Risk and Mitigation Plan

Summary:

The Risk and Mitigation Plan is a company project tool allowing a project manager to avoid risks and to set up a quick solution easy to handle.

Concept:

The Risk and Mitigation Plan is a project management tool which is useful for assessing, prioritising and anticipating the risks involved in setting up a project. It consists on two major display, 2 different templates, linked to each other. On the first hand, a template for the listing of the project risks, their criticality, the action to be taken against it and the new criticality that results from it. On the second hand, a risk assessment chart classifying the importance of every risks depending on their criticality.

Application:

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 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 concerns every area of a project with the aim of providing a comprehensive forecast that can ensure the project reaches its goal.

Limitations:

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 risks remain unpredictable for the manager. Similarly, assessing the severity and probability of a risk is a subjective and very risky step.