Risk Plan Template
If you are the Project Manager on a project whose complexity level has been
calculated to be Medium or High, you will need to determine the following
information.
For entry into the required Risk plan in PMIT:
Risk
Number
Risk
Name
&
Desc.
Probability Impact
of
(B)
Occurrence
(A)
Weight
(C)
Mitigation Description Time
Strategy
of
Frame
Mitigation
1. Number your risks beginning with 1 and incrementing by 1.
2. Develop a name and description of the risk. Use language that is clear
and understandable by the majority of stakeholders to describe the risk
and the impact on the project if the risk materializes.
3. (A) Determine the likelihood of the risk materializing. This is
measured by the probability of occurrence as a percentage range. This
determines the score used in the calculation of Weight:
Chance of Occurance
Score
Unlikely (1 – 39%)
1
Probable (40 – 69%)
2
Likely (70 – 100%)
3
4. (B) Determine the impact or the risk and assign a number between 1 –
5, with 5 being the greatest impact.
5. (C)Weight will be a system calculated number between 1 – 5 with 5
being the greatest weight using this formula: B + (A-1). Risks with
the most weight have the highest potential to negatively impact the
project and require the most careful monitoring.
6. Determine your risk mitigation strategy:
Accept
Mitigate
Transfer
7. Describe the risk strategy including who is responsible for monitoring
and carrying out the strategy should the risk materialize.
8. Establish the date range the risk must be monitored. Specify the date
to begin monitoring and the date when monitoring can safely end.
For more information on the type and contents of the above data fields in
PMIT, refer to the Risk Plan guide in the Instructions area of the PMO Web
site.