Write a Risk Management Plan (RMP) using the content found in the PMBOK 6e (Section 11.1.3.1). At a minimum, the plan should address all elements of a RMP found in the PMBOK. The plan should include the following figures and tables:

The risk management plan describes how risk management activities will be structured and performed. There are 6 elements to be included in the risk management plan

Explanation:

According to the Project Management Institute (PMI, 2017), a risk management plan should consist of the following elements:

•Risk strategy – a risk strategy describes the approach to managing risk. It consists of looking at the project from all perspectives, identifying risks and choosing the best possible solution to the risk.

•Methodology – this defines the specific tools, ideas, and sources of data that will be used to undertake the risk management task

•Roles and Responsibilities – everyone on the team should have a clear understanding of what is expected of them and how they should react should a certain problem arise. Leaders, supporters and the entire team should have a specific task assigned to them.

•Funding – possible sources of financial assistance and calculated estimates of how much would be needed for each specific risk identified, should be established in the plan and potential funders should be contacted

•Timing – defines when and how often the processes will be performed and defines risky activities and how much time would be needed to deal with each risk

•Risk categories – risks should be categorized in terms of their severity and/ or likeliness to occur. A scale of 1 – 5 can be used, where 1 is lease likely to occur and 5 is most likely, or, 1 being least severe and 5 being very severe

It is important to monitor, evaluate and review the plan once it is implemented.