Response Planning

During response planning, plans and
strategies will be developed to minimize the effects of risk so that it can be
controlled and managed. Higher priority risks will receive more attention
during response planning than lower priority risks. Every risk threat will be
assigned an owner during response planning and risk register will be updated
accordingly.

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Risk
Strategies

Risk strategies involve the
identification of measures to reduce the probability that a threat will occur
and/or reduce the impact of a threat that does occur. Following table is useful
in determination of how risks will be treated with regards to preparation
and/or mitigation deployment strategies during the life of the Project.
Strategies will only be prepared and/or deployed for Grades A to C, however if an
existing risk is graded at D and it appears that this risk likely to be
upgraded, strategies should be prepared.

Project
manager with the support of the project team will decide the best way to
respond to each risk to ensure that these responses are in compliance with
project objective. In severe cases if necessary flexibility to one of the
project’s constraints maybe allowed after approval from project sponsor. After
approval funding may be added to the project to for more resources in to meet
schedule and scope constraints.

Risk
Register must be maintained by every project, this will enable to track risks
and associated mitigation strategies. This section describes the risk register
criteria as well as where the risk register is maintained and how these risks
are tracked in the project schedule.

Against
every risk in risk register the risk manager will provide the status at the
bi-weekly project team meeting with a planned timeframe.

 

 

Risk Monitoring and Control

Planned risk responses will be executed
as required during project life-cycle, but the project should also be
continuously monitored to identify new and changing risks.  During risk monitoring and control the
following tasks will be performed:

v  Identify new risk , analyze, and plan
for them

v  Track identified risks and monitor
their triggers

v  Re-analyze existing risks for its
probability, impact

v  Review the risk responses execution to
analyze its effectiveness

Timing

The risk
identification process will be repeated throughout the life of the project to
identify new risks.

Every
month – risk status review will be held
between sponsor and project manager to update the status of risk register.

Every 3
weeks – Project manager and project team
will review the risk management process to discuss new risks (if required) and
update the status of risk register.

Risk
Budgeting

Total
approved budget by the sponsor is for risk management process is $0.6 Million
USD divided into two main categories

Contingency Reserve

v  $0.45 million has been reserved for
contingency reserve which will be controlled by the project manager

Management Reserve

v  $0.15 million which will be controlled
by project sponsor