Kitchen Remodel Risk Management Plan - 3239 Words

Kitchen Remodel Risk Management Plan Maitai Gordwin North Central University Abstract Project Management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements (Project Management Institute, 2008; Gordwin, 2012). When applying this knowledge effective management of appropriate processes is required. Risk Management is considered most critical and includes the processes of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project. The purpose of the risk management plan is to establish framework in which the project team will identify risks and develop mitigation strategies to avoid, eliminate or convert to†¦show more content†¦RISK MANAGEMENT PROCESS Planning risk management process is important to ensure that the degree type, and visibility of the risk management commensurate with both the risks and the importance of the project to the organization (Project Management Institute, 2008). Risk will be identified within the initiation phase of the project, to ensure the impact is minimal and ensure enough time to plan risk mitigation strategies. The project manager and project team are responsible for ensuring risk are actively identified, analyzed, and consistently managed throughout the life cycle of the project. The following processes outlined below will be implemented for this project: * Identify Risks * Assess Risk-Perform Qualitative Risk Analysis * Risk Mitigation * Monitor and Control * Risk Closure * Lessons Learned The risk management process is iterative; therefore processes are handled in sequence (Phillips, 20090. Initially, the first phase of the Risk Management process is risk assessment, including risk identification and risk analysis. The next phase is risk response which decides what should be done about assessed risk (Seyedhoseini, SM; Hate, MA, 2009). The diagram below in Figure 1, illustrates the project’s risk management processes and procedures for this project. Figure1. Risk Management Process Diagram.Show MoreRelatedAnalyze The Concept Of Risk. Risk Is Not A Problem Risk1374 Words   |  6 PagesAnalyze the Concept of Risk Risk is not a problem; risk is an issue that could possibly develop and affect the outcome of a project (Risk Management Plan, 1997). 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