Method123

The Risk Management Plan describes how you will define and manage risk on the project. This document does not actually describe the risks and the responses. This document defines the process and techniques you will use to define the risks and the responses. The information in this plan includes: Roles and responsibilities. This section describes the leading and supporting roles in the risk management process. The project manager typically has overall responsibility for risk management, unless the team is large enough that this role can be delegated to another team member – perhaps a specialist. Third-party risk management teams may also be able to perform more independent, unbiased risk analyses of project than those from the sponsoring project team. Budgeting. Discuss your budget for risk management for the project. Since you may not know enough to request budget for risk management you can also describe the process that you will use to determine a risk management budget estimat...

Assumptions are statements that we believe to be true. You "assume" it to be true, but if it turns out not to be true there could be a detrimental impact to your project. The key point about an assumption is that you are not 100% sure if it true. You believe it to be true, but you are not certain. This means there is some risk that the assumption will not come true. Because of this uncertainty assumptions are v ery much related to risk, and in fact are simply low-level risks. They have the same characteristics as a risk - probability of occurrence and impact to your project. Assumptions and Risks - Two Sides of a Coin Let's take an example of a common statement that is included in many Project Definitions - that the resources needed for this project will be available when needed. What kind of a statement is this? Most people would say it is an assumption. After all, when a project starts, you always assume you will get the resources you need. However, is it really an a...