Project Risk Management
Project Management Plan Updates
The risk management plan which determines how all risks will be managed may need to be modified as a result of identifying risk responses. Other parts of the project management plan may also need updating such as stroke, schedule and cost plans and baselines.
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.
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.
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.
Procurement Management Plan
Procurement management plan identifies the products, services and resources that need to be acquired or purchased from outside of the project team. It will include the time frame for each resource and the quoting and management processes attached to this procurement.
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.
Project Document Updates
Project document updates include the communication management plan. Activities that are required to effectively engage stakeholders are explicitly added to the project document.
A cost baseline is a time-phased payments outline that will guide and measure cost operation throughout project. It includes a budget contingency to give space the risk of being the cause of unidentifiable but normally taking place costs within the formed scope. It becomes different from project to project, depending on each project's nothing like it budget and schedule.
The Requested Changes are request to expand or reduce project scope, to modify policies or procedures, to modify project cost or budget, or to revise the project schedule
Plan Risk Responses-Outputs