Enterprise Project Management Office State of North Dakota
Sample Risk Management Plan
Page 1 of 12
Project Name: Project X
Agency: Agency ABC
Business Unit/Program Area: LMN Division
Project Sponsor: Nancy W
Project Manager: Joe P
Date: 08/21/08 Version: 1.5
1.1. Purpose and Objectives
Risk Management is the systematic process of identifying, analyzing, and
responding to project risks. It includes maximizing the probability and
consequences of positive events and minimizing the probability and consequences
of adverse events to project objectives. A risk management plan defines how a
project team will handle risks to achieve that goal.
2. RISK-RELATED DEFINITIONS
There are a number of terms used in risk management that need we need to
define to ensure clear communications.
An uncertain event or condition that, if it occurs, has a positive or negative effect
on a project’s objectives. Risk is often a measure of the inability to achieve overall
project objectives within defined project requirements and constraints and has
three components: (1) the probability of occurrence, (2) the impact of the risk on
the program, and (3) the time horizon during which the consequences will occur if
the risk is not mitigated.