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The process of creating the Risk Management Plan is like all the similar processes for other knowledge areas.   Consequently, there are some tools and techniques which are “generic”, that is, common to all of these processes that create a management plan that is a component of the overall Project Management Plan.    One tool and technique, Data Analysis, uses stakeholder analysis and is specific to this particular process.

11.1.2.1  Expert Judgment

In creating the risk management plan, it’s pretty clear that you will want to consult with SMEs (subject matter experts) who have expertise in the area of risk management.   This may include the following:

• Experts in risk management in general, especially those who are familiar with the organization’s approach to risk management
• Those who have handled risk management on other similar projects and who can therefore advise on the types of risk likely to be encountered on the current project

11.1.2.2   Data Analysis

Stakeholder analysis can be used to determine the risk tolerance of key stakeholders on the project.

11.1.2.3 Meetings

Project team members, members of the organization who are responsible for risk management, and key stakeholders are those whom you want to invite to meetings to discuss the risk management plan.   The meetings will define the risk management activities that will be done in all of the other six processes in this knowledge area.

The next post will be the outputs of this process, the main one being the Risk Management Plan.

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