Risk Planning

 Risk Planning

    Risk planning is the first step and begins with having a firm commitment to the entire risk management approach from all project stakeholders. This commitment ensures that adequate resources will be in place to plan properly for and manage the various risks of the project.

    These resources may include time, people, and technology.

    Stakeholders also must be committed to the process of identifying, analyzing, and responding to threats and opportunities. To often, plans are disregarded at the first sign of trouble, and instinctive reactions to situations can lead to perpetual crisis management.

    In addition to commitment, risk planning also focuses on preparation. It is important that resources, processes, and tools be in place to adequately plan the activities for project risk management. Systematic preparation and planning can help minimize adverse effects on the project while taking advantage of opportunities as they arise.

    Seven steps for managing IT project risk

1) Risk Planning.

2) Risk Identification.

3) Risk Assessment.

4) Risk Strategies

5) Risk Monitoring and Control

6) Risk Response

7) Risk Evaluation.