Risk and Mitigation Plan

Abstract:

The Risk and Mitigation Plan (R&M Plan) is a management project tool allowing a manager to avoid or prevent risks and to set up quick solutions that are easy to handle.

The Risk and Mitigation Plan is useful for assessing, prioritising and anticipating the risks involved in setting up a project. It consists on two major displays, 2 different templates, linked one to each other. On the first hand, a template for the listing of the project risks and the people in charge, their criticality without a clear solution, strategies to be taken against it and the new criticality that results from it. On the second hand, a risk assessment chart representing the importance of every potential issue depending on their criticality. These templates will allow the company to have a global but detail point of view on what is the importance of a risk and how to deal with the various dangers that can be foreseen during the implementation of a project.

This method is mandatory in most of innovative approaches and company project to limit and anticipate unpleasant surprises. It is mostly implemented by project managers, project teams or PMOs who need to have a global view on the subject and who need to react quickly and efficiently in case of problems. It can concerns every area of a project (e.g. production, construction, management...) with the aim of providing a comprehensive forecast that can ensure that the project reaches its goal.

Although this approach is important and necessary, it has many limitations, the first of which is the difficulty of determining all the risks associated with a project, as a large proportion of project vulnerabilities remains unpredictable for the manager. Similarly, assessing the severity and probability of a risk is a subjective and sometimes hazardous step.

Annotated bibliography:

1. Mitigation Plan: What Is It & How To Create One?, 2021. Bit Blog. https://blog.bit.ai/mitigation-plan/

2. What is Risk Mitigation? Definition, Strategies and Planning. Disaster Recovery. https://www.techtarget.com/searchdisasterrecovery/definition/risk-mitigation

3. Individual Report - VGRF Lorraine. Technology and Innovation Management, 2022. M.Torris