Guide for the Process of Managing Risk on Rapid Renewal Projects (2012) / Chapter Skim
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Pages 105-111
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From page 105... ...
103 9 IMPLEMENTING RISK MANAGEMENT PLAN INTRODUCTION As discussed in Chapter 8, the risk management plan is intended to optimize project performance through the following three basic elements: • Specific actions whose purpose is to reduce particular individual risks, focusing on the higher-priority risks; • Management of contingency to cover most of the residual risks and other uncertainties; and • Recovery if established contingency is inadequate (i.e., to cover the rest of the residual risks and other uncertainties)
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From page 106... ...
104 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS A unique feature of the risk management plan, unlike most plans, is that it is actually an evolving document, with the expectation that it will be adjusted to reflect changes in the project as that project develops (including any changes due to recovery)
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From page 107... ...
105 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS • Providing adequate authority and resources to carry out the plan; and • Gathering and distributing information. Without these steps, the plan likely will not be successfully implemented -- it will be just another document on the shelf.
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From page 108... ...
106 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS Example Risk Reduction Action from Risk Management Plan (this is not the hypothetical case study) Action successfully completed, and risk eliminated |
From page 109... ...
107 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS shown in the black square in Figure 9.1, the reserved contingency exceeds the allowable contingency during a phase, then recovery is triggered (e.g., in Phase A, $4 million was spent, which was $1 million more than the $3 million budgeted for that phase, meaning that there is not enough left for later phases)
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From page 110... ...
108 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS CONCLUSIONS ON IMPLEMENTING THE RISK MANAGEMENT PLAN The risk management plan consists of three main elements designed to optimize project performance: (1) plans for individual risk reduction actions; (2)
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From page 111... ...
109 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS Example The hypothetical QDOT case study (see Appendix D) , which is used to illustrate the various steps of the risk management process and includes a risk management plan (RMP, Appendix E)
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