Project Risk Management
Risk Management Plan
A Risk Management Plan is a document that a project manager prepares to analyze beforehand risks, estimate impacts, and define responses to issues. It also contains a risk assessment matrix. The risk management plan contains an analysis of likely risks with both high and low impact, as well as mitigation strategies to help the project avoid being derailed should common problems arise. Risk management plans should be periodically reviewed by the project team to avoid having the analysis become stale and not reflective of actual potential project risks.
Cost Management Plan
Cost management plan is the document contains all the estimated costs of the project. A common technique used in this area is Earned Value Management (EVM) where your forecast of expenditure is compared to the projects actual costs.
Schedule Management Plan
The Schedule Management Plan is the document of the selected scheduling methodology with the corresponding scheduling tool and techniques. Schedule management plan explains the development of the project schedule taking into account the processes to define activities, sequence activities, estimate activity resources and durations. Schedule management plan is used to compare the actual work with the schedule activity to achieve the project objective in a timely manner.
Quality Management Plan
Quality management plan explains the quality standards of the project and how project manager will manage the compliance of deliverables. When a project fails to meet its quality requirements, there are serious repercussions on the delivery and acceptance of the project, so it is a key area to define appropriately.
Human Resource Management Plan
Project resource management plan provides guidance on how project human resources should be defined, staffed, managed, controlled, and eventually released.
The structure of this important document consists of:
• Roles and responsibilities
• Organization charts
• The staffing management plan
Scope baseline is the part of WBS, WBS dictionary and scope plan management. According to the “PMBOK Guide, Fifth Edition, “The approved detailed project scope statement and its associated WBS and WBS dictionary are the scope baseline for the project. WBS defines each deliverable and further decomposes in deliverable into smaller work packages. The WBS Dictionary contains the actual detailed description of the work required, and is often a very detailed and technical description of each work package. The Project Scope Statement includes the product scope description and the project deliverable, and it also defines the product user acceptance criteria. The scope baseline is a component of the project management plan. It is set at the end of planning phase. It is the original approved plan for the project. The basis against which all progress will be measured. The scope baseline includes all approved plan elements that define scope.
Activity duration estimates
All activities will have one estimate as there are many techniques and tools helping to give a range of estimates for each task.
Activity Cost Estimates
Activity cost estimate is an approximation of the probable cost of a product, program, or project, computed on the basis of available information.
Stakeholder register contains all the information about the stakeholders. The information generally contains stakeholders perception, powers, role details, expectation and type of influence etc.
Project document is the documentation of planning project and closing of project. It includes how to execute each stages of planning processes.
Procurement document includes the procurement written agreement, work doing a play information, warranties, financial information, check-out and looking over of accounts by expert outcomes, supporting schedules and approved and unapproved changes.
Enterprise environmental factors (EEF)
Enterprise Environmental Factors influences the organization, the project and its outcome. Every organization has to live and work within the EEF. The Enterprise Environment Factor can be either internal or external.
• Organizational structure of any organizations that are involved in the project
• Information systems in an organization and their ability to share information
• Human resources: their skills and availability
• Portfolio management policies and processes
• Project Management Office (PMO) policies and processes
• Estimating, risk, and defect-tracking databases
• Industry standards that apply to products or services
• Regulatory laws or codes you need to comply with
• Governmental policies, restrictions, and political climates
• Marketplace conditions that influence pricing and availability of materials and services
• Competitor information, such as the number of competitors, opportunities, and threats based on your competition
• Financing availability and rates
• Pending legislation that could impact your products, services, and processes
• Availability of resources, both physical and labor
• Changes in the market, either from competition or economic factors
• Economic influences, such as unemployment and availability of credit
Organizational process assets (OPS)
Organization keeps a database of all the information and records of the previous executed projects and this information are stored in a central repository called Organizational Process Assets. They can be such aspects as:
• Approaches or standards.
Other aspects include:
• project management policies
• safety policies
• performance measurement criteria
• financial controls
• communication requirements
• issue and defect management procedures
• change control procedures
• risk control procedures
• procedures used for authorizing work
• historical information (these should be examined when starting a project)
• lessons learned reports