management (Edgerton, 2015).