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msc52njit-edu replied to the topic What is Risk Management Plan? in the forum Introduction to Project Management 7 years, 6 months ago
Risk management means to have a set plan to follow based on the possible scenarios that could go bad. Your team needs to be a master on the design and production process so that they can anticipate areas of concern and develop a plan to follow if that problem does occur. It also takes adjusting as nothing will go perfectly every time. Being able to adjust to unanticipated problems is of major importance and it is needed to keep a project running. Risk management needs to have consistent communication with all members of the project as it is important to keep update and not let any issues remain unnoticed. Issues that take longer to figure out will take longer to find a solution as the project is moving forward and now the team must go back and repeat its task to solve their risk problem. Risk management should first start with assigning guidelines that each department must follow based on the project and testing protocol. ISO 14970 determines that risk management must set up guidelines and a strategic plan to evaluate, control and then review each specification so as to maintain constant monitoring.