Sample Risk Management Plan
Enterprise Project Management Office State of North Dakota
Sample Risk Management Plan
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An event that, if it
occurred, would cause
only a small cost/schedule
increase. Requirements
would still be achieved.
schedule
adjustment
> 1wk
cost impact
> 5%
Minor
Cost of
variance
3
An event that, if it
occurred, would have no
effect on the project.
schedule
adjustment
< 2d
cost impact
<5%
Negligible
Cost of
variance
1
* These examples are simply rules of thumb and you should adjust them according to your specific project
needs.
2.4. Risk Score
The risk score is a value calculated that is the product of probability of occurrence
and impact. You use the score to compare risks as part of the risk prioritization
process. Table 3 is the matrix used to develop the risk score. The values range
from 1 (very low exposure) to 50 (very high exposure). Although there are no
specific break points in the risk exposure ranking, those risks with an exposure
value of less than 20 are generally considered low risks, those risks with an
exposure value between 20 and 39 are generally considered moderate risks, and
those risks with an exposure value between 40 and 50 are generally considered
high risks. The definitions of Low, Moderate, and High are as follows:
•
Low Risk: Has little or no potential for increase in cost, disruption of
schedule, or degradation of performance. Actions within the scope of the
planned project and normal management attention should result in
controlling acceptable risk. No response plans will be made for these risks.
The project will monitor for them and manage them as they come up.
•
Moderate Risk: May cause some increase in cost, disruption of schedule, or
degradation of performance. Special action and management attention may
be required to control acceptable risk. The project will do some response
planning for these risks.
•
High Risk: Likely to cause significant increase in cost, disruption of
schedule, or degradation of performance. Significant additional action and
high priority management attention will be required to control acceptable
risk. The project will do in-depth response plans for these risks.
Positive risks can use the same table and descriptions except instead of trying to
avoid the risk, we will endeavor to make the risk occur and gain the positive
impact.
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