Who are the key participants in developing a risk management plan? Who owns and maintains the risk management process? What are the key deliverable of the risk management planning process? Explain how these deliverables assist an organization in effectively dealing with risk. The project team, which consists of the project manager, selected project team members, stakeholders and project sponsor would be in the risk planning meeting.
The attendees could also include a risk manager or risk management team, if the organization employed that position, a subject matter expert (SME) that is familiar with the project or type of project, and customers or end users. Also, anyone who may have knowledge of enterprise or industry information that would pertain to the project, including federal regulations (possibly a FDA expert or an attorney). The project team should own the process so that the project team can maintain a sense of ownership over the risk and the associated risks.
The key deliverables of the risk management planning process is that the degree and type of the risk can be identified which will help ensure that there are enough resources and time is allotted to the planning of each risk. The final outcome of the planning process is the basis on how the risk should be evaluated (Project Management Institute, 2008). Risk management planning process is conducted to identify risks on the project, quantify and qualify the risk, and create an action plan to respond to the risk.
Qualify and quantifying the risk are important processes as it is easy to say “the customers are complaining about XXX” but if there are 100 customers and only 2 complaints, then it is important to know that it is less that 2% of customers, and may not be worth the time or money to evaluate, monitor and manage the risk. Continuous control and monitoring, by placing the project team responsible for risks, will protect the organization. Not properly planning for risk can cause the organization to have limited personnel assigned to cover the risk, causing more work for less people, which can cause an impact to budget, schedule and timelines.