4 Principles Of Developing A Mitigation Plan For Project Management
- Feb 16, 2017
Risk mitigation planning for project management sounds complicated, but it’s simply the process of developing options and actions that boost opportunities and lessen threats to project objectives. Once implemented, the plan should be continually monitored to assess its effectiveness. There are four main principles for developing an effective mitigation plan for project management.
Project Management Mitigation PlanProject risks are an inevitable part of the process, and it’s often a project manager’s weak risk management focus that causes project failure. As part of their job, project managers must anticipate, plan, track, resolve and monitor all project issues and risks. A rigorous risk management approach is fundamental to a successful project. A project manager should be the one to define how project risk will be managed. Whether you call it a risk management plan, strategy, or checklist, the goal is the same: controlling project risk. Such a plan can contain:
- Your organization’s risk management procedures.
- Its risk tolerance threshold.
- What tools or techniques will be used.
- Risk categorization and severity.
- Recordkeeping requirements.
- An outline of each stakeholder’s roles and responsibilities.
4 Principles for Developing a Mitigation Plan
- Identifying and defining risks that may affect a project, and then documenting those characteristics. They should then be cataloged for future management control and visibility. Each risk entry should identify the cause, the likely event, and the effect the risk could have on the project.
- Conducting an analysis in the form of an assessment to determine which identified risks require later management. There are two ways to do this: qualitative and quantitative risk analysis. The first prioritizes risks for follow-up assessment by looking at probability of occurrence and risk impact. The second involves assigning a score to each risk based on probability and potential impact.
- Determining one or more viable risk responses and establishing options and actions that increase opportunities and reduce project risks. Moving forward, the responses should be included within the risk mitigation plan and used when appropriate.
- Continuing to monitor and identify risks and execute appropriate response plans. It’s imperative to identify risks early and act accordingly to avoid any detrimental effects to the project.