Frank is the project manager of the NHH Project. He is working with the project team to create a
plan to document the procedures to manage risks throughout the project. This document will
define how risks will be identified and quantified. It will also define how contingency plans will be
implemented by the project team. What document is Frank and the NHH Project team creating in
this scenario?
A.
Risk management plan
B.
Project plan
C.
Project management plan
D.
Resource management plan
Explanation:
The risk management plan, part of the comprehensive management plan, defines
how risks will be identified, analyzed, monitored and controlled, and even responded to. A Risk
management plan is a document arranged by a project manager to estimate the effectiveness,
predict risks, and build response plans to mitigate them. It also consists of the risk assessment
matrix. Risks are built in with any project, and project managers evaluate risks repeatedly and
build plans to address them. The risk management plan consists of analysis of possible risks with
both high and low impacts, and the mitigation strategies to facilitate the project and avoid being
derailed through which the common problems arise. Risk management plans should be timely
reviewed by the project team in order to avoid having the analysis become stale and not reflective
of actual potential project risks. Most critically, risk management plans include a risk strategy for
incorrect. The resource management plan defines the management of project resources, such as
project team members, facilities, equipment, and contractors.