2.4 RISK ANALYSIS In this section, you are to generally describe how risks will be analyzed and describe how risks will be prioritized by their level of importance. 2.4.1 Qualitative Risk Analysis In...

2.4    RISK ANALYSIS
In this section, you are to generally describe how risks will be analyzed and describe how risks will be prioritized by their level of importance.
2.4.1    Qualitative Risk Analysis
In this section, you are to describe how you will use Qualitative Risk Analysis to conduct an analysis of potential risks to your project.  You are to provide a description of who will conduct this analysis, who will assess the results of the analysis, and describe how you will define Probability and Impact – i.e. what scales will you use? You should also describe the priority level of risks that will require a risk response and contingency plan.


Probability




Impact


2.4.2 Quantitative Risk Analysis
    In this section, you are to describe how you will use Quantitative Risk Analysis to conduct an analysis of potential risks to your project.  You are to provide a description of who will conduct this analysis, who will assess the results of the analysis, and describe how you will define Probability and Impact – i.e. what scales will you use? You should also describe the priority level of risks that will require a risk response and contingency plan.
2.5    RISK RESPONSE PLANNING
In this section, you are to describe how you will conduct risk response planning.  This should include how and to whom risks will be assigned, the approach(es) to be used to address each risk.

2.6    RISK MONITORING, CONTROLLING, AND REPORTING
 In this section, describe the methods and metrics that will be used to track the project’s risk status throughout the lifecycle as well as how this status will be reported to the stakeholders/ management. List factors that would need to be escalated to management.  Examples: documented mitigation actions are not effective or producing the desired results; the overall level of risk is rising. This section should also include a description of how and where risk activities will be recorded and who will have access to this information.
2.7    RISK CONTINGENCY BUDGETING
In this section, you are to provide the appropriate information to effectively outline and define the budget associated with the Risk Management activities on the project. You should identify the total budget allocated to risk management and identify how the budget can be accessed.  You should also describe who has the authority to authorize expenditures.


3.0    TOOLS AND PRACTICES
In this section, you are to describe what tools and techniques will be used to record and track risks and who will be responsible for maintaining the information.  You should also describe the process to be used in reviewing risks.
4.0    CLOSING A RISK
In this section, you are to describe the criteria associated with determining when a risk can be closed and identify who has the authority to close a risk.



5.0    LESSONS LEARNED


In this section, you are to describe how lessons learned will be identified and recorded and where this information will be stored.