Risk Planning

Risk Planning is developing and documenting organized, comprehensive, and interactive strategies and methods for identifying risks.  It is also used for performing risk assessments to establish risk handling priorities, developing risk handling plans, monitoring the status of risk handling actions, determining and obtaining the resources to implement the risk management strategies.  Risk planning is used in the development and implementation of required training and communicating risk information up and down the project stakeholder organization.  At the start of this step, it is important to clearly understand and articulate the fundamental objectives of the project.  Once the project goals and constraints are clearly articulated and agreed on, the next step is to determine and document project risk management goals and objectives.  Alignment with overall organizational strategies, objectives and performance goals is required.  To accomplish this there must be a common risk language, effective organizational structure, and appropriate enablement through systems, tools, and skills.  There are several key elements in successfully implementing an effective risk management process and each is necessary for risk management planning.  These key elements are: