Risk Management Plan

Definitions:
Risk: An uncertain event or condition that, if it occurs, has a positive or negative effect on a
project's objectives (PMBOK)
Plan Risk Management: The process of defining how to conduct risk management activities for
a project. (PMBOK)
Identify Risks: The process of identifying individual project risks as well as sources of overall
project risk, and documenting their characteristics. (PMBOK)

Monitor Risks: The process of monitoring the implementation of agreed-upon risk response
plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process
effectiveness throughout the project. (PMBOK)

Risk Assessment: The process of assessing/analyzing potential internal/external risks and threats
to the project

Emergent Risks: Risks that had initially not been anticipated but have risen or are rising as the
project progresses.

Stakeholders: Parties involved directly or indirectly to the project that have something at stake
in direct relation with the project outcomes

Probability: Likelihood of occurrence of an event.

Impact: Magnitude of effect of the occurrence of an event.

Risk Mitigation: Removal of risk.

Risk Acceptance: Accepting that the risk will occur and cannot be prevented.

Risk Avoidance: Avoid taking over the negative impact of the risk by outsourcing or removing
risk-related activities.

Stakeholders:

1. Project Sponsor: Northeastern University

2. Project Team: The Organizing Committee
3. Students
4. Companies/Employers
5. Venue owners
6. Catering company
7. Program Manager
Methodology:

 Brainstorming, SWOT analysis for Risk Identification.

 PEST analysis for categorizing risks
 Consultation with stakeholders for Impact and Probabilities
 Consultation with stakeholders for Risk Response

Risk Identification:

People Hazardous Materials:

Disorderly unruly behavior
Drug and/or Alcohol affected people
Gas Leakage
Short Circuiting

Trip/Slip Hazards:
Uneven ground surface
Rain
Fire

Technical Management:
Insufficient space
Medical Emergency

Health:
Food poisoning
Choking

Vehicular:
Insufficient parking spaces

Waste:
Inadequate number of dustbins
Smoking area clean-up

Risk Management Tools:

Qualitative: Probability and Impact Matrix

Quantitative: EMV (Earned Monetary Value) Method

Risk Assessment:

Probability:

Level Name Description

A Most Likely Almost certain to occur in most situations
 B Likely Will probably occur in most situations
C Moderate Should occur in most situations
D Unlikely Could possibly occur
E Rare May or may not occur in most situations
F Never Negligible or no chances of occurrence

Impact:

Name Symbol Description

High H Will have high impact on project deadline and cost
Medium M Will most likely have medium or moderate affect on
project deadline and cost
Low L Will most likely not affect project deadline or
budget

Role and Responsibility Chart:

Task PM Team Member Sponsor Stakeholders
Initiate Plan R
Integrate with others R
Direct Team R
Follow and Update R I I
Execute Risk Mgmt. Strategies A R
Report Status on Risk S R I I
Devise new strategy for R I I
emergent risk
Consult on tolerance R C C
Budget change R R I C

R= Responsible
S= Support
I= Inform
A= Authorize
C= Consult
Reporting Cycle:

Project Team
Stakeholder Manager Members
and sponsor
Team Lead Catering

Outsourcing
Company

Tracking:

For tracking, the same hierarchy will be utilized and implementation of any new strategies and/or
policies will undergo the same reporting structure. All stakeholders and sponsors will be kept
sufficiently informed.
Stakeholders will be informed and will have power according to their power and interest in the
project itself.

Risk Response:

Possible risk responses include mitigation, embrace, avoid, tolerate, expect, re-interpret.

For fire, short-circuiting, choking hazards, unavailability of parking spaces etc. it is best to
mitigate risk by adding stand-by emergency solutions like fire extinguishers, ambulances,
appropriate fuses.

For risks like food poisoning, avoid by carrying out food testing and informing the catering
company of being extra careful.

For space management, employ an expected head count and plan excess seating compared to
anticipated head count.
For waste management, inform the venue manager of the head count to plan waste disposal
accordingly.

To asses emergent risks further, direct the team to visit the venue for a dry run and ensure your
risk management strategies are sufficient.

For weather-related concerns, track the risk by checking forecasts and planning risk management
techniques accordingly.

Every three weeks, re-assess the risks and add any emerging risks that had been overlooked in
the initial risk management plan. Update Risk Register and Risk Management Plan.

The criteria used for qualitative risk analysis is Risk screening. This technique will help us to
evaluate the intensity of the risk. The risk screening will further evaluate the risk of loss of
reputation for the company. The likelihood of occurrence of this risk is low while the relative
impact of this risk is high for the company.

The criteria to judge the quantitative analysis is Event tress technique. The event tree technique
will provide a number of outcomes for the given risk. It will divide the risk outcomes in the form
of trees and each tree will represent an event at the top and the factors which will be causing the
risk. This will help the readers to find out the correct solution of the risk.