Complete Risk Management Plan _ A+ Latest .

1.1 PURPOSE OF THE RISK MANAGEMENT PLAN Risk management plan is a component of the project management plan that describes how risk management activities will be structured and performed (Project Management Institute, 2013). This plan includes key elements that help identify risks, responsibilities and a breakdown structure. The risk management plan will identify, assess, prioritize and mitigate risks for the project. In assessing risk, one can reduce the likelihood of a negative event occurring. Failure to conduct good risk management may result in delayed completion of schedules, budget overages, and ultimately, project failure (Hales). Throughout the duration of the project, Team 5 will identify risks and prioritize them ranging on which will affect the project the most (impact), the likelihood of occurrence, as well as which risks need to be closely monitored. The team will track goals and each risk associated with them, keep goals to a timeline, and record successful trials along with techniques that did not work. Team 5 will summarize lessons learned with tools, techniques, and templates for the next project to save time and reduce the learning curve during the closing phase of this project. The development of this risk management plan is crucial to instituting a new operating model for consistency of processes and common technology infrastructure