Sweet Endings Risk Management Plan

When managing any project, a very critical portion is risk management. Risk is how the project object will be impacted and if the impact will have a positive effect or negative effect on the project if a certain condition or event occurs during the project. Identifying, analyzing, monitoring, responding to, response plans and reporting risks are all processes within Risk Management. This Risk Management Plan will outline how risks associated with Sweet Endings project will be identified, analyzed, and managed. This plan will be the framework on how the different risk management activities are performed, recorded, and monitored through each step of the project. The plan will include templates and blueprints for documenting and prioritizing

When a milestone is completed within the project or a new or revised goal is determined in regard to the project, are crucial moments when the Project Manager must identify and analysis any new risks or create any response plans. While the Project plan is created by the Risk Management Plan, it is critical that all stakeholders and team members on the project be aware of the risks and provide input on any other risks that they might see. The Risk Management plan is a step within the Planning Phase; however it is a plan that must be monitored throughout the life-cycle of the project and updated as needed. The Sweet Ending Project is focused on moving the bakery business out of the commercial kitchen in a private home to build a new storefront location. The intended audience of this document is the project team, project sponsor, management and all other

The project manager must work with the project team and the project sponsors to brainstorm on the planning of the project, determing deadlines, and identifiying risks. It is important to identifiy as many risks as possible in the early stages of the project planning, so that the risks can be analyzied, documented and help determine if the risk is too large to move forward with the project. It is critical that the risks are identified early to help ensure the impact can be minimized. The project manager working with the project team and project sponsors will ensure that risks are actively identified, analyzed, and managed throughout the life of the project. Risks will be identified as early as possible in the project so as to minimize their impact on the project.

2.2. RISK IDENTIFICATION

It is important that during the risk identification steps that the project sponsor, project team members, and appropriate stakeholders are involved in the step. These same participants should be included in the determing the project scope. The scope will include the project objectives and deliverables, constraings, WBS, cost/effort estimates (Budget), resource plan and creating other critical project documents. For the Sweet Endings project, a risk matrix has been created and will need to be updated as needed. The documentation will be saved electronically on the Sweet Ending Project