Please enable JavaScript.
Coggle requires JavaScript to display documents.
Change management system, Contingency plan, Mitigating risk, Transferring…
Change management system
Identify proposed changes
List expected effects of proposed changes on schedule and budget
Review, evaluate, and approve or disapprove of changes formally
Negotiate and resolve conflicts of change, condition, and cost
Communicate changes to parties affected
Assign responsibility for implementing change
Adjust master schedule and budget
Track all changes that are to be implemented
Contingency plan
An alternative plan that will be used if a possible foreseen risk event actually occurs
A plan of actions that will reduce or mitigate the negative impact (consequences) of a risk event
Mitigating risk
Reducing the likelihood an adverse event will occur
Reducing the impact of an adverse event
Transferring risk
Paying a premium to pass the risk to another party
Requiring Build-Own-Operate-Transfer (BOOT) provisions
Accept risk
Making a conscious decision to accept the risk
Avoiding risk
Changing the project plan to eliminate the risk or condition
Budget reserve
These reserves are identified for specific work packages or segments of a project found in the baseline budget or work breakdown structure.
Management reserve
These reserve funds are needed to cover major unforeseen risks and, hence, are applied to the total project.
Opportunity
is an event that can have a
positive impact on project objectives.
Risk
Uncertain or chance events that planning cannot overcome or control
Risk breakdown structure
in conjunction with work breakdown structures (WBSs) to help management teams identify and eventually analyze risks.
Risk profile
is a list of questions that address traditional areas of uncertainty on a project.
Risk register
details all identified risks, including descriptions, category, and probability of occurring, impact, responses, contingency plans, owners, and current status.
Risk severity matrix
provides a basis for prioritizing which risks to address.
Scenario analysis
is the easiest and most commonly used technique for analyzing risks.
Probability of the event
Impact of the event.
Time buffer
Just as contingency funds are established to absorb unplanned costs, managers use time
buffers to cushion against potential delays in the project.