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11 - PROJECT RISK MANAGEMENT

11.1.2.3 Meetings

Project teams hold planning meetings to develop the risk management plan. Attendees at these meetings may
include the project manager, selected project team members and stakeholders, anyone in the organization with
responsibility to manage the risk planning and execution activities, and others, as needed.

High-level plans for conducting the risk management activities are defined in these meetings. Risk management
cost elements and schedule activities should be developed for inclusion in the project budget and schedule,
respectively. Risk contingency reserve application approaches may be established or reviewed. Risk management
responsibilities should be assigned. General organizational templates for risk categories and definitions of terms
such as levels of risk, probability by type of risk, impact by type of objectives, and the probability and impact matrix
will be tailored to the specific project. If templates for other steps in the process do not exist, they may be generated
in these meetings. The outputs of these activities are summarized in the risk management plan.

11.1.3 Plan risk Management: outputs

11.1.3.1 risk Management Plan

The risk management plan is a component of the project management plan and describes how risk management
activities will be structured and performed. The risk management plan includes the following:
• Methodology. Defines the approaches, tools, and data sources that will be used to perform risk
management on the project.

• roles and responsibilities. Defines the lead, support, and risk management team members for each
type of activity in the risk management plan, and clarifies their responsibilities.
• Budgeting. Estimates funds needed, based on assigned resources, for inclusion in the cost baseline and
establishes protocols for application of contingency and management reserves.
• timing. Defines when and how often the risk management processes will be performed throughout the
project life cycle, establishes protocols for application of schedule contingency reserves, and establishes
risk management activities for inclusion in the project schedule.

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