Risk Management Plan for SFSU Project Management Course: BN205

This report presents a risk management plan developed for a project at Silicon Forest State University (SFSU), focusing on the implementation of a new ticketing system by the Office of Information Technology (OIT). The report begins with an executive summary and an introduction to risk management principles, highlighting the importance of managing project constraints. It details the identification of both positive and negative risks, risk analysis using a likelihood vs. consequence matrix, and the development of a risk response plan. The plan categorizes risks based on severity and proposes mitigation strategies, including regular communication, third-party insurance, and continuous monitoring. The report concludes with a justification of the chosen responses, emphasizing the need for proactive monitoring and control throughout the project lifecycle. References to relevant sources are also included.

Risk Management PLAN
University name
BN205: Project Management
2017
Name of University
Student’s Name:

Risk Management Plan
Table of Contents
Executive summary.....................................................................................................................................2
Introduction.................................................................................................................................................2
Background..................................................................................................................................................2
Risk Management Plan................................................................................................................................2
Identify Risk.................................................................................................................................................3
Risk Analysis................................................................................................................................................3
Risk response plan.......................................................................................................................................4
Monitor and Control Risks...........................................................................................................................5
Justification.................................................................................................................................................5
Conclusion...................................................................................................................................................5
References...................................................................................................................................................5
List of Tables
Table 1: Risk Identification..........................................................................................................................3
Table 2: Risk Analysis...................................................................................................................................3
List of Figure
Figure 1: Risk Matrix....................................................................................................................................4
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Risk Management Plan
Executive summary
The common goal for developing the report is to demonstrate the problems that any project manager
encounters while developing the risk management plan by developing the same for the case with proper
identification of risk, analyze the risks and find mitigation plan.
Introduction
The approach or technique which are being adopted by the project manager to manage its three
constraints of any project from getting overrun of schedule, then extra expenditure and not matching
the quality standards with the available number of resources is called the risk management1.
Background
Silicon Forest State University (SFSU) has many different departments, among all OIT (Office of
Information Technology) looks about the Information technology systems. Currently, SFSU was facing
the problem in managing the proper track of their ticketing system which is being used to communicate
and keep track regarding the issues which are faced on daily basis. So they decided to scrap is old
software and configure the new one which is already present in the system but in very few departments
only. So for the above discussed job Ron Bashley was selected as the team leader and Harry Bonnett
along with Bob Biyon shall support him.
Risk Management Plan
The procedure developed to handle the situation in case some risks occurs, that what need to be done
whether shall accept it, divert it, share it or many more on the basis of pre studied the issue or the
opportunities which can be enhanced but using the proper technique is basically the risk management
plan. The details and all the steps of the plan shall be discussed with proper examples in below
sections2.
The very first step in the process is to identify the positive and negative risks and then analyze it
properly by putting the numbers on the severity and the likelihood of the risk. Accordingly they are
categorized and the mitigation plan is developed.
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Risk Management Plan
Identify Risk
Risks of any project can be identified in to two broad categories positive and negative risks 3. So below
table shows the identified risk in the current case with the originator’s name and date it was first
identified.
Risk / Opportunity Identification
Num
ber
Date
Logged
Raised
By
Statu
s
Type Description and Cause
1 15/08/2
017
Bob
Biyon
Open Oppo
rtuni
ty
There is the opportunity in the project to finish at the
earliest and start using the new ticketing system, this
will reduce the risk of down time
2 16/08/2
017
Ron
Bashley
Open Risk There is risk that the communication structure during
the project stage fails and no bugs tracker remains
stand
3 22/08/2
017
Ron
Bashley
Open Risk There is risk that the installed software 'Request
Tracker' could not be configured properly in new areas
4 24/08/2
017
Pike
Gresha
m
Open Risk There is a risk of few left out information or
expectations are missed out and may come up during
project execution phase
5 24/08/2
017
Harry
Bonnett
Open Risk there is a risk from the back end of receiving some
errored message from user and the action would have
taken n thr basis of bug received can harm the system.
Table 1: Risk Identification
Risk Analysis
Now on the basis of the identified risks, the likelihood and the consequence of the risk shall be
documented in below format to access the severity and probability of the risks in the project life cycle.
Risk / Opportunity Analysis
Numbe
r
Date Logged Raised By Status Type Likelihood Consequence
1 15/08/2017 Bob Biyon Open Opportunity 3 3
2 16/08/2017 Ron Bashley Open Risk 2 5
3 22/08/2017 Ron Bashley Open Risk 3 5
4 24/08/2017 Pike Gresham Open Risk 3 4
5 24/08/2017 Harry Bonnett Open Risk 4 4
Table 2: Risk Analysis
The above developed analysis table can be plotted in the likelihood Vs consequence block
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Risk Management Plan
1 2 3 4 5
MEDIUM HIGH
L i k e l i h o o d
2
LOW LOW MEDIUM
4
MEDIUM MEDIUM HIGH
1
LOW LOW LOW
Risk No. 2
HIGH
3
LOW MEDIUM
Opportunity
No. 1
MEDIUM
Risk No. 4
HIGH
Risk No. 3
HIGH
MEDIUM
C o n s e q u e n c e
Risk No. 5
HIGH EXTREME
5
MEDIUM MEDIUM HIGH EXTREME EXTREME
Figure 1: Risk Matrix
Risk response plan
This step describes the way or procedure to eliminate threat or at least reduce its impact by having the
home work done well before the risk occurs4.
To just categorize, Risk No. 2, 3, 4 and 5 falls in ‘High’ severity category but the opportunity No. 1 is in
‘Medium’ category. Following actions can be taken to increase the opportunity and decrease the threat:
Category: High
Risk No. 2: in such case personally should meet to each other to resolve the issue
Risk No. 3: the project must be insured with third party to share the risk
Risk No. 4: need to incorporate in the risk register and do similar analysis
Risk No. 5: regular basis both the team and members must meet
Category: Medium
Opportunity No. 1: the opportunity need to be enhanced
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Risk Management Plan
Monitor and Control Risks
This stage deals with the properly monitoring of identified risks at every review meeting, search for new
risks need to go on and if something identified must be again routed through the same process to add in
the register and check the proper implementation of risks5.
Justification
According to the developed risk matrix, the responses planned are the exact solution possible for the
case. All the risks need to be properly monitored in every review meeting so that it remains on the head
of every stakeholder so that they can act promptly
Conclusion
To conclude the whole report on developing the risk management plan, we need to first brainstorm and
consider as much as risks which can impact the project in terms of schedule, cost or resources. After the
identification are done proper analysis and then their mitigation plan and its monitoring need to be
done throughout the project life cycle.
References
x
[1] Institute of Risk Management. (2016) About Risk Management. [Online].
https://www.theirm.org/the-risk-profession/risk-management.aspx
[2] Michael Stanleigh. (2017) Risk Management…the What, Why, and How. [Online]. https://bia.ca/risk-
management-the-what-why-and-how/
[3] The MITRE Corporation. (2017) Risk Identification. [Online].
https://www.mitre.org/publications/systems-engineering-guide/acquisition-systems-engineering/
risk-management/risk-identification
[4] OneCampus. (2017) Plan Risk Responses. [Online].
https://www.greycampus.com/opencampus/project-management-professional/plan-risk-responses
[5] Wes Balakian. (2010, September) Applying the Risk Monitoring and Control Process. [Online].
http://project-management.truesolutions.com/2010/09/21/applying-the-risk-monitoring-and-
control-process/
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Risk Management Plan
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