Objectives Of A Risk Management Plan - 5550 Words

IS3110 Final Project By: Alfredo Ramos Osbaldo Ruiz INTRODUCTION Purpose Of A Risk Management Plan Defense Logistics Information Services (DLIS) senior Management has decided that they are going to update the former risk management plan with a new plan. This new risk management plan for DLIS will not only lessen the amount of risk for future activities, but it will also be in compliance with standard regulations such as FISMA, DOD, DHS, NIST, COBIT, and DAICAP. A risk is by definition is the likelihood that a loss will occur when a threat exposes vulnerability. The main goal of Risk Management is to recognize, evaluate, respond to, observe, and report potential risks for the company. The purpose of a Risk Management Plan is to†¦show more content†¦Qualification will be implemented to govern which risks are the highest risks to pursue and respond to and which risks can be disregarded. Qualitative Risk Analysis The likelihood and influence of occurrence for each acknowledged risk will be evaluated by the project manager and will the project team using the following approach: Probability High ? Greater than probability of occurrence Medium ? Between and probability of occurrence Low ? Below probability of occurrence Impact High ? Risk that has the potential to greatly impact project cost, project schedule or performance Medium ? Risk that has the potential to slightly impact project cost, project schedule or performance Low ? Risk that has relatively little impact on cost, schedule or performance Quantitative Risk Analysis Analysis of risk events that have been ranked by means of the qualitative risk analysis process and their consequence on project activities will be projected. A numerical rating will be applied to each risk based on this analysis, and then documented in this segment of the risk management plan. Risk Response Planning Every single major risk will be allocated to a project team associate for observing purposes to guarantee that the risk will not ?fall through the cracks?. For each major risk, one of the following approaches will be selected to address it: Avoid ? eliminate the threat by eliminatingShow MoreRelatedObjectives Of The Risk Management Plan3524 Words   |  15 PagesI. 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