Abbott Project Management Playbook

4.1 P LAN R ISK M ANAGEMENT Defines the scope and objectives of the Project Risk Management process and ensures that the risk process is fully integrated into wider project management. The results of risk management planning are documented in the risk management plan. The plan serves to provide all project stakeholders with a common view of how the risk-related activities of the project will be handled, the degree of resources and effort to be committed, and a description of the stakeholders’ involvement and responsibilities in these activities. Depending upon the size and complexity of the project, some or all the following elements will be present in a risk management plan.

• Introduction • Project description

• Risk management methodology • Risk management organization • Roles, responsibilities, and authority • Stakeholder risk tolerance • Criteria for success

• Risk management tools and guidelines for use • Thresholds and corresponding definitions • Templates • Communications plan • Strategy • Risk breakdown structure

4.2 I DENTIFY R ISKS A risk cannot be managed unless it is first identified. Consequently, after risk management planning has been completed, the first process in the iterative Project Risk Management process aims to identify the knowable risks to project objectives. It is, however, impossible to identify all the risks at the outset of a project. Over time, the level of project risk exposure changes. The purpose of risk identification is to identify risks to the maximum extent that is practicable. The fact that some risks are unknowable requires the Identify Risk process to be iterative, repeating to find new risks which have become knowable since the previous iteration of the process. When a risk is first identified, potential responses may also be identified at the same time.

Examples of how risks are identified include: • Use lessons learned from previous projects • Create a SWOT (Strengths, Weakness, Opportunities, Threats) • Interview relevant experts

• Perform assumptions analysis • Perform document reviews • Use brainstorm sessions • Use checklists

Once a risk is identified it must be added to the risk register with a risk owner.

4.3 P ERFORM Q UALITATIVE R ISK A NALYSIS The Perform Qualitative Risk Analysis process assesses and evaluates characteristics of individual

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