Group14_RiskManagementPlan

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Risk Management Planfor

Wedding

Version 1.0

Prepared by Group14

Amit BhowalAbhinav RishiPallavi Mishra

Rahul Mamidwar

Great Lakes Institute of Management

22-Oct-2010

Project Management Group 14 (SecA)



Risk Management Plan for Wedding Page ii

Table of Contents

1. Purpose ....................................................................................................................................................12. Roles and Responsibilities .......................................................................................................................13. Risk Documentation ................................................................................................................................1

4. Activities .................................................................................................................................................15. Schedule for Risk Management Activities ......................................................................... ..... ..... ..... ..... .36. Risk Management Budget ............................................................................................................ ...........3Appendix A. Sample Risk Documentation Form ..................................................................... ..... ..... ..... ...3Appendix B. Risk List .................................................................................................................... ..... ..... ..4Revision History .................................................................................................................................... .....6




Risk Management Plan for Wedding Page 1

1. Purpose

This document describes how we will perform the job of managing risks for Wedding. It defines roles and responsibilities for participants in the risk processes,

the risk management activities that will be carried out, the schedule and budget for risk management activities, and any tools and techniques that will be used.

2. Roles and Responsibilities

Project Manager The Project Manager will assign a Risk Officer to the project, and identify thisindividual on the project’s organization chart. The Project Manager and other members of the Project Management team (Project Manager, Functional Expert,Treasurer, Team Member1, Team Member2, Team Member3) shall meet weekly toreview the status of all risk mitigation efforts, review the exposure assessments for any new risk items, and redefine the project's Top Ten Risk List.

Risk Officer The Risk Officer has the following responsibilities and authority:

• Functional Expert will perform the task and role of Risk Officer(RO)

• RO will co-ordinate with the team for risk identification and analysis

• RO will maintain the risk list and keep track of it

• RO will notify the PM weekly about the risks faced and mitigations taken

Project MemberAssigned a Risk

The Risk Officer will assign each newly identified risk to a project member, whowill assess the exposure and probability for the risk factor and report the results of that analysis back to the Risk Officer. Assigned project members are alsoresponsible for performing the steps of the mitigation plan and reporting progress tothe Risk Officer biweekly.

3. Risk Documentation

Risk List Please Refer to Appendix B

Risk Data Items Please Refer to Appendix B

4. Activities

Risk Identification Task Participants Initial Risk identification meeting will done including Client, Project Management.

Subsequent meetings will be held every week. Normally Brainstorming sessions will be used to figure out different possible risks and their mitigations possible.

Project Manager, Functional Expert and concerned TeamMembers.





Risk Analysis andPrioritization

Task Participants

The Risk Officer will assign each risk factor to anindividual project member, who will estimate the probability the risk could become a problem (scale of 0-1.0) and the severity impact if it does (Very High, High,

Medium, Low, Very Low).

Team Member (1/2/3)

The individual analyzed risk factors are collected,reviewed, and adjusted if necessary. The list of risk factors is sorted by descending severity of risk impactexposure.

Risk Officer (Functional Expert)

Risk ManagementPlanning

Task Participants

The top ten risks, or those risk factors having anestimated exposure greater than Medium are assigned toindividual project members for development andexecution of a risk mitigation plan. Weekly

Brainstorming sessions and meetings with client is also performed for getting a clear picture of the issue.

Risk Officer

For each assigned risk factor, recommend actions thatwill reduce either the probability of the risk materializinginto a problem, or the severity of the exposure if it does.Return the mitigation plan to the Risk Officer.

ProjectMembers(1/2/3)

The mitigation plans for assigned risk items are collatedinto a single list. The completed Top Ten Risk List iscreated and made publicly available on the project’sintranet web site.

Risk Officer

Risk Resolution Task Participants

Each individual who is responsible for executing a risk mitigation plan carries out the mitigation activities. Assigned Individual

Risk Monitoring Task Participants

Interviewing, Probability Distribution, Security Analysis,Sensitivity Analysis, Expected Monetry Value Analysis, Decision Tree Analysis and Modelling and Simulation

Risk Officer

The status and effectiveness of each mitigation action isreported to the Risk Officer every week.

Assigned IndividualTeam Member

The probability and impact for each risk item isreevaluated and modified if appropriate.

