Task: Plan for Risk Reduction
This task plans for the management of risks during the project.
Disciplines: Project Management
Purpose
The purpose of this task is to identify and prioritize project risks and how they will be handled, and capture this information in the risk management plan.
Relationships
RolesPrimary Performer: Additional Performers:
InputsMandatory:
    		Optional:
    • None
    Outputs
      Steps
      Identify key project hazards
      Hazards, in this context, are project conditions you wish to avoid, such as an implementation that does not meet its QoS requirements. This step identifies likely project hazards.
      Determine likelihood of key project hazards
      The likelihood of the hazard is multiplied by its severity to compute the project risk. Hazards with likelihoods above a certain threshold should be explicitly mitigated by one or more risk mitigation activities.
      Compute key project risks
      Risk = likelihood x severity, for each project hazard.
      Rank project risks
      Hazards should be ranked by risk so that the most critical ones may be addressed.
      Specify risk mitigation activities for key project risks
      A risk mitigation activity is a work task whose specific goal is to clarify a project risk.
      Capture the risk management aspects
      Capture all of the project's risk-related details.