Project Risk Management Plan and Risk Register Template (Word DOCX)

This document provides a Risk Management Plan that defines how to handle project risk and guides you through risk identification, risk analysis, risk response, mitigation and controlling project risk. The purpose for using this document is to approach and execute project risk management activities for the entire project with the overall goal and objective to increase the likelihood of impacting positive events and decreasing the likelihood of negative events.

Risk Management is the recognition, assessment and control of uncertainties that may result in schedule delays, cost overruns, performance problems, adverse environmental impacts or other undesired consequences. Project risk management is important because it increases the likelihood of project success by identifying possible risks and mitigating them through a risk response plan. Failure to assess project risk is a major cause of project failure so necessary steps should be taken to plan and mitigate risks as best as possible. Project risks management is an iterative process, which has to be monitored closely.

This template document will guide you through the following Risk Management areas:
•  Risk planning for laying down the foundation over how risk management activities will be conducted throughout the project.
•  Risk identification and register to identify all risks that may impact the project
•  Risk qualification for prioritization and identification of all risks
•  Risk quantification to numerically analyze the costs associated with each risk
•  Risk responses for developing options and actions to reduce threats and enhance opportunities
•  Risk control handling

This Risk Management Plan template includes a supplemental Risk Register in Excel format. The Risk Register is used in Risk Management to document, qualify, quantify, and respond to project risks.

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