Risk Officer

If any new risk items have been identified, they are

analyzed as were the items on the original risk list andadded to the risk list.

Risk Officer

The Top Ten Risk List is regenerated based on theupdated probability and impact for each remaining risk.

Risk Officer

Any risk factors for which mitigation actions are not being effectively carried out, or whose risk exposure isrising, may be escalated to an appropriate level of management for visibility and action.

Risk Officer





5. Schedule for Risk Management Activities

Risk Identification A risk workshop will be held on approximately 5-Nov-2010

Risk List The prioritized risk list will be completed and made available to the project team by approximately 10-Nov-2010.

Risk ManagementPlan

The risk management plan, with mitigation, avoidance, or prevention strategiesfor the top ten risk items, will be completed by approximately 14-Nov-2010.

Risk Review The Risk Management Plan and initial Top Ten Risk List will be reviewed andapproved by the Project Manager on approximately 15-Nov-2010.

Risk Tracking The status of risk management activities and mitigation success will be revisitedas part of the gate exit criteria for each life cycle phase. The risk management plan will be updated at that time.

6. Risk Management Budget

Please refer to Appendix B for the complete list of Risks involved in the project.

In order to manage all these risks, we have set aside a budget of Rs. 5 lakhs as the buffer amount.

Appendix A. Sample Risk Documentation Form

Risk ID: <sequence number> Classification: <risk category,e.g., from SEI taxonomy>

Report Date: <date this risk report was last updated>

Description: <Describe each risk in the form “condition – consequence”.>

Probability: <What’s thelikelihood of this risk becoming a problem?>

Impact: <What’s the damage if the risk does become a problem?>

Risk Exposure: <Multiply Probability times Loss to estimatethe risk exposure.>

First Indicator: <Describe the earliest indicator or trigger condition that might indicate that the risk isturning into a problem.>

Mitigation Approaches: <State one or more approaches to control, avoid, minimize, or otherwisemitigate the risk. Mitigation approaches may reduce the probability or the impact.>

Date Started: <State the datethe mitigation planimplementation was begun.>

Date to Complete: <State adate by which the mitigation plan is to be implemented.>

Owner: <Assign each risk mitigation action to an individual for resolution.>





Current Status: <Describe the status and effectiveness of the risk mitigation actions as of the date of this report.>

Contingency Plan: <Describe the actions that will be taken to deal with the situation if this risk factor actually becomes a problem.>

Trigger for Contingency Plan: <State the conditions under which the contingency plan will begin to be

implemented.>

Appendix B. Risk List

Risk ID

Risk Name Probability

Impact onProject

Severity Of Impact(H,M,L)

MitigationApproach

Owner

DueDate

1 Change in theWedding Plan.

0.2 May result inadditionalcosts andvenuechange.

Low

T o

b e

d e c i d e d

o n

t h e

F l y

2 Decided venue

not available atthe time of booking.

0.6 May result in

additionalcost anddiscomfort.

High Make

bookings wellin advance.

3 Guests turningup in numbersmore thanexpected.

0.4 May result inshortage of food andbeverages.

Medium

Take a bufferof around10% of the no.of guestsexpected tocome.





4 Low QualityPhotographyand Video.

0.2 Dissatisfactionamong boththe partiesinvolved.

Low Hire theservices of aprofessionalphotographer.

5 Accommodation at the venue

of honeymoonnot available

0.6 May lead toabatement of

excitement of the marriedcouple.

High Duringrequirement

gatheringsession takethe choice of alternativevenue forhoneymoon.

6 Any naturalcalamity suchasEarthquakes,floods orcurfew in thecity

0.05 Will result inadditionalcosts due tolast minutechanges.

VeryLow

A back upplan can be of help.

7 MarriageRegistrar notavailable onthe desired day

0.2 May result indelay in thedeparture forhoneymoon

Low Have thecontactdetails of anothermarriageregistrar asback up.

8 Postal delay inreceivingwedding cards

0.4 Dissatisfactionamong thefamilies of Bride and theGroom

Medium

Get thereceipts fromthe courierserviceprovider toensure that

wedding cardsreach on time





Revision History

Name Date Reason For Changes Version

Group 14 22/10/2010 Initial Draft 1.0


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