Building a Risk Management Plan/Risk Mitigation Strategies

Risk mitigation planning is about finding ways to eliminate or reduce the ______of potential risks to your project. There are four common ways to mitigate risk.

You can avoid it, accept it, reduce or control it, or transfer it.

• impact

• cause

A ______ _____ plan is a living document that contains

information regarding high-level risks and the mitigation plan for each of those risks and helps ensure that teammates and stakeholders have a clear understanding of potential problems and a plan to address them should they occur.

• budget management

• risk management

Risk management is an ongoing practice that you'll take part in throughout the ______ and _____ of a project.

• initiation and planning

• planning and execution

Since risk management ______ throughout the project, the plan should be updated

regularly to add newly-identified risks, remove risks that are no longer relevant,

and include any changes in the mitigation plans.

• evolves

• fixates

Include helpful details like when the document was created and when it was last updated; being transparent about _______ provides stakeholders with a sense of how up-to-date the document is.

• deadlines

• dates

At the top of the document, we include the name of the company, and below it, the name of the ______.

• PM

• project

We also include the document ________ so that anyone reviewing the plan knows exactly who to reach out to if they have any questions.

• author

• sponsor

This template also designates a spot for the document ______ . As you're building your plan, you can list the status as "in progress." Once the plan is complete, you can change the status to "final."

• status

• timeline

Below date details, there's the document _________.

• objective

• scope

Below the objective, we've added an ________ summary of our project.

These summaries should include a brief introduction to the normal conditions of

a project and an outline of the potential risks that could impact the project.

• project

• executive