Summary Assignment 2 Risk Management Plan

Risk Management Plan In order for a project to be successful, one must have a risk management plan. By understanding potential risks to your project will help in minimizing their impacts before they occur. Type of risks can vary by the complexity of your project. That is why your plan should be tailored to the scope and complexity of each project. Risk exists in operations, requirements, design, development, testing, training, etc. It is important to know how to anticipate the unforeseen risk and establish a plan to eliminate or mitigate the problem before the risk jeopardizes your project. Having a sound plan, with continuous monitoring and good communication will ensure that a project can be delivered on time and on budget. Scope And Objectives The objective of British Petroleum is to lead the petroleum industry and the forefront in alternative energy. In order to maintain our goal, BP will ensure that all refineries are operating safely. The risk management plan has a timeline of six months at a cost of $100,000.00. Project risk management process will manage all risks that have been identified, both opportunities and threats, in a manner that is proactive, effective, and appropriate, in order to minimize the likelihood of future safety issues. The project aims to achieving its objectives, while maintaining risk exposure at an acceptable level. The risk process will aim to engage all project stakeholders appropriately, creating ownership and buy-in to the project itself and also to risk management actions [Hil12].