The process of putting a strategic plan of managing identified threats and exploiting opportunities into action is called the implementation of the risk management plan. Such a process may take many forms – this depends on the business culture of the performing organization, history of previous efforts, available resources, number of individuals involved in the project, and other factors.
A Risk Management Plan is a formally created and approved document that describes how the risk management process will be organized, what phases it will consists of, how it will be implemented, and who will be involved in the implementation. It is a roadmap for managing identified risks and exploiting opportunities throughout the project lifecycle.
Any project always generates a kind of challenge that makes the project manager find efficient ways to respond to various threats and uncertainties that may jeopardize successful project completion. Implementation of the risk planning process lets the manager to solve the challenge by planning for potential risks and developing solutions that reduce the likelihood of risk occurrence and mitigate the negative impact of the risks.
Business risk mitigation is one of the most prioritized tasks of good leaders and managers who tend towards reaching the best management practices. While an ability to efficiently respond to business crisis situations is critical for planning the mitigation of business risks and uncertainties, there are other driving forces that should be taken into account by crisis managers and executives when developing a business risk mitigation strategy.
rogramme risk management is a series of processes and activities targeted to identifying, evaluating, responding to, and controlling any threats and opportunities that surround a programme (within a project or business process). Managing programme risks is a great way to make a programme feasible and pave the way for good strategic, operational, project and programme management. Responding to programme threats and opportunities is an integral part of the programme risk management process. In this article we will talk about several ways for responding to programme risks and taking opportunities for improvement project and programme management. Let’s start with responses to programme threats and then describe responses to programme opportunities